USD 11.1 billion
Global Medical Billing Outsourcing Market Size, Share, Growth Analysis, By Component(In-house, Outsourced), By End Use(Hospital, Physician Office) - Industry Forecast 2024-2031
Report ID:
SQMIG35E2009 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Medical Billing Outsourcing Market Insights
Global Medical Billing Outsourcing Market size was valued at USD 11.1 billion in 2019 and is poised to grow from USD 12.2 billion in 2023 to USD 30.2 billion by 2031, growing at a CAGR of 12.03% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Outsourced
Fastest Growth
In-house
Growth Rate
12.03% CAGR
Global Medical Billing Outsourcing Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Medical Billing Outsourcing Market By Component , 2021-2028($ Bn)
Global Medical Billing Outsourcing Market Size By Component , 2021-2028 (%)
To get more reports on the above market click here to Buy The Report
Global Medical Billing Outsourcing Market Segmental Analysis
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.
Global Medical Billing Outsourcing Market By Component, 2021(%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Medical Billing Outsourcing Market Regional Insights
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.
Global Medical Billing Outsourcing Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Medical Billing Outsourcing Market Dynamics
Medical Billing Outsourcing Market Driver
- With the evolution of technologies and merger and acquisition activities, the technological area will continue to improve, creating several prospects for market expansion. During the projected period, it is anticipated that the growth of digital platforms and the ability to track every action in every field will have a high chance.
- According to estimates, market development will be supported by the rising use of billing and medical coding techniques in revenue cycle management. The current situation's increased patient load seems to be causing problems for hospitals with the billing system, which also affects point-of-care delivery. Because of this, outsourcing the medical billing process will help doctors manage their patients and the billing procedure. The government is funding hospitals and giving them access to sophisticated billing systems so that the billing process may be made simpler and the market can grow rapidly.
Medical Billing Outsourcing Market Restraint
- The lack of skilled workers is a limitation that makes the expansion of the medical billing outsourcing market during the forecast period more difficult. It is becoming increasingly necessary to streamline the billing process because if doctors and clinics do not use the services of skilled billing providers, their income will probably not be as high as it should be. Specialists are required for this process. The effectiveness of the billing procedure can help the business save money while providing the practitioner with the most advantages.
Request Free Customization of this report to help us to meet your business objectives.
Global Medical Billing Outsourcing Market Competitive Landscape
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
- Genpact
- McKesson Corporation
- Accenture
- Cognizant
- HCL Technologies
- TCS Healthcare Technologies
- GE Healthcare
- Quest Diagnostics
- R1 RCM Inc.
- Conifer Health Solutions
- Medusind
- AGS Health
- Healthcare Administrative Partners
- Avadyne Health
- PracticeMax
- CureMD
- Etransmedia Technology Inc.
- Kareo
- Mphasis
- Wipro Technologies
Medical Billing Outsourcing Market Recent Developments
- In March 2022, Reventics, a developer of revenue cycle management systems that boost physician reimbursement and compliance, was bought by Omega Healthcare, a well-known provider of healthcare management services and solutions.
Global Medical Billing Outsourcing Key Market Trends
- The segmental expansion is projected to be favored over the next years by rising patient visits, the advantages of EHR systems in maintaining and preserving patient health records, and the help with invoicing. In hospitals, it may be simpler to handle problems during critical care or difficulties following treatment. As a result, hospitals are where the majority of the disease's procedures and treatments are carried out. Hospital billing systems are made to precisely record data and track a patient's condition over time. According to American Hospital Association 2020, there were around 8 million procedures performed in hospitals with 500 beds in the United States.
- According to information released by the Centers for Disease Control and Prevention, there were over 130 million visits to emergency rooms in the US in 2018. Additionally, according to data from EuroStat from 2020, Europe had a high rate of cesarean births, for which hospital admission is required. These figures demonstrate the growing necessity for hospitals to maintain patient-generated medical records, which will encourage the use of outsourced medical billing in hospital settings.
Global Medical Billing Outsourcing Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.1 billion |
| Market size value in 2031 | USD 30.2 billion |
| Growth Rate | 12.03% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Medical Billing Outsourcing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Medical Billing Outsourcing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Medical Billing Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Medical Billing Outsourcing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Medical Billing Outsourcing Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
