The global Medical Billing Outsourcing Market size to reach around US$ 23.7 Bn by 2027 and is anticipated to grow at a CAGR of around 12.1% from 2020 to 2027.
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.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1103
Growth Factors
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.
Report Highlights
- 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
Regional Snapshots
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.
Market Segmentation
By Component
- Outsourced
- In-house
By Service
- Back End
- Middle End
- Front End
By End-User
- Physician Office
- Hospital
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Medical Billing Outsourcing Market, By Component
7.1. Medical Billing Outsourcing Market, by Component Type, 2020-2027
7.1.1. Outsourced
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. In-house
7.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Medical Billing Outsourcing Market, By Service
8.1. Medical Billing Outsourcing Market, by Service, 2020-2027
8.1.1. Back End
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Middle End
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Front End
8.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Medical Billing Outsourcing Market, By End-User
9.1. Medical Billing Outsourcing Market, by End-User, 2020-2027
9.1.1. Physician Office
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Hospital
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Others
9.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 10. Global Medical Billing Outsourcing Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Component (2016-2027)
10.1.2. Market Revenue and Forecast, by Service (2016-2027)
10.1.3. Market Revenue and Forecast, by End-User (2016-2027)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.1.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.1.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.1.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.1.5.3. Market Revenue and Forecast, by End-User (2016-2027)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Component (2016-2027)
10.2.2. Market Revenue and Forecast, by Service (2016-2027)
10.2.3. Market Revenue and Forecast, by End-User (2016-2027)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.2.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.2.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.2.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.2.5.3. Market Revenue and Forecast, by End-User (2016-2027)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Component (2016-2027)
10.2.6.2. Market Revenue and Forecast, by Service (2016-2027)
10.2.6.3. Market Revenue and Forecast, by End-User (2016-2027)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Component (2016-2027)
10.2.7.2. Market Revenue and Forecast, by Service (2016-2027)
10.2.7.3. Market Revenue and Forecast, by End-User (2016-2027)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Component (2016-2027)
10.3.2. Market Revenue and Forecast, by Service (2016-2027)
10.3.3. Market Revenue and Forecast, by End-User (2016-2027)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.3.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.3.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.3.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.3.5.3. Market Revenue and Forecast, by End-User (2016-2027)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Component (2016-2027)
10.3.6.2. Market Revenue and Forecast, by Service (2016-2027)
10.3.6.3. Market Revenue and Forecast, by End-User (2016-2027)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Component (2016-2027)
10.3.7.2. Market Revenue and Forecast, by Service (2016-2027)
10.3.7.3. Market Revenue and Forecast, by End-User (2016-2027)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.4.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.4.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.4.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.4.5.3. Market Revenue and Forecast, by End-User (2016-2027)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Component (2016-2027)
10.4.6.2. Market Revenue and Forecast, by Service (2016-2027)
10.4.6.3. Market Revenue and Forecast, by End-User (2016-2027)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Component (2016-2027)
10.4.7.2. Market Revenue and Forecast, by Service (2016-2027)
10.4.7.3. Market Revenue and Forecast, by End-User (2016-2027)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.5.3. Market Revenue and Forecast, by End-User (2016-2027)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Component (2016-2027)
10.5.4.2. Market Revenue and Forecast, by Service (2016-2027)
10.5.4.3. Market Revenue and Forecast, by End-User (2016-2027)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Component (2016-2027)
10.5.5.2. Market Revenue and Forecast, by Service (2016-2027)
10.5.5.3. Market Revenue and Forecast, by End-User (2016-2027)
Chapter 11. Company Profiles
11.1. Allscripts Healthcare Solutions, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. R1 RCM, Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Cerner Corporation
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Experian Information Solutions, Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. eClinicalWorks LLC
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. GE Healthcare
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Kareo, Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Genpact
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. McKesson Corporation
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Quest Diagnostics
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1103
Contact Us:
Precedence Research
Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
Call: +1 774 402 6168
Email: sales@precedenceresearch.com
Blog: https://precedenceresearchnews.wordpress.com
Follow us on LinkedIn| Twitter| Facebook
0 Comments