Which region held the highest share in the Medical Billing Outsourcing market?

Posted on 2022-06-29 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 29, 2022 — /EPR Network/ —

Medical Billing Outsourcing Industry Overview

The global medical billing outsourcing market size is expected to reach USD 30.2 billion by 2030, exhibiting a CAGR of 12.03% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven primarily by factors such as the increasing importance of regulatory compliance and risk management, the growing need to streamline the medical billing process, and efforts to reduce internal processing costs.

A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any clinical practice. Currently, the healthcare system is witnessing a subsequent rise in the outsourcing of clinical billing services by hospitals and physicians due to the obligatory implementation of complex ICD-11 coding systems, increasing healthcare costs, and a federal mandate to implement Electronic Medical Records (EMR) to maintain reimbursement levels.

The COVID-19 pandemic is expected to have a significant impact on the market, although the healthcare industry was trailing in embracing innovative and digital technologies to improve healthcare. The COVID-19 scenario has put an enormous burden on healthcare providers/organizations to become accustomed to the change. The need for proactive action and the construction of a comprehensive, collaborative, scalable, and adaptable digital healthcare infrastructure has been emphasized by the pandemic crisis. As a result, many organizations are developing a new strategy that includes digitization and outsourcing non-core functions such as billing and accounting, which is expected to boost the market growth.

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing functions. In addition, multispecialty healthcare groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for revenue cycle management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, the consolidation of large healthcare practices is also expected to be one of the factors fueling market growth.

Medical Billing Outsourcing Market Segmentation

Grand View Research has segmented the global medical billing outsourcing market on the basis of component, service, end-use, and region:

Based on the Component Insights, the market is segmented into In-house and Outsourced.

The outsourced segment dominated the market for medical billing outsourcing and held the largest revenue share of 52.5% in 2021. The segment is expected to register the highest CAGR from 2022 to 2030.

Based on the Service Insights, the market is segmented into Front-end services, Middle-end services and Back-end services.

The front-end services segment dominated the market for medical billing outsourcing and accounted for a revenue share of 38.9% in 2021.
The middle-end services segment is projected to witness lucrative growth over the coming years because of new entrants in the sector as well as the rising awareness of the middle-end service among practitioners.

Based on the End-use Insights, the market is segmented into Hospitals, Physician Offices and Others.

The hospital segment dominated the market for medical billing outsourcing and accounted for a revenue share of 47.1% in 2021. The segment is estimated to maintain its dominance during the forecast period.
The physician office segment is expected to grow at the fastest rate over the forecast period. Rising expenditure on healthcare by small and midsized healthcare providers due to the growing emphasis on risk management and regulatory compliance and complex technology and staffing requirements is expected to drive the segment in the years to come.

Medical Billing Outsourcing Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

There are several global and local players in this market. These companies have implemented strategic initiatives, such as mergers, acquisitions, collaborations, and new product launches, to gain higher market share.

Some prominent players in the global Medical Billing Outsourcing market include

R1RCM Inc.
Allscripts Healthcare, LLC
Cerner Corporation
eClinicalWorks
Kareo, Inc.
McKesson Corporation
Quest Diagnostics Incorporated
Promantra Inc.
AdvancedMD, Inc.

Order a free sample PDF of the Medical Billing Outsourcing Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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