USD 11.5 Billion
Report ID: SQMIG35E2009 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 63 | Figures: 69
Medical Billing Outsourcing Market size was valued at USD 11.5 Billion in 2021 and is expected to reach USD 25.7 Billion by 2028, at a CAGR of 12.2% during the forecast period (2022-2028).
A term for revenue cycle management is medical billing. It is the most intricate and crucial element of the healthcare industry. Healthcare professionals' increased focus on stressful non-medical job is one of the market's problems. In addition to submitting claims that have benefits like precise billing, fewer errors, quicker payment, lower insurance settlement rates, invoice monitoring, and digitization, it also enables healthcare administrators to deliver effective administrative services to their clients.
Medical billing provides a lot of advantages, including improved cash flow, lower expenses for software and equipment, and lower personnel costs as a result of fewer employees. Successful management of billing and coding is a strategically favorable point for medical practitioners in the complex and dynamic healthcare market. More at risk than practices that outsource medical billing services are medical practices with internal staff members handling the billing duties. These businesses offer the specialists you need to thoroughly complete the medical billing procedures.
US Medical Billing Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.5 Billion
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The Global Medical Billing Outsourcing Market is segmented based on the Component, End Use, and region. Based on the Component, the Medical Billing Outsourcing Market is segmented as In-house, Outsourced, and Others and Others. Based On End User, the Medical Billing Outsourcing Market is segmented as Hospital, Physician Office and Others. Based on Region Medical Billing Outsourcing Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Medical Billing Outsourcing Market Analysis by Component
Based on the Component, The medical billing outsourcing market was dominated by the outsourced category in 2021, when it held the highest revenue share of 52.5 %. From 2022 to 2030, the segment is anticipated to have the highest CAGR. The two main market segments are internal resources and external resources. Costs are greatly reduced, and small and midsize clinics find it to be an excellent fit. The reimbursements have decreased, expenditures are rising, and the recently imposed restrictions have made business more difficult for physician practices (acute care hospitals and clinics/physicians). On average, healthcare providers or businesses spend 30 to 40% of their revenue on the billing process. It is projected that around 20% of physicians' income will be lost owing to health billing problems. It is enhancing the segment's growth.
Medical Billing Outsourcing Market Analysis by End Use
Global Medical Billing Outsourcing market has been segmented on the basis of application as Hospital, Physician Office and Others. Among these, the hospital sector is significantly affecting the medical billing outsourcing sector. Through 2032, this particular market is anticipated to grow at a CAGR of 17.1%. Hospitals are expected to make up a sizable percentage of the medical billing outsourcing market because most patients prefer them for sickness diagnosis and treatment. Point-of-care delivery issues arise because hospitals will experience an increase in the number of billing processes as patient traffic grows.
As a result, medical professionals are helped in both patient administration and billing by outsourcing the medical billing process.
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North America held the largest share of the Medical Billing Outsourcing market. Due to the evolution of medical systems, current medical code implementations, developments in IT healthcare technology, adoption of EMR, and the existence of important companies.
The rising desire for cost-cutting measures in the healthcare industry is what is driving the growth of the medical billing outsourcing market in Europe. Due to price changes and reimbursement policies, the region may experience tremendous growth. The growing pressure on healthcare providers to create a sustainable healthcare system is one of the main factors driving this market's expansion in this region. Due to increased awareness of medical billing software, the Asia Pacific region is anticipated to experience the quickest growth during the projection period.
The healthcare sector in the US is one of the most data-intensive industries. The healthcare sector is heavily committed to implementing cutting-edge solutions to assist the advancement of advanced healthcare and enable improvements in patient care. Additionally, the federal government of the United States and other public players are releasing their enormous knowledge bases on healthcare, including data and details on individuals insured by public insurance systems. Thus, in March 2018, the demand for healthcare improvement will increase market growth.
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Medical Billing Outsourcing Market Driver
Medical Billing Outsourcing Market Restraint
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Global Medical Billing Outsourcing market is very competitive, with many small and medium-sized enterprises vying for customers. Some of the primary business strategies employed by firms to enhance their market share include mergers, partnerships, and acquisitions. R1 RCM Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., Experian Information Solutions Inc., eClinicalWorks LLC, Athenahealth, Quest Diagnostics, Promantra Inc., AdvancedMD, Inc., Kareo, Inc., and McKesson Corporation are a few of the leading companies that offer medical billing outsourcing services.
Medical Billing Outsourcing Market Top Player's Company Profiles
Medical Billing Outsourcing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Medical Billing Outsourcing Market Analysis, in terms of components, the outsourced sector dominated the medical billing outsourcing industry. The segment is anticipated to have the highest CAGR between 2022 and 2030. In 2021, North America accounted for the greatest revenue share at nearly 47.5 percent. The market in North America is expanding as a result of the U.S. having a large number of healthcare providers and their shifting focus to end-to-end outsourcing companies for handling billing processes.
|Market size value in 2021||USD 11.5 Billion|
|Market size value in 2028||USD 25.7 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Medical Billing Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Medical Billing Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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