Global Medical Billing Outsourcing Market
The Global Medical Billing Outsourcing Market was valued at US$ 2.89 Bn in 2022, estimated to reach US$ 5.94 Bn by 2030, with a CAGR of 7.91% from 2023-2030.
A hospital or other healthcare facility may outsource its billing and financial operations through a process known as revenue cycle management (RCM). It entails using a third-party software programme to generate invoices, submit and track medical insurance claims, and get proper compensation for the services provided. This helps reduce administrative workload, increase operational efficiencies, improve income production, and streamline complex collection processes. It can help to manage hospital employees and other operations more efficiently than internal billing systems because it is more affordable, transparent, and consistent.
Market Drivers
The technological field will continue to merger and acquisition activity and technological advancement, offering several opportunities for market expansion. It is anticipated that the development of digital platforms and the capacity to monitor every action in every field will have a high probability over the projected period.
In addition, the increased emphasis on compliance and risk management as well as the internationalisation of some of the largest firms are two important reasons driving the medical billing outsourcing market.
Market Restraints
The lack of skilled workers is a limitation that makes the expansion of the medical billing outsourcing market during the forecast period more difficult. It is becoming increasingly necessary to streamline the billing process because if doctors and clinics do not use the services of skilled billing providers, their income will probably not be as high as it should be. Specialists are required for this process. The effectiveness of the billing procedure can help the business save money while providing the practitioner with the most advantages.
Market Segmentation
The scope of the Global Medical Billing Outsourcing Market covers segmentation based on Component, Service, End-User, and Region.
Based on Component, the market is classified into In-House and Outsourced.
Based on Service, the market is divided into Front End, Middle End and Back End.
Based on End-User, the market is segmented into Hospitals, Physician Offices and Others.
Regional Analysis
The Global Health Information Exchange Market is segmented into 5 main regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America estimated to hold largest market share in the coming years. Increased government initiatives towards maintaining digital health records, North America's rapidly expanding healthcare infrastructure and rising hospital admissions are driving up demand for software solutions, which is expected to drive market expansion. The development of new technologies and widespread use of them are assisting the United States in growing its healthcare industry. The primary reason for the expansion of this industry is the rising expense of healthcare.
Key Players
Accretive Health (R1 RCM Inc.), Allscripts Healthcare, LLC, Cerner Corporation, eClinicalWorks, LLC, Experian Information Solutions, Inc., GE Healthcare (General Electric Company), Genpact Ltd., HCL Technologies Ltd, Kareo, Inc.
A commercial partnership between Conduent Incorporated and Experian Health, a top supplier of revenue cycle management tools that encompass patient engagement, patient access, and patient collections, was announced in November 2020. As a result of the collaboration, Conduent's digital IntelliHealth platform can connect with Experian's customer data and electronic tool for confirming income in order to expedite the acceptance of prescription drug assistance, minimise the time it takes to fill prescriptions, and accelerate time to therapy.
Market Taxonomy
By Component
In-House
Outsourced
By Service
Front End
Middle End
Back End
By End-User
Hospitals
Physician Offices
Others
Global Medical Billing Outsourcing Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Medical Billing Outsourcing Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn.
4.2.6 Post covid-19 world Supply& Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Medical Billing Outsourcing Market, By Component
5.1 Y-o-Y Growth Comparison, By Service and Services
5.2 Global Medical Billing Outsourcing Market Share Analysis, By Component
5.3 Global Medical Billing Outsourcing Market Size and Forecast, By Component
5.3.1 In-House
5.3.2 Outsourced
6 Global Medical Billing Outsourcing Market, By Service
6.1 Y-o-Y Growth Comparison, By Service
6.2 Global Medical Billing Outsourcing Market Share Analysis, By Service
6.3 Global Medical Billing Outsourcing Market Size and Forecast, By Service
6.3.1 Front End
6.3.2 Middle End
6.3.3 Back End
7 Global Medical Billing Outsourcing Market, By End-User
7.1 Y-o-Y Growth Comparison, By End-User
7.2 Global Medical Billing Outsourcing Market Share Analysis, By End-User
7.3 Global Medical Billing Outsourcing Market Size and Forecast, By End-User
7.3.1 Hospitals
7.2.2 Physician Offices
7.2.3 Others
8 Global Medical Billing Outsourcing Market, By Region
8.1 Global Medical Billing Outsourcing Market Share Analysis, By Region
8.2 Global Medical Billing Outsourcing Market Size and Forecast, By Region
8.3 Global Medical Billing Outsourcing Market Trends and Forecast, By Region
9 North America Medical Billing Outsourcing Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Medical Billing Outsourcing Market Share Analysis, By Component
