Overview and Scope
Medical billing outsourcing services are services in which a healthcare provider hires a medical billing service provider outside their practice to do all the billing.
Sizing and Forecast
The medical billing outsourcing, growing demand for cost containment, rising need for data analytics, market size has grown rapidly in recent years. It will grow from <b>$15.12 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. </b> The growth in the historic period can be attributed to increasing complexity of medical billing, shift to electronic health records (ehrs), increased patient volume, focus on patient care.
The medical billing outsourcing, growing demand for cost containment, rising need for data analytics, market size is expected to see rapid growth in the next few years. It will grow to <b>$27.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. </b> The growth in the forecast period can be attributed to telehealth expansion, healthcare it integration, globalization and offshoring, economic and labor factors. Major trends in the forecast period include ai and automation, cybersecurity and data protection, customized revenue cycle solutions, patient-centric billing, technology advancements.
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Segmentation & Regional Insights
The medical billing outsourcing market covered in this report is segmented –
1) By Service: Front End, Back End
2) By Component: In-house, Outsourced
3) By End User: Hospitals, Physician Offices
<b>North America</b> was the largest region in the medical billing outsourcing market in 2023. <b>Western Europe</b> was the second-largest region in the global medical billing outsourcing market analysis. The regions covered in the medical billing outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
The rising need for error minimization contributed to the growth of the medical billing outsourcing market. It is estimated that, in the US, 80% of medical bills contain errors. For instance, Equifax, a credit agency firm, found in its audit that hospital bills ranging above $10,000 have an average error amount of $1,300. It is also estimated that doctors lose around $125 billion each year due to poor billing practices in the USA. The rising need for error minimization and optimization of the billing process drove the medical billing outsourcing market.
Key Industry Players
Major companies operating in the medical billing outsourcing market include <b> Experian Information Solutions, Cerner Corporation, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, eClinicalWorks, The SSI Group, HCLTech, Allscripts, R1 RCM, Accretive Health, Connext Global Solutions, AdvancedMD Inc., CareCloud Inc., Revele Billing Services, Infinite Outsourcing Solutions, Promantra Synergy Solutions Ltd., 4D Global Medical Billing Services, Helpware, Wing Assistant, Medwave Billing & Credentialing Services, Atlas Billing Company LLC, GeBBS Healthcare Solutions, Med-Write, Inc., Solutions for Medical Billing, Inc., Onion Creek Medical Billing Services, MedAstin Medical Billing Services, iCare Billing Solutions, Unity Communications LLC, Remote CoWorker, P3 Healthcare Solutions, PracticeMax, RRAH Services, 24/7 Medical Billing Services, MedBillingExperts, Flatworld Solutions Pvt. Ltd., MedUSA Healthcare Services </b>
The medical billing outsourcing market report table of contents includes:
- Executive Summary
- Medical Billing Outsourcing Market Characteristics
- Medical Billing Outsourcing Market Trends And Strategies
- Medical Billing Outsourcing Market – Macro Economic Scenario
- Global Medical Billing Outsourcing Market Size and Growth
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- Global Medical Billing Outsourcing Market Competitive Benchmarking
- Global Medical Billing Outsourcing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Medical Billing Outsourcing Market
- Medical Billing Outsourcing Market Future Outlook and Potential Analysis
- Appendix
Top Major Players:
- Experian Information Solutions,
- Kareo
- GE Healthcare
- Genpact
- Quest Diagnostics
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