With the emergence and long-term Impact of COVID-19, the Global Medical Billing Outsourcing Market is to reach USD 22.59 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Medical Billing Outsourcing Market is poised to raise up to USD 22.59 Billion by 2030. Medical billing outsourcing is a practice of healthcare providers, such as hospitals, clinics, or individual practitioners, entrusting the management of their medical billing and revenue cycle processes to external third-party service providers. Instead of handling billing tasks in-house, healthcare organizations contract specialized medical billing companies or professionals to manage various aspects of the billing process. The Medical Billing Outsourcing market is expanding because of factors such as rising healthcare digital payments, rising development of new hospitals and rising healthcare expenditure. Rising healthcare digital payments is driving the market growth.
As per a survey conducted by the Medical Group Management Association (MGMA), a medical practice loses around 5-10% of its revenue due to errors in billing. Moreover, as per a Healthcare Payments Insight Survey Report carried out by Elavon in January 2020, individuals utilizing various emerging payment methods expressed notable satisfaction in addressing their medical expenses. Of those surveyed, 93% who utilized Interactive Voice Response (IVR) to settle a bill reported.
Furthermore, 85% of respondents who made payments through kiosk networks described the process as fast and straightforward, with 88% expressing a likelihood of using it again. Thus, rising healthcare digital payments is driving the market growth. In addition, globalization of healthcare services and adoption of advance technology is creating new opportunities for the market growth. However, the high cost of Medical Billing Outsourcing stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Medical Billing Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the presence of numerous healthcare providers in the U.S. and the shift in their focus on end-to-end outsourcing solutions for managing billing processes which is augmenting the market growth in North America. Asia Pacific is expected to grow at a fastest rate during the forecast period, owing to increasing patient populations and improving healthcare infrastructure. Increasing awareness about clinical billing software and the rising adoption of the latest technology is expected to boost the market.
The global Medical Billing Outsourcing Market is highly competitive owing to the presence of several key manufacturers such as R1 RCM Inc., Allscripts Healthcare Solutions Inc., Cerner Corporation, EClinicalWorks, Experian Information Solutions Inc., GE Healthcare, Genpact LLC, and others.
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Key findings of the study suggest:
- Global Medical Billing Outsourcing Market is anticipated to grow with a healthy growth rate of more than 12.26% over the forecast period 2023-2030.
- In the Component segment, outsourced emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to presence of numerous healthcare providers.
- Asia Pacific is expected to grow at a high CAGR followed by North America during 2023-2030.
Bizwit Research & Consulting has considered the following segments for the study:
By Component:
- In-house
- Outsourced
By Service:
- Front-end Services
- Middle-end Services
- Back-end Services
By End Use:
- Hospital
- Physician Office
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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