Medical Billing Outsourcing Market Segmentation By Revenue, Present And Future Scenario Report 2023-2032|Experian Information Solutions, Cerner, Kareo, GE Healthcare, Genpact

The Medical Billing Outsourcing Global Market Report 2023 by The Business Research Company, provides medical billing outsourcing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Medical Billing Outsourcing Global Market Report 2023, the market size grew from $13.56 billion in 2022 to $15.12 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical billing outsourcing market is expected to grow from $23.76 billion in 2027 at a CAGR of 12.0%.

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.

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The medical billing outsourcing market is segmented:

1) By Service: Front End, Back End

2) By End User: Hospitals, Physician Offices

3) By Component: In-house, Outsourced

The medical billing service providers are expanding their service through cloud-based medical billing software and Electronic Health Record (EHR) services. Cloud-based medical billing software provides more security with the patient details compared to the alternatives and companies are launching cloud-based software to provide enhanced security to their clients. For instance, in 2021, Epic Systems, a US based software company providing cloud-based medical software that may be used by a wide range of practice kinds and sizes. With built-in EHR, medical billing and coding, patient management features, and more, their platform provides complete Revenue Cycle Management (RCM) capability.

The medical billing outsourcing market report table of contents includes: