The Global Medical Billing Outsourcing Market size is expected to reach $24. 7 billion by 2027, rising at a market growth of 13. 4% CAGR during the forecast period. The process of outsourcing the billing process of the medical centers or organizations is known as medical billing outsourcing.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Medical Billing Outsourcing Market By Component, By Service, By End-use, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131534/?utm_source=GNW
It helps the medical organizations, hospitals or clinics to focus in the core areas such as the treatment of the patients and the administration of the premises. It also helps in simplifying the complex accumulation process to cope up with the constant decrease in repayments to implement Health Insurance Portability and Accountability Act.
The increasing requirements for error-free and minimizing in-house processing costs are among the driving factors for the medical billing outsourcing market. There are many challenges faced by the healthcare providers to manage claims and reimbursements, which can lead to huge losses to the organizations. So, to decrease all these losses, organizations are increasingly adopting medical billing outsourcing that fuels the growth of the medical billing outsourcing market. Furthermore, the ever-changing healthcare rules & regulations and a federal mandate to keep a record of everything are projected to propel the demand for the medical billing outsourcing market.
Due to the increasing mergers, partnerships and acquisitions that took place in the healthcare sector; the medical billing process is getting more complicated. The increasing business activities have created a mess for the healthcare providers because patient information is mostly inaccurate, which cannot be shared with all stakeholders easily, and at time orders were not completed. Digital order management assists in tackling this challenge by serving health providers with automated separate clinical & financial information entry and integrated into one, easily available medical claims management system. Thus, the market is estimated to garner significant growth during the forecast period.
The outbreak of the global COVID-19 pandemic has positively impacted the growth of the medical billing outsourcing market. It is due to the increasing dominance of technology in the healthcare sector that previously included localized healthcare systems. The pandemic has boosted digital development across industries including healthcare, which further accelerated the growth of the market.
The COVID-19 pandemic has strongly created the need for active action and the development of a strong, expandable, collaborative, and responsive digital healthcare infrastructure. Due to this, several companies are opting for various ways like the adoption of digitization & outsourcing of all the non-core components of their businesses, like billing & accounts, which would support the market growth. There is a sudden shift witnessed towards digital billing is directly proportional to the growth of the medical billing outsourcing market.
In addition, the growing COVID-19 cases have also created the need for the healthcare providers to focus on providing healthcare facilities as it is their core activities and outsource all the other non-core activities to tackle the pandemic situation. This has further bolstered the growth & demand of the medical billing outsourcing market during this global pandemic.
Based on Component, the market is segmented into Outsourced and In-house. Since the last few years, physician practices are witnessing various challenges as reimbursements have reduced and costs are increasing, and the introduction of many new regulations have increased the complication of businesses. Thus, it is anticipated to augment the demand for the medical billing outsourcing market during the forecast period.
Based on Service, the market is segmented into Front-end, Back-end and Middle-end. The middle-end services are estimated to garner the fastest CAGR over the forecast years. This growth is attributed to the factors like the entry of new market players and increasing awareness among healthcare practitioners.
End Use Outlook
Based on End-use, the market is segmented into Hospitals, Clinics and others. Based on End-use, the hospital segment dominated the market and garnered the highest market share in 2020. It is due to the aspect like hospitals were the main users of these services owing to the high claim volume. Consolidations of hospitals further surge the complications of billing & reimbursement processes. Thus, the demand for these services is expected to be high in hospitals in the forecast years.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region wise, North America emerged as the leading region in the medical billing outsourcing market in 2020. The presence of various healthcare providers in the U.S. has increased their emphasis on end-to-end outsourcing companies for managing their billing processes. Owing to growing awareness about the advantages provided by the outsourcing companies, many healthcare providers are depending on these companies to optimize their operating margins and better management of their high-volume transactions.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Quest Diagnostics, Incorporated, AllScripts Healthcare Solutions, Inc., Athenahealth, Inc. (Veritas Capital), McKesson Corporation, Genpact Limited, eClinicalWorks LLC, Experian PLC, R1 RCM, Inc., and Kareo.
Strategies deployed in Medical Billing Outsourcing Market
May-2021: R1 RCM is acquiring VisitPay, the patient financial engagement company. The acquisition will help R1 in leading the healthcare payments market in price transparency, flexible and personalized payment options, tailored communications and big data analytics.
Mar-2021: Athenahealth teamed up with North American Partners in Anesthesia (NAPA), the nation’s leading single-specialty anesthesia and perioperative management companies. Following the collaboration, the latter company aimed to use athenaIDX, athenahealth’s enterprise-wide revenue cycle management (RCM) solution for fostering best practice workflows that drive efficiency, consistency, and productivity.
Nov-2020: Kareo launched Kareo Patient Collect, a new patient payment collections solution. This solution is designed specifically for independent healthcare practices and medical billing companies. Kareo Patient Collect improves the payment experience for patients and maximizes patient collections for providers.
Aug-2020: Genpact came into partnership with AppZen, a leading artificial intelligence (AI) software for modern finance teams. The partnership was focused on transforming travel and expense (T&E) audit processes, enhancing corporate and regulatory compliance.
Jun-2020: R1 announced that it is acquiring Cerner RevWorks’ services business and commercial, nonfederal client relationships. The acquisition aims to extend R1’s revenue cycle capabilities and expertise to Cerner clients and new prospects.
Scope of the Study
Market Segments covered in the Report:
By End Use
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• General Electric (GE) Co. (GE Healthcare)
• Quest Diagnostics, Incorporated
• AllScripts Healthcare Solutions, Inc.
• Athenahealth, Inc. (Veritas Capital)
• McKesson Corporation
• Genpact Limited
• eClinicalWorks LLC
• Experian PLC
• R1 RCM, Inc.
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