Medical Billing Outsourcing market size is set to exceed around $ 23.7 billion by 2027

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The medical billing outsourcing market size is projected to exceed around $ 23.7 billion by 2027, up from $ 9.5 billion in 2019 with a CAGR of 12.1% from 2020 to 2027.

OTTAWA, January 18, 2021 (GLOBE NEWSWIRE) – Precedence research, recently published report on “Medical Billing Outsourcing Market (By component: outsourced and internal; By service: back-end, middle-end and front-end; By end application: doctor’s office, hospital and others) – Global market size, trend analysis, segment forecasts, regional outlook 2020-2027 ”.

Medical billing encompasses the Revenue Cycle Management (RCM) process, which encompasses the most important and complex components of the healthcare IT business. Current revenue management systems in practice are becoming increasingly obsolete due to the lack of revenue management tools and experience in tackling new payment models.

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Growth factors

The medical billing outsourcing market is mainly driven by factors such as the increasing need to make the medical billing process more efficient, the increasing emphasis on compliance and risk management, and efforts to reduce internal processing costs.

Unless a doctor or office implements the services offered by an experienced billing provider, there is a significant possibility of lost revenue. According to statistics, more than 20% of doctor’s revenue is lost due to errors and omissions in the medical billing process. This has significantly driven the need to make the medical billing process more efficient. In addition, qualified specialists are required for the billing process.

Efficient billing can further reduce the overall costs for the company and improve the benefits. The increasing flow of patients into hospitals, as well as the increasing burden of medical processes, which include eligibility to insurance and patient check-in records, have created chaos at the point of care and created the need to maintain such records. To improve the medical billing process, clinicians and other doctors are leveraging the medical billing outsourcing service to effectively and efficiently manage patients and billing records. The increasing demand for efficient medical billing is therefore having a positive effect on market growth.

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Report highlights

  • North America led the world in 2019 as numerous healthcare providers in the US focused on end-to-end outsourcing firms to effectively manage their billing processes
  • Developing regions such as Latin America and the Asia-Pacific region forecast lucrative growth in the forecast year due to the global standardization of outsourcing practices
  • In terms of components, the outsourced segment held the largest market value share in 2019. In addition, the segment shows lucrative growth in the forecast period
  • After service, the front-end service comprises the main function of outsourcing medical billing, making it the largest market value share in 2019
  • Middle-end services are likely to experience lucrative growth in the coming years due to new entrants in the industry as well as an increasing awareness of middle-end service among practitioners
  • The hospital segment dominated the global medical billing outsourcing market in 2019 with almost half of the value share and was analyzed to maintain its dominance over the forecast period
  • Doctors’ offices and private clinics also take on outsourcing services in various areas and will thus record the fastest growth on the world market in the coming years

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Regional snapshots

North America dominated the global medical billing outsourcing market with a significant value share in 2019. This is mainly due to the advent of novel technologies and their increasing adoption is influencing the US to expand in the healthcare industry. In addition, increasing healthcare spending is a key driver of the region’s growth. The increase in patient flow in hospitals and the growing need for efficient medical billing are other main factors driving market growth.

As a developed nation, the health system in the United States is well established and the adoption of paperless work is higher compared to other regions. On the contrary, the Asia-Pacific region shows significant growth in the forecast period due to high spending on medical infrastructure.

Main actors and strategies

The global medical billing outsourcing market is moderately competitive due to the large number of market participants. These players are primarily focused on expanding their geographic reach through mergers and acquisitions, partnerships, collaborations, joint ventures, and other inorganic growth strategies, which in turn should fuel market growth in the years to come. For example, in December 2016 AllscriptsHealthcare Solutions, Inc. acquired Core Medical Solutions, an Australian healthcare IT software company that is significantly expanding the company’s product offering in the country.

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Similarly, Veritas Capital announced in July 2018 that it would acquire the Enterprise Financial Management asset from GE Healthcare, which includes the Ambulatory Care Management asset, the RCM business and the Workforce Management asset.

Some of the key market players are Allscripts Healthcare Solutions, Inc., R1 RCM, Inc., Cerner Corporation and Experian Information Solutions, Inc., eClinicalWorks LLC, GE Healthcare, Kareo, Inc., Genpact, McKesson Corporation, and Quest Diagnostics among others.

Market segmentation

According to components

Through service

  • Backend
  • Middle end
  • Front end

By end user

  • doctor’s office
  • hospital
  • Other

According to regional outlook

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • rest of the world

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