USD 10.7 billion
Medical Billing Outsourcing Market Size, Share, Growth Analysis, By Component (In House, Outsourced), By Services (Front End, Back End), By End User (Hospital, Physician Office), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG35E2009 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Medical Billing Outsourcing Market Insights
Medical Billing Outsourcing Market size was valued at USD 12.2 Billion in 2023 and is poised to grow from USD 13.67 Billion in 2024 to USD 33.91 Billion by 2032, growing at a CAGR of 12.03% during the forecast period (2025-2032).
The growing popularity of outsourcing in the healthcare industry and rising complexity of billing management are projected to bolster the demand for medical billing outsourcing over the coming years. Rising emphasis on healthcare cost reduction around the world is also a key factor promoting the adoption of medical billing outsourcing solutions and services. Increasing complexity of regulatory framework and reimbursement will also play in the hands of medical billing outsourcing providers going forward. Increasing digitization of the healthcare industry and rising use of advanced revenue cycle management solutions will also promote the demand for medical billing outsourcing in the future. Moreover, shortages of skilled administrative staff in healthcare industry is also expected to boost adoption of medical billing outsourcing in the long run. However, dependency on outsourcing partners, data privacy and security concerns, and potential service disruptions are estimated to impede medical billing outsourcing market growth potential going forward.
US Medical Billing Outsourcing Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Outsourced
Fastest Growth
In-house
Growth Rate
12.0% CAGR
Global Medical Billing Outsourcing Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Medical Billing Outsourcing Market Segmental Analysis
Global Medical Billing Outsourcing Market is segmented by Component, Services, End User and region. Based on Component, the market is segmented into In House, and Outsourced. Based on Services, the market is segmented into Front End, Middle, and Back End. Based on End User, the market is segmented into Hospital, Physician Office, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Medical Billing Outsourcing Market Analysis by Component
Outsourced medical billing is projected to account for a dominant share of the global medical billing outsourcing market. Growing number of healthcare establishments focusing on outsourcing their billing process and the rising availability of affordable outsourced billing services are contributing to the dominance of this segment. Rising complexity of billing and reimbursement procedures coupled with imposition of stringent mandates in billing process will also help promote the demand for outsourced medical billing in the future.
On the other hand, in-house medical billing is projected to witness a drop in market share across the forecast period and beyond. Increasing number of healthcare organizations opting for outsourcing will result in drop in market share for in-house segment. Moreover, the lack of skilled professionals to handle billing is also expected to help lower the share of this segment in the global medical billing outsourcing market.
Medical Billing Outsourcing Market Analysis by End User
Hospitals are forecasted to spearhead the global medical billing outsourcing demand outlook. Increasing rate of hospitalization and rising focus on operational cost reduction in hospitals are projected to promote medical billing outsourcing market growth over the coming years. Growing number of hospitals around the world and imposition of strict mandates for billing process in hospitals are also expected to create new opportunities for medical billing outsourcing providers via this segment in the future.
Medical billing outsourcing for physician offices is anticipated to witness a notable hike in demand going forward. Increasing number of medical professionals opening their own practice has led to rise in number of physician offices. Outsourcing billing for physician offices helps keeps costs minimal and improves profitability in the long run. Expansion of services provided by small and medium physician offices will also help promote the demand for medical billing outsourcing in this segment.
Global Medical Billing Outsourcing Market By Component, 2021(%)
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Medical Billing Outsourcing Market Regional Insights
North America is anticipated to lead the global demand for medical billing outsourcing. The presence of a developed healthcare infrastructure, imposition of stringent regulatory mandates, and rising emphasis on healthcare cost reduction are allowing this region to hold sway over others. Canada and the United States are slated to be the most opportune markets for medical billing outsourcing providers in this region. Rising awareness regarding benefits of outsourcing and increasing burden on healthcare establishments will also promote the adoption of medical billing outsourcing in the North American region going forward.
Growing investments in healthcare infrastructure development in the Asia Pacific region make it the most opportune market for medical billing outsourcing companies around the world. Low costs of operation make this region a hub for medical billing outsourcing service providers. Increasing patient population, growing use of digital healthcare technologies, and efforts to improve healthcare accessibility are also projected to favor the demand for medical billing outsourcing in the future. India, China, Japan, and Australia are estimated to be the most rewarding markets for medical billing outsourcing companies operating in this region.
