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Global Medical Billing Outsourcing Market to reach USD 22.59 billion by the end of 2030.

Global Medical Billing Outsourcing Market Size study & Forecast, by Component (In-house, Outsourced) by Service (Front-end Services, Middle-end Services, Back-end Services), by End Use (Hospital, Physician Office, Others) and Regional Analysis, 2023-2030

Product Code: HLSHS-48239433
Publish Date: 10-01-2024
Page: 200

Global Medical Billing Outsourcing Market is valued at approximately USD 12.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.26% over the forecast period 2023-2030. 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.

Major market player included in this report are:
R1 RCM Inc.
Allscripts Healthcare Solutions Inc.
Cerner Corporation
Experian Information Solutions Inc.
GE Healthcare
Genpact LLC
Hindustan Computers Limited Technologies
Kareo Inc
McKesson Corporation

Recent Developments in the Market:
Ø In March 2022, Omega Healthcare, a prominent healthcare management services and solution firm, acquired Reventics, a revenue cycle management solution developer which delivers provider engagement solutions to increase physician reimbursement &“ compliance.
Ø In July, 2021, R1 RCM Inc., a supplier of technology-driven solutions that enhance healthcare providers’ patient experiences and financial performance, announced the completion of its purchase of VisitPay, a digital payment solution provider. The purchase integrates VisitPay’s customer payments infrastructure with R1’s leading patient access technology, allowing providers to offer their patients a smooth financial journey.

Global Medical Billing Outsourcing Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Component, Service, End Use, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

By Service:
Front-end Services
Middle-end Services
Back-end Services

By End Use:
Physician Office

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Medical Billing Outsourcing Market, by region, 2020-2030 (USD Billion)
1.2.2. Medical Billing Outsourcing Market, by Component, 2020-2030 (USD Billion)
1.2.3. Medical Billing Outsourcing Market, by Service, 2020-2030 (USD Billion)
1.2.4. Medical Billing Outsourcing Market, by End Use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Medical Billing Outsourcing Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Medical Billing Outsourcing Market Dynamics
3.1. Medical Billing Outsourcing Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Rising healthcare digital payments Rising development of new hospitals Rising healthcare expenditure
3.1.2. Market Challenges High Cost of Medical Billing Outsourcing Security Concerns
3.1.3. Market Opportunities Globalization of healthcare services Adoption of advanced technology
Chapter 4. Global Medical Billing Outsourcing Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Medical Billing Outsourcing Market, by Component
5.1. Market Snapshot
5.2. Global Medical Billing Outsourcing Market by Component, Performance – Potential Analysis
5.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Medical Billing Outsourcing Market, Sub Segment Analysis
5.4.1. In-house
5.4.2. Outsourced
Chapter 6. Global Medical Billing Outsourcing Market, by Service
6.1. Market Snapshot
6.2. Global Medical Billing Outsourcing Market by Service, Performance – Potential Analysis
6.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by Service 2020-2030 (USD Billion)
6.4. Medical Billing Outsourcing Market, Sub Segment Analysis
6.4.1. Front-end Services
6.4.2. Middle-end Services
6.4.3. Back-end Services
Chapter 7. Global Medical Billing Outsourcing Market, by End Use
7.1. Market Snapshot
7.2. Global Medical Billing Outsourcing Market by End Use, Performance – Potential Analysis
7.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
7.4. Medical Billing Outsourcing Market, Sub Segment Analysis
7.4.1. Hospital
7.4.2. Physician Office
7.4.3. Others
Chapter 8. Global Medical Billing Outsourcing Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Medical Billing Outsourcing Market, Regional Market Snapshot
8.4. North America Medical Billing Outsourcing Market
8.4.1. U.S. Medical Billing Outsourcing Market Component breakdown estimates & forecasts, 2020-2030 Service breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Medical Billing Outsourcing Market
8.5. Europe Medical Billing Outsourcing Market Snapshot
8.5.1. U.K. Medical Billing Outsourcing Market
8.5.2. Germany Medical Billing Outsourcing Market
8.5.3. France Medical Billing Outsourcing Market
8.5.4. Spain Medical Billing Outsourcing Market
8.5.5. Italy Medical Billing Outsourcing Market
8.5.6. Rest of Europe Medical Billing Outsourcing Market
8.6. Asia-Pacific Medical Billing Outsourcing Market Snapshot
8.6.1. China Medical Billing Outsourcing Market
8.6.2. India Medical Billing Outsourcing Market
8.6.3. Japan Medical Billing Outsourcing Market
8.6.4. Australia Medical Billing Outsourcing Market
8.6.5. South Korea Medical Billing Outsourcing Market
8.6.6. Rest of Asia Pacific Medical Billing Outsourcing Market
8.7. Latin America Medical Billing Outsourcing Market Snapshot
8.7.1. Brazil Medical Billing Outsourcing Market
8.7.2. Mexico Medical Billing Outsourcing Market
8.8. Middle East & Africa Medical Billing Outsourcing Market
8.8.1. Saudi Arabia Medical Billing Outsourcing Market
8.8.2. South Africa Medical Billing Outsourcing Market
8.8.3. Rest of Middle East & Africa Medical Billing Outsourcing Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. R1 RCM Inc. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. Allscripts Healthcare Solutions Inc.
9.3.3. Cerner Corporation
9.3.4. EClinicalWorks
9.3.5. Experian Information Solutions Inc.
9.3.6. GE Healthcare
9.3.7. Genpact LLP
9.3.8. Hindustan Computers Limited Technologies
9.3.9. Kareo Inc
9.3.10. McKesson Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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