Medical Billing Outsourcing Market
The medical billing outsourcing market is expected to reach USD 29.3 billion by 2030 at 11.2% CAGR during the forecast period 20220-2030
Major Growth Boosters and Challenges
Medical billing software and solutions help healthcare billers as well as coders offer efficient administrative services to customers and file claims that provide a host of benefits including reduced errors, accurate bills, lower insurance settlement rates, faster payment, digitalization, and invoice monitoring. Surge in technical innovations along with rise in M&A activities present lucrative opportunities to the medical billing software market.
The medical billing software industry is growing backed by the growing needs of health insurance firms, in terms of medical office management. The heightened preference for cloud-based medical billing software in clinics and hospitals is the latest trend witnessed in the global market. The market is inundated with numerous players that are involved in fierce competition. Global firms are working on expanding their presence in emerging countries, which will be a huge challenge for local companies, as the competition will rise in terms of features like quality, pricing, and product differentiation. The global market witnesses established vendors indulging in competitive strategies such as collaboration, acquisition, expansion, product launch and partnership, to improve their standing.
Furthermore, surging requirement for risk and compliance management combined with the mounting prevalence of digitalization in the healthcare sector should accelerate the market growth in the next few years. Rapidly expanding patient population owing to various disorders and infections also foster the growth of the medical billing market.
Major Key Players:
Some of the Medical Billing Outsourcing Market Players are R1 RCM Inc., Allscripts, Cerner Corporation, EClinical Works, Experian Information Solutions Inc., GENERAL ELECTRIC COMPANY, Genpact, HCL Technologies Limited, Kareo, Inc., McKesson Corporation, Quest Diagnostics Incorporated, The SSI Groups Inc, and others.
The Americas dominated the global market for medical billing industry analysis owing to the increasing healthcare expenditure, the presence of major market players, and rising adoption of medical billing outsourcing software by the hospitals within the region. It was found that around 80% of hospitals considering outsourcing full revenue cycle management by 2019. Moreover, in 2018, AdvancedMD announced the availability of ePayments, which facilitates to collect outstanding patient balances and reduce aging A/R more quickly and conveniently.
In 2017, it was estimated that Europe stood second in the global Medical Billing Outsourcing Market. This can be attributed to the increasing need to make billing processes efficient.
Asia-Pacific was the fastest growing region in 2017. Emerging economies, such as Singapore, Australia, India, and China, are the most lucrative markets due to the increasing patient pool and improving healthcare facilities. The increasing awareness about medical billing software and their growing importance coupled with the supportive government programs and policies are going to boost up the market.
On the other hand, the Middle East and Africa held the least share in the global Medical Billing Outsourcing Market due to the lack of healthcare awareness, and lack of advanced technology. However, Saudi Arabia and the UAE lead in terms of market shares in this region because of a good economy, skilled medical professionals, and accessibility to modern technology thus, contributing to the steady growth of the market in the Middle Eastern and African region.
The global Medical Billing Outsourcing Market is segmented based on product, material type, application, end user, and region.
The global market for medical billing outsourcing, by component, is segmented into outsourced and in-house. The outsourced segment is anticipated to hold the largest market share owing to the rising adoption of medical billing software by hospitals.
Based on service, the market is segmented into front end, middle, and back end. The front-end services, usually, includes preregistration, registration, eligibility, scheduling, pre-authorization, etc. Due to the market saturation, front-end services segment is facing decline.
Based on end user, the market is segmented into hospitals, physician’s office, and others. The hospitals segment is expected to hold the largest market share due to rising cases of diseases.
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