Global Medical Billing Outsourcing Market By Geography, 2021 - 2028
- Largest
- Fastest
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Medical Billing Outsourcing Market Dynamics
Medical Billing Outsourcing Market Driver
Focus on Healthcare Cost Reduction
- Healthcare has become quite expensive around the world, and this has led to inaccessibility to people with lower spending potential. Healthcare organizations are focusing on reducing operational costs by outsourcing their operations to make healthcare more accessible to people and profitable for providers as well.
Increasing Complexity of Billing Procedures
- Medical billing procedures are becoming more complex by the day as new regulations and mandates are imposed by governments and regulatory authorities. Healthcare providers need to allocate substantial resources to keep up with this complex procedure and this hurts their profitability. Hence, medical billing outsourcing will rise in demand as medical billing complexity increases.
Restraints
Data Privacy and Security Issues
- Outsourcing medical billing results in sharing of crucial patient and financial data. This sharing could result in breach of certain privacy regulations and even potentially risk patient data loss or breaches through cyberattacks. These concerns regarding security and privacy of data could slow down the demand for medical billing outsourcing in the future.
Dependency and Disruptions
- Healthcare providers become dependent on outsourcing partners and incompetence on either end could result in sever disruptions to the billing services. This could lead to complications in healthcare delivery and this why some healthcare establishments refrain from medical billing outsourcing adoption.
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Medical Billing Outsourcing Market Competitive Landscape
Mergers and acquisitions are projected to be popular strategies for medical billing outsourcing companies. Medical billing outsourcing providers can also focus on expanding their business scope by offering complete revenue cycle management for healthcare providers. Targeting counties with increasing healthcare burdens will help medical billing outsourcing companies expand their revenue generation potential in the long run. Launch of new medical billing outsourcing solutions and services will also help market players enhance their share.
Medical Billing Outsourcing Market Top Player's Company Profiles
- R1 RCM Inc.
- Allscripts Healthcare Solutions, Inc.
- eClinicalWorks LLC
- AdvancedMD, Inc.
- Kareo, Inc.
- Quest Diagnostics
- CureMD
- ICON Medical Billing
- HCL Technologies
- Genpact
- Tata Consultancy Services (TCS)
- ClaimCare
- Healthcare Administrative Partners
- GeBBS Healthcare
- Vee Technologies
- Outsource Management Group
- INFINIT Healthcare
- Millensys
- Mba Healthgroup
- Cognizant Technology Solutions
Medical Billing Outsourcing Market Recent Developments
- Crosby Health, a new company focusing on revolutionizing revenue cycle management in healthcare through artificial intelligence announced the launch of its new clinical large language model (LLM) called Apollo in May 2024. The new solution is expected to improve claims management by automating medical coding and other revenue-related operations.
- Change Healthcare, a leading provider of revenue cycle management for healthcare in the United States was faced with a ranswonware attack in March 2024. This led to delays in medical billing for multiple healthcare providers and caused issues for the healthcare industry in the United States.
- Omega healthcare announced the acquisition of Apexon Health back in April 2022. This strengthened Omega’s presence in the medical billing market as it now has access to the extensive medical billing portfolio of Apexon Health.
Medical Billing Outsourcing Key Market Trends
- Use of Artificial Intelligence Technology: Medical billing outsourcing companies can leverage artificial intelligence and machine learning technologies to enhance their business scope and automate different billing tasks. Use of AI can also further enhance the productivity of medical billing operations for companies.
- Compliance and Risk Management: Medical billing outsourcing companies should focus on improving compliance with different regulations associated with medical billing. Also managing risk of non-compliance and cyberattacks to protect medical billing and patient data will also be quite essential for medical billing outsourcing companies in the long run.
Medical Billing Outsourcing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Medical Billing Outsourcing Market Analysis, in terms of components, the outsourced sector dominated the medical billing outsourcing industry. The segment is anticipated to have the highest CAGR between 2022 and 2030. In 2021, North America accounted for the greatest revenue share at nearly 47.5 percent. The market in North America is expanding as a result of the U.S. having a large number of healthcare providers and their shifting focus to end-to-end outsourcing companies for handling billing processes.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.7 billion |
| Market size value in 2031 | USD 30.2 billion |
| Growth Rate | 12.0% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Billing Outsourcing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Billing Outsourcing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Billing Outsourcing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Billing Outsourcing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Billing Outsourcing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Billing Outsourcing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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