NEW YORK, June 9, 2023 /PRNewswire/ — The global medical billing outsourcing market size is estimated to increase by USD 11,704.49 million from 2022 to 2027. The market’s growth momentum will be progressing at a CAGR of 15.73%. Discover some insights on market size, historic period (2017 to 2021), and Forecast (2023 to 2027) before buying the full report – Request a sample report

Medical billing outsourcing market – Vendor Analysis
Vendor Landscape –

The global medical billing outsourcing market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer medical billing outsourcing in the market are 5 Star Billing Service Inc., AdvancedMD Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Change Healthcare Inc., Cognizant Technology Solutions Corp., eClinicalWorks LLC, eMDs Inc., Epic Systems Corp., Experian Plc, Genpact Ltd., HCL Technologies Ltd., Kareo Inc., McKesson Corp., Medical Information Technology Inc., Oracle Corp., Quest Diagnostics Inc., R1 RCM Inc., The SSI Group LLC, Veritas Capital Fund Management, L.L.C., and WellSky Corp. and others.

The global medical billing outsourcing market is highly fragmented. Key players dominating the market have noteworthy shares in the global medical billing outsourcing market. Moreover, there are several other global and regional players operating in the market. Owing to the presence of a few big players, the market is highly competitive, and new entrants are trying to establish their footprints.

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Vendor Offerings –

• AdvancedMD Inc.: The company offers solutions for medical billing outsourcing for higher claims acceptance, faster reimbursements, and more revenue.

• Allscripts Healthcare Solutions Inc.: The company offers solutions for medical billing outsourcing to help navigate end-to-end revenue cycles and improve financial performance, so one can maximize the efficiency of staff and focus on what you do best.

• Athenahealth Inc.: The company offers solutions for medical billing outsourcing which offers total visibility into performance while enabling practices to improve collections and get paid faster with less work.

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Global Medical Billing Outsourcing Market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (physician groups and clinics and hospitals), and type (medical billing companies and freelance).

• The market share growth by the physician groups and clinics segment will be significant during the forecast period. Patients go to specialized clinics for advanced technology treatments such as lipolysis. Most end-users outsource this process due to a lack of infrastructure and cost-effectiveness. The need to maintain an electronic medical record (EMR) of patients drives the market. Therefore, stringent regulations for documented medical histories of patients are expected to drive the growth of the market during the forecast period.

Geography Overview
By geography, the global medical billing outsourcing market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global medical billing outsourcing market.

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. Countries such as the US and Canada, along with Mexico, are the major adopters of medical billing outsourcing services. The market in the region is expected to grow at a moderate growth rate during the forecast period, as the market is mature. As the population ages and per capita healthcare cost increases, healthcare spending is also growing, resulting in an increase in the number of healthcare facilities and patient registrations. This leads to numerous amounts of data generation. To manage patient health records, healthcare service providers need to integrate EHRs and healthcare RCM software. Such factors will increase the market growth in this region during the forecast period.

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Global Medical Billing Outsourcing Market – Market Dynamics

Leading Drivers – 

Improvement in healthcare administrative processes, optimization, and operational efficiency are the key drivers shaping the market. Medical billing outsourcing services bring in that much-needed operational efficiency by intelligently managing critical processes such as collections, coding, reimbursement, denials management, contract management, customer service, patient billing, advisory, and follow-up. With the deployment of medical billing outsourcing services, the overall healthcare industry is estimated to transition from service-based to value-based payment models smoothly. Moreover, the rising costs and administrative expenses in the evolving regulatory environment have propelled increased usage of the healthcare billing outsourcing service and made it an attractive proposition for healthcare providers. Thus, all these factors inflate the end-user base and will drive the consumption of the market during the forecast period.

Key Trends – 

Government initiative supporting the adoption of medical billing outsourcing services is the key trend shaping the market. Various regional governments have been promoting the use of IT in the healthcare industry to improve the efficiency and productivity of the overall healthcare system. For instance, in the US, the federal government introduced the HITECH Act in 2009, under which ONC aims to promote healthcare IT. The ONC HIT Certification Program supports the Medicare and Medicaid EHR Incentive Programs, which provide financial incentives for the meaningful use of certified EHR technology. Owing to all these initiatives by governments, the market is expected to grow during the forecast period.

Major challenges – 

Complexities associated with the deployment of medical billing outsourcing services are one of the major challenges hampering the market growth. The implementation process of medical billing outsourcing is complex, including the tailoring of the system to support safe, quality care and ensuring that there is minimal downtime. It is a multi-stage process; hence, it is important to understand what support and IT infrastructure are required to make it convenient. Moreover, patient identification processes are also important during implementation, as a well-planned configuration alone does not ensure accurate patient identification. This means deciding how new patient records will be handled, including registration and issues such as duplicate records, patient mix-ups, and comingled records, can cause a big confusion. Hence, the complexity of the existing systems and the challenges faced during the integration and deployment of medical billing outsourcing is likely to limit the growth of the market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report! 

What are the key data covered in this Medical Billing Outsourcing Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Medical Billing Outsourcing Market between 2023 and 2027

• Precise estimation of the size of the Medical Billing Outsourcing Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Medical Billing Outsourcing Market industry across North America, APAC, Europe, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Medical Billing Outsourcing Market vendors

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Table of Content

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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