9.3 North America Medical Billing Outsourcing Market Size and Forecast, By Service
9.4 North America Medical Billing Outsourcing Market Size and Forecast, By End-User
9.5 North America Medical Billing Outsourcing Market Size and Forecast, By Country
9.5.1 U.S.
9.5.1.1 Market Size and Forecast, By Component
9.5.1.2 Market Size and Forecast, By Service
9.5.1.3 Market Size and Forecast, By End-User
9.5.2 Canada
9.5.2.1 Market Size and Forecast, By Component
9.5.2.2 Market Size and Forecast, By Service
9.5.2.3 Market Size and Forecast, By End-User
9.5.3 Mexico
9.5.3.1 Market Size and Forecast, By Component
9.5.3.2 Market Size and Forecast, By Service
9.5.3.3 Market Size and Forecast, By End-User
10 Europe Medical Billing Outsourcing Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Medical Billing Outsourcing Market Share Analysis, By Component
10.3 Europe Medical Billing Outsourcing Market Size and Forecast, By Service
10.4 Europe Medical Billing Outsourcing Market Size and Forecast, By End-User
10.5 Europe Medical Billing Outsourcing Market Size and Forecast, By Country
10.5.1 Germany
10.5.1.1 Market Size and Forecast, By Component
10.5.1.2 Market Size and Forecast, By Service
10.5.1.3 Market Size and Forecast, By End-User
10.5.2 France
10.5.2.1 Market Size and Forecast, By Component
10.5.2.2 Market Size and Forecast, By Service
10.5.2.3 Market Size and Forecast, By End-User
10.5.3 UK
10.5.3.1 Market Size and Forecast, By Component
10.5.3.2 Market Size and Forecast, By Service
10.5.3.3 Market Size and Forecast, By End-User
10.5.4. Russia
10.5.4.1 Market Size and Forecast, By Component
10.5.4.2 Market Size and Forecast, By Service
10.5.4.3 Market Size and Forecast, By End-User
10.5.5. Italy
10.5.5.1 Market Size and Forecast, By Component
10.5.5.2 Market Size and Forecast, By Service
10.5.5.3 Market Size and Forecast, By End-User
10.5.6 Spain
10.5.6.1 Market Size and Forecast, By Component
10.5.6.2 Market Size and Forecast, By Service
10.5.6.3 Market Size and Forecast, By End-User
10.5.7 Rest of Europe
10.5.7.1 Market Size and Forecast, By Component
10.5.7.2 Market Size and Forecast, By Service
10.5.7.3 Market Size and Forecast, By End-User
11 Asia Pacific Medical Billing Outsourcing Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Medical Billing Outsourcing Market Share Analysis, By Component
11.3 Asia Pacific Medical Billing Outsourcing Market Size and Forecast, By Service
11.4 Asia Pacific Medical Billing Outsourcing Market Size and Forecast, By End-User
11.5 Asia Pacific Medical Billing Outsourcing Market Size and Forecast, By Country
11.5.1 China
11.5.1.1 Market Size and Forecast, By Component
11.5.1.2 Market Size and Forecast, By Service
11.5.1.3 Market Size and Forecast, By End-User
11.5.2 Japan
11.5.2.1 Market Size and Forecast, By Component
11.5.2.2 Market Size and Forecast, By Service
11.5.2.3 Market Size and Forecast, By End-User
11.5.3 India
11.5.3.1 Market Size and Forecast, By Component
11.5.3.2 Market Size and Forecast, By Service
11.5.3.3 Market Size and Forecast, By End-User
11.5.4. South Korea
11.5.4.1 Market Size and Forecast, By Component
11.5.4.2 Market Size and Forecast, By Service
11.5.4.3 Market Size and Forecast, By End-User
11.5.5. Australia
11.5.5.1 Market Size and Forecast, By Service and Services
11.5.5.2 Market Size and Forecast, By Service
11.5.5.3 Market Size and Forecast, By End-User
11.5.6. New Zealand
11.5.6.1 Market Size and Forecast, By Component
11.5.6.2 Market Size and Forecast, By Service
11.5.6.3 Market Size and Forecast, By End-User
11.5.7 Singapore
11.5.7.1 Market Size and Forecast, By Component
11.5.7.2 Market Size and Forecast, By Service
11.5.7.3 Market Size and Forecast, By End-User
11.5.8. Malaysia
11.5.8.1 Market Size and Forecast, By Service and Services
11.5.8.2 Market Size and Forecast, By Service
