The ‘Global Medical Billing Outsourcing Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global medical billing outsourcing market, assessing the market on the basis of its segments like components, services, end users, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Medical Billing Outsourcing Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 12.43 Billion
• Forecast CAGR (2023-2028): 10.70%
• Forecast Market Size (2028): Nearly USD 22.88 Billion
A major factor driving the global medical billing outsourcing market is the growing focus to ease the work of healthcare professionals. Healthcare institutes and providers are rigorously outsourcing various tasks to reduce the work pressure and enhance their focus on patient care. Moreover, the increasing number of patient records and bills further surges the demand for third-party providers to streamline workflow and lower the burden of healthcare professionals.
Outsourced component occupies a significant share in the market as it improves the productivity level of healthcare staff. Furthermore, it is cost-effective and requires no technical assistance or additional space in healthcare institutes. It also improves work efficiency as healthcare providers no longer need to worry about financial and administrative tasks. Meanwhile, in-house billing is beneficial for healthcare institutes that are focused on maintaining the confidentiality of billing records and seek to directly controlling medical billing finances.
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The surge in the adoption of outsourcing services in hospitals is another major driver in the global medical billing outsourcing market. Outsourcing financial tasks improves efficiency, reduces the risk of errors, and provides faster reimbursement to patients as external parties possess expertise in dealing with billing tasks and facilitating their implementation in hospitals.
Medical Billing Outsourcing Industry Definition and Major Segments
Medical billing outsourcing refers to hiring an external party to handle and process billing and payment-related tasks in the healthcare sector. The outsourcing facility improves the efficiency of healthcare institutes by allowing them to focus on crucial tasks and patient care while the third-party vendor handles financial and administration-related tasks.
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On the basis of component, the market is classified into:
• In-House
• Outsourced
Based on service, the medical billing outsourcing market is categorised into:
• Front-End
• Middle-End
• Back-End
On the basis of end user, the market is divided into:
• Hospitals
• Physician Offices
• Others
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Medical Billing Outsourcing Market Trends
A key trend propelling the growth of the global medical billing outsourcing market is the growing implementation of advanced technologies by medical billing companies. These companies offer tools for real-time tracking and electronic billing that provide useful insights into the billing cycle. Moreover, these technological tools and software also resolve complex medical billing processes and reduce any risk of financial loss.
Several medical billing providers are also focused on the development of their revenue cycle management platforms, which improves the efficiency of billing tasks. The integration of artificial intelligence technology into billing software for the automation of tasks can reduce manual workload and encourage outsourcing in the healthcare sector.
Increased investments by several government bodies in the healthcare sector and the development of policies that improve the healthcare infrastructure provide lucrative growth opportunities to the market. Furthermore, partnerships and mergers between hospitals, physician offices, and medical billing enterprises also favour the market growth.
North America accounts for a sizeable share of the global medical billing outsourcing market due to the increased number of healthcare providers and institutes in the region. Moreover, the presence of key market players, the growing awareness regarding the benefits of outsourcing, and technological advancements in the billing process positively impact the market.
Key Market Players
The major players in the global medical billing outsourcing market report are
• R1 RCM Inc.
• Cerner Corporation
• Allscripts Healthcare Solutions Inc.
• Experian Information Solutions Inc.
• eClinicalWorks LLC
• Athenahealth
• Quest Diagnostics
• Promantra Inc.
• AdvancedMD, Inc.
• Kareo, Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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