The latest Report on Global Medical Billing Outsourcing Market By Component, By Service, By End Use, By Region, And Segment Forecasts (2021 – 2028).
The “Global Medical Billing Outsourcing Market report for the period 2021-2028 is now a part of Grand View Research’s offering. As per the report, the global medical billing outsourcing market size is expected to expand at a CAGR of 12.66% from 2021 to 2028, reaching USD 25.9 billion by 2028. The report has been segmented based on component, service, end-use, and region. The component segmentation categories include – Outsourced and In-house. The market is segmented into Front-end, Middle-end, and back-end on the basis of service. Based on End-use, the segmentation categories include – Hospitals, Clinics, and others.
The market is segmented into Asia Pacific, Europe, North America, Latin America, Middle East & Africa based on regions.
The report covers the analysis of key stakeholders of the market. Key companies profiled in the report include R1 RCM, Inc, Cerner Corporation, Experian Information Solutions, Inc., Allscripts Healthcare Solutions, Inc., GE Healthcare, eClinicalWorks, HCL Technologies Limited, Genpact, McKesson Corporation, Kareo, Inc., Athenahealth Inc., Quest Diagnostics, and The SSI Group, LLC.
Medical billing outsourcing is the process of outsourcing billing and finance-related functions. In this system, a hospital or healthcare organization utilizes a third-party software application to process bills and files, obtain accurate payments for the services rendered and follow up on medical insurance claims. Healthcare organizations can improve operational efficiencies, minimize administrative workload, and boost revenue generation by streamlining complex processes.
Before Covid-19, there was a significant rise in the outsourcing of clinical billing services by healthcare organizations and doctors due to several factors, including – a federal mandate to implement Electronic Medical Records (EMR), obligatory implementation of complex ICD-11 coding systems, and increasing healthcare costs.
But after the pandemic outbreak, the market was negatively affected due to the enormous burden on the healthcare providers. The recovery from the financial impact of the coronavirus pandemic will require patient-centric collections to rise above the challenges of COVID-19 and the creation of new policies/strategies powered by telemedicine solutions.
A very effective measure to cut unnecessary costs, prevent the burden of managing an administrative team, and effectively handle in-house billing functions is outsourcing revenue management.
Some factors that will drive the medical billing outsourcing market’s growth include the need to minimize in-house processing costs and reduce errors. The consolidation of large healthcare practices in a bid to reduce costs will also fuel the market growth.
Some Major Highlights of the report are:
- The outsourced segment had the largest revenue share in 2020 and is expected to witness a high CAGR in the reported period due to factors such as – healthcare organizations opting for outsourced medical billing services for low cost and hassle-free claim management.
- The front-end services segment led the market in 2020, but due to the growing demand for Revenue Cycle Management (RCM) services offering Electronic Health Records (EHR) software, the middle-end services segment may witness the highest CAGR in the period between 2021-2028.
- Hospitals had the largest revenue share in the market in 2020. The status is likely to remain so during the forecast period.
- North America, which had the largest revenue share in 2020, is projected to expand further due to factors, including – change in the U.S. healthcare system and pressure from the government to incorporate the Electronic Medical Record (EMR) management system.
- RCM and Medical billing companies like Athenahealth Inc. are offering successful implementation of EMR at the practice level and will continue to drive the market.
Critical points covered in the report are:
- The performance of the global medical billing outsourcing market so far and in the coming years.
- The impact of COVID-19 on the global medical billing outsourcing market.
- The segmentation of the market for better understanding and analysis.
- Different stages in the value chain of the industry.
- Critical driving factors and challenges in the industry.
- The structure of the global medical billing outsourcing market and the key players.
How can you benefit from the report?
The report can benefit you in several ways:
- By enabling effective decision-making with the help of market intelligence.
- By helping you identify growth opportunities.
- By allowing the creation of an effective competitive strategy.
- By helping you stay ahead of the curve with the help of product innovation listing.