The global medical billing outsourcing market size reached US$ 8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$15.8 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
Using a third-party software solution to handle billing and financial-related tasks allows for the optimization of medical processes. These procedures are used by healthcare organisations to support revenue cycle management, which simplifies complicated operations by processing invoices, managing files, tracking down medical insurance claims, offering better market insights, and securing accurate payments for the services provided. Their employment boosts patient happiness, guarantees billing compliance, and speeds cash flow. In addition, their utilisation is linked to enhancing revenue creation and reducing administrative burden while providing reasonable and open services to guarantee ongoing and long-term operations.
Global Medical Billing Outsourcing Market Trends:
Growing automation in the healthcare sector is the main factor driving the global market. Medical billing outsourcing solutions are being widely used by hospitals and other healthcare organisations to automate internal workflow and streamline medical procedures. Along with this, there has been an increasing need for front-end outsourced medical billing solutions, including patient registration, central scheduling, quality assurance, end-to-end patient access and digital order management, which is expected to provide a boost to the market growth. There has also been a rising requirement for error minimization in the sector to reduce in-house processing costs and efficiently manage claims and reimbursements. This, coupled with the implementation of government regulations to mandate record-keeping and the growing focus on reducing unnecessary costs and losses associated with medical processes, is facilitating the uptake of these billing solutions. Some of the other growth-inducing factors include the growing integration with cloud-based services and the increasing government spending to improve the healthcare infrastructure.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Medical Billing Outsourcing Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being Accretive Health (R1 RCM Inc.), Allscripts, Cerner Corporation, EClinicalWorks, Experian Information Solutions Inc., GE Healthcare, Genpact, HCL Technologies, Kareo, McKesson Corporation, Quest Diagnostics, etc.
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Middle East and Africa
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