The Global Medical Billing Outsourcing Market Size reached US$8 billion in 2021. Looking ahead, IMARC Group expects the market to reach 15.8 billion by 2027, showing a CAGR of 12.5% over the period 2022-2027.
Medical billing outsourcing is the process of optimizing medical processes by outsourcing billing and finance-related operations to a third-party software application. Healthcare facilities use these processes to help with revenue cycle management that streamlines complex operations by processing invoices, managing records, tracking medical insurance claims, providing better industry insights and obtaining accurate payments for services rendered. Their use accelerates cash flow, ensures billing compliance and improves patient satisfaction. Apart from this, their use is also associated with improving revenue generation and reducing administrative workload while providing affordable and transparent services to ensure sustained and long-term operations.
We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Global Medical Billing Outsourcing Market Trends:
The global market is mainly driven by the increasing automation in the healthcare sector. Hospitals and other healthcare facilities are widely adopting medical billing outsourcing solutions to streamline medical processes and automate internal workflow. Along with this, there has been a growing need for front-end outsourced medical billing solutions, including patient registration, centralized scheduling, quality assurance, end-to-end patient access and digital order management. , which is expected to boost the growth of the market. There has also been a growing requirement for error minimization in the industry in order to reduce internal processing costs and effectively manage claims and reimbursements. This, coupled with the implementation of government regulations mandating record keeping and the growing focus on reducing unnecessary costs and waste associated with medical processes, is facilitating the adoption of these billing solutions. Some of the other factors driving the growth include growing integration with cloud-based services and increased government spending to improve healthcare infrastructure.
2022-2027 Global Medical Billing Outsourcing Market Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Some of the major players are Accretive Health (R1 RCM Inc.), Allscripts, Cerner Corporation, EClinicalWorks, Experian Information Solutions Inc., GE Healthcare, Genpact, HCL Technologies, Kareo, McKesson Corporation, Quest Diagnostics, etc.
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Market breakdown by component:
Breakdown of the market by service:
Market Breakdown by End Use:
Market Breakdown by Region:
Middle East and Africa
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