What is the global market size of Medical Billing Outsourcing Market?

Global Medical Billing Outsourcing Market size was valued at USD 11.1 billion in 2021 and is poised to grow from USD 12.2 billion in 2022 to USD 30.2 billion by 2030, growing at a CAGR of 12.03% in the forecast period (2023-2030).

Who are the key vendors in the Global Medical Billing Outsourcing Market?

Global Medical Billing Outsourcing market is very competitive, with many small and medium-sized enterprises vying for customers. Some of the primary business strategies employed by firms to enhance their market share include mergers, partnerships, and acquisitions. R1 RCM Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., Experian Information Solutions Inc., eClinicalWorks LLC, Athenahealth, Quest Diagnostics, Promantra Inc., AdvancedMD, Inc., Kareo, Inc., and McKesson Corporation are a few of the leading companies that offer medical billing outsourcing services. 'Genpact', 'McKesson Corporation', 'Accenture', 'Cognizant', 'HCL Technologies', 'TCS Healthcare Technologies', 'GE Healthcare', 'Quest Diagnostics', 'R1 RCM Inc.', 'Conifer Health Solutions', 'Medusind', 'AGS Health', 'Healthcare Administrative Partners', 'Avadyne Health', 'PracticeMax', 'CureMD', 'Etransmedia Technology Inc.', 'Kareo', 'Mphasis', 'Wipro Technologies'

What is the key driver of Global Medical Billing Outsourcing Market?

With the evolution of technologies and merger and acquisition activities, the technological area will continue to improve, creating several prospects for market expansion. During the projected period, it is anticipated that the growth of digital platforms and the ability to track every action in every field will have a high chance.

What is the key market trend for Global Medical Billing Outsourcing Market?

The segmental expansion is projected to be favored over the next years by rising patient visits, the advantages of EHR systems in maintaining and preserving patient health records, and the help with invoicing. In hospitals, it may be simpler to handle problems during critical care or difficulties following treatment. As a result, hospitals are where the majority of the disease's procedures and treatments are carried out. Hospital billing systems are made to precisely record data and track a patient's condition over time. According to American Hospital Association 2020, there were around 8 million procedures performed in hospitals with 500 beds in the United States.

Which region accounted for the largest share in Global Medical Billing Outsourcing Market?

North America held the largest share of the Medical Billing Outsourcing market. Due to the evolution of medical systems, current medical code implementations, developments in IT healthcare technology, adoption of EMR, and the existence of important companies.

Medical Billing Outsourcing Market Size, Share, Growth Analysis, By Component(In-house, Outsourced, Others), By End Use(Hospital, Physician Office, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35E2009 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Medical Billing Outsourcing Market News

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 Market Report Snapshots

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Global Medical billing outsourcing Market was valued at USD 12.2 Billion in 2023 and is expected to rise from USD 13.67 Billion in 2024 to USD 30.27 Billion by 2031, at a CAGR of 12.03% during the forecast period (2024–2031).

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. 'Genpact', 'McKesson Corporation', 'Accenture', 'Cognizant', 'HCL Technologies', 'TCS Healthcare Technologies', 'GE Healthcare', 'Quest Diagnostics', 'R1 RCM Inc.', 'Conifer Health Solutions', 'Medusind', 'AGS Health', 'Healthcare Administrative Partners', 'Avadyne Health', 'PracticeMax', 'CureMD', 'Etransmedia Technology Inc.', 'Kareo', 'Mphasis', 'Wipro Technologies'

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.

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.

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.

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Medical Billing Outsourcing Market Size, Share, Growth Analysis, By Component(In-house, Outsourced, Others), By End Use(Hospital, Physician Office, Others), By Region - Industry Forecast 2024-2031

Medical Billing Outsourcing Market News

Medical Billing Outsourcing Market Report Snapshots

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What is the global market size of Medical Billing Outsourcing Market?

Who are the key vendors in the Medical Billing Outsourcing Market?

What is the key driver of Medical Billing Outsourcing Market?

What is the key market trend for Medical Billing Outsourcing Market?

Which region accounted for the largest share in Medical Billing Outsourcing Market?

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