11.5.8.3 Market Size and Forecast, By End-User
11.5.9 Rest of Asia
11.5.9.1 Market Size and Forecast, By Component
11.5.9.2 Market Size and Forecast, By Service
11.5.9.3 Market Size and Forecast, By End-User
12 Latin America Medical Billing Outsourcing Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Medical Billing Outsourcing Market Share Analysis, By Component
12.3 Latin America Medical Billing Outsourcing Market Size and Forecast, By Service
12.4 Latin America Medical Billing Outsourcing Market Size and Forecast, By End-User
12.5 Latin America Medical Billing Outsourcing Market Size and Forecast, By Country
12.5.1 Brazil
12.5.1.1 Market Size and Forecast, By Component
12.5.1.2 Market Size and Forecast, By Service
12.5.1.3 Market Size and Forecast, By End-User
12.5.2 Argentina
12.5.2.1 Market Size and Forecast, By Component
12.5.2.2 Market Size and Forecast, By Service
12.5.2.3 Market Size and Forecast, By End-User
12.5.3. Colombia
12.5.3.1 Market Size and Forecast, By Component
12.5.3.2 Market Size and Forecast, By Service
12.5.3.3 Market Size and Forecast, By End-User
12.5.4. Peru
12.5.4.1 Market Size and Forecast, By Component
12.5.4.2 Market Size and Forecast, By Service
12.5.4.3 Market Size and Forecast, By End-User
12.5.5 Chile
12.5.5.1 Market Size and Forecast, By Component
12.5.5.2 Market Size and Forecast, By Service
12.5.5.3 Market Size and Forecast, By End-User
12.5.6 Venezuela
12.5.6.1 Market Size and Forecast, By Component
12.5.6.2 Market Size and Forecast, By Service
12.5.6.3 Market Size and Forecast, By End-User
12.5.7 Rest of Latin America
12.5.7.1 Market Size and Forecast, By Component
12.5.7.2 Market Size and Forecast, By Service
12.5.7.3 Market Size and Forecast, By End-User
13 Middle East Medical Billing Outsourcing Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Medical Billing Outsourcing Market Share Analysis, By Component
13.3 Middle East Medical Billing Outsourcing Market Size and Forecast, By Service
13.4 Middle East Medical Billing Outsourcing Market Size and Forecast, By End-User
13.5 Middle East Medical Billing Outsourcing Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.1.1 Market Size and Forecast, By Component
13.5.1.2 Market Size and Forecast, By Service
13.5.1.3 Market Size and Forecast, By End-User
13.5.2 UAE
13.5.2.1 Market Size and Forecast, By Component
13.5.2.2 Market Size and Forecast, By Service
13.5.2.3 Market Size and Forecast, By End-User
13.5.3 Egypt
13.5.3.1 Market Size and Forecast, By Component
13.5.3.2 Market Size and Forecast, By Service
13.5.3.3 Market Size and Forecast, By End-User
13.5.4 Kuwait
13.5.4.1 Market Size and Forecast, By Component
13.5.4.2 Market Size and Forecast, By Service
13.5.4.3 Market Size and Forecast, By End-User
13.5.5 South Africa
13.5.5.1 Market Size and Forecast, By Component
13.5.5.2 Market Size and Forecast, By Service
13.5.5.3 Market Size and Forecast, By End-User
13.5.5 Rest of Middle East & Africa
13.5.6.1 Market Size and Forecast, By Component
13.5.6.2 Market Size and Forecast, By Service
13.5.6.3 Market Size and Forecast, By End-User
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Accretive Health (R1 RCM Inc)
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Allscripts Healthcare, LLC
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Cerner Corporation
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 eClinicalWorks, LLC
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Experian Information Solutions, Inc.
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 GE Healthcare (General Electric Company)
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Genpact Ltd.
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 HCL Technologies Ltd.
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Kareo, Inc.
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
