According to the latest report by IMARC Group, titled, ” Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ” The global medical billing outsourcing market size reached US$ 8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.8 Billion by 2027, exhibiting a CAGR of 12.5% during 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 institutions utilize these processes to assist in revenue cycle management that streamlines complex operations by processing bills, managing files, following up on medical insurance claims, providing better industry insights and obtaining accurate payments for the rendered services. Their employment accelerates cash flow, ensures billing compliance and improves patient satisfaction. Apart from this, their use is also associated with improving revenue generation and minimizing administrative workload while offering affordable and transparent services to ensure sustained and long-term operations.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Medical Billing Outsourcing Market Trends and Drivers:
The global market is primarily driven by increasing automation in the healthcare industry. Hospitals and other healthcare institutions are widely adopting medical billing outsourcing solutions to streamline medical processes and automate in-house workflow. Along with this, there has been an increasing need for front-end outsourced medical billing solutions, including patient registration, central scheduling, quality assurance, end-to-end patient access and digital order management, which is expected to provide a boost to the market growth. There has also been a rising requirement for error minimization in the sector to reduce in-house processing costs and efficiently manage claims and reimbursements. This, coupled with the implementation of government regulations to mandate record-keeping and the growing focus on reducing unnecessary costs and losses associated with medical processes, is facilitating the uptake of these billing solutions. Some of the other growth-inducing factors include the growing integration with cloud-based services and the increasing government spending to improve the healthcare infrastructure.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Accretive Health (R1 RCM Inc.)
- Allscripts
- Cerner Corporation
- EClinicalWorks
- Experian Information Solutions Inc.
- GE Healthcare
- Genpact
- HCL Technologies
- Kareo
- McKesson Corporation
- Quest Diagnostics, etc.
Medical Billing Outsourcing Market 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on type, service and end-use.
Market Breakup by Type:
- In-House
- Outsourced
Market Breakup by Service:
- Front End
- Middle End
- Back End
Market Breakup by End-Use:
- Hospitals
- Physician Offices
- Others
Market Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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