Jun 11, 2021 (Market Stats News via COMTEX) -- The medical billing outsourcing market, in terms of value, is projected to grow at a healthy CAGR of 12.1% from 2020 to 2027. The market was accounted for US$ 9.5 billion in 2019 and is expected to reach a market size of US$ 23.7 Billion by the end of 2027. In this study, 2020 has been considered the base year, and 2020 to 2027 the forecast period for estimating the market size of the market.
The global medical billing outsourcing market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The study analyzes and forecasts the market size, in terms of volume (units) and value (USD million), of the market. The report segments the market and forecasts its size, by volume and value, on the basis of Component, Service, End-User, and Regional Outlook.
The report discusses the market for medical billing outsourcing in terms of volume & value. The regions covered in the report are North America, Europe, Asia Pacific and the Rest of the Worlds.
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Medical billing includes the revenue cycle management (RCM) process that comprises of the most crucial and complex components of the healthcare IT business. The present systems in practice for managing the revenue are steadily becoming obsoleteowing to the lack of revenue management tools andexpertise in tackling new payment models.
North America led the global market in 2019 due to shifting focus of numerous healthcare service providers in the U.S. towards end-to-end outsourcing firms for effectively managing their billing processes
Developing regions such as Latin America and the Asia Pacific projected to record lucrative growth rate during the forecast year due to standardization of outsourcing practices across the globe
Based on component, outsourced segment held the largest market value share in the year 2019, in addition to this, the segment exhibits lucrative growth over the forecast period
By service, front end service comprises of the main function of medical billing outsourcing along with this accounted for the largest market value share in the year 2019
Middle end services are likely project lucrative growth over the coming years because of new market entrants in the sector as well as rising awareness for the middle end service among practitioners
Hospital segment dominated the global medical billing outsourcing market with nearly half of the value share in 2019 and analyzed to maintain its dominance during the forecast period
Physician offices and private clinics are also adopting outsourcing services in various fields, thus experience the fastest growth in the global market in the coming years
The medical billing outsourcing market is mainly driven by the factors such as rising need to make the medical billing process more efficient, increasing emphasis on compliance & risk management, and efforts to reduce the in-house processing costs.
Unless a medical practitioner or an office is implementing the services offered by an experienced billing provider, there is a significant chance of revenue loss. In fact, statistics estimates that more than 20% of physician's revenue is lost because of mistakes and loopholes in the medical billing process. This has prominently spurred the need to transform the process of medical billing into more efficient, in addition, skilled professionals are required for the billing process.
Efficient billing can further reduce the overall cost to the company as well as improvise the benefits. Increasing flow of patientsin the hospitals along with increasing the burden of medical processes that includeinsurance eligibility and records of patient check-inhave created chaos in the point of care, as well as has triggered the need to manage such records. In the sake of improving of the medical billing process, clinicians and other medical practitioners adopt the medical billing outsourcing service to effectively and efficiently manage patients and billings records. Hence, the rising demand for efficient medical billing positively influence the market growth.
The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The medical billing outsourcing report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.
North America dominated the global medical billing outsourcing market with significant value share in the year 2019, This is mainly because of the advent of novel technologies as well as their rising adoption is influencing the United States to expand in the healthcare industry. Furthermore, rising healthcare expenditure is the key factor contributing towards the growth of this region. Increasing patient flow in the hospitals along with the rising need for efficient medical billing are the other prime factors that propel the market growth.
Being a developed nation, the healthcare system in the United States is well established and the adoption of paperless work is higher comparing to other regions. On the contrary, the Asia Pacific exhibits prominent growth over the forecast period due to high spending on medical infrastructure.
Key Players & Strategies
The global medical billing outsourcing market is moderately competitive because of the presence of significant number of players in the market. These players are prominently focusing towards expanding their geographical reach through mergers & acquisitions, partnership, collaboration, joint venture, and other inorganic growth strategies this in turn expected to boost market growth in the upcoming years. For instance, in December 2016, AllscriptsHealthcare Solutions, Inc. acquired Core Medical Solutions, an Australian healthcare IT software provider that significantly increases product offerings of the company in the country.
Similarly, in July 2018, Veritas Capital announced to acquire GE Healthcare's Enterprise Financial Management asset that includes its Ambulatory Care Management asset, RCM business, and Workforce Management assets.
Some of the key players operating in the market are Allscripts Healthcare Solutions, Inc., R1 RCM, Inc., Cerner Corporation, and Experian Information Solutions, Inc., eClinicalWorks LLC, GE Healthcare, Kareo, Inc., Genpact, McKesson Corporation, and Quest Diagnostics among others.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of component, service, end-use, and region:
By Regional Outlook