According to the latest report by IMARC Group, titled, ” Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” The global medical billing outsourcing market size reached US$ 9.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.5 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
Medical billing outsourcing refers to a process of outsourcing billing by a company or any healthcare institution. It enhances the health of the patients by providing quality care and managing hospital staff and other operations effectively. It assists in reducing billing errors while ensuring accuracy with the timely submission of work. It saves money, accelerates cash flow, and improves patient satisfaction. As it aids in faster insurance payments and enhances transparency, medical billing outsourcing is widely utilized in hospitals and clinics across the globe.
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Medical Billing Outsourcing Market Trends and Drivers:
At present, the rising utilization of medical billing outsourcing due to the emergence of information technology (IT) resources in the healthcare business represents one of the primary factors strengthening the market growth. Besides this, the escalating demand for medical billing outsourcing due to the increasing number of patients, along with the growing need to maintain records and bills efficiently, is offering a positive market outlook. Apart from this, the rising compulsion and regulation to digitally keep the records of patients in the healthcare industry is propelling the market growth. Moreover, the increasing investment in healthcare infrastructure by governing agencies of several countries is bolstering the growth of the market. Furthermore, the rising awareness among the masses about the benefits of medical billing outsourcing to minimize errors is contributing to the market growth.
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Accretive Health (R1 RCM Inc.)
- Allscripts
- Cerner Corporation
- EClinicalWorks
- Experian Information Solutions Inc.
- GE Healthcare
- Genpact
- HCL Technologies
- Kareo
- McKesson Corporation
- Quest Diagnostics, etc.
Medical Billing Outsourcing Market 2023-2028 Competitive Analysis and Segmentation:
The report has segmented the market based on type, service and end-use.
Market Breakup by Type:
- In-House
- Outsourced
Market Breakup by Service:
- Front End
- Middle End
- Back End
Market Breakup by End-Use:
- Hospitals
- Physician Offices
- Others
Market Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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