Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • June 2021 •
  • 143 pages •
  • Report ID: 5889834 •
  • Format: PDF
The global medical billing outsourcing market exhibited strong growth during 2015-2020.

Looking forward, the analyst expects the market to grow at a CAGR of around 11% during 2021-2026. Medical billing outsourcing, or revenue cycle management (RCM), refers to the process of outsourcing billing and finance-related processes by a hospital or healthcare institution. It involves the utilization of a third-party software application to process bills, file and follow up on medical insurance claims and obtain accurate payments for the services rendered. This aids in streamlining the complex collection processes, improving revenue generation, enhancing operational efficiencies and minimizing administrative workload. In comparison to in-house billing solutions, it is more cost-effective, transparent, and consistent and can assist in effectively managing hospital staff and other operations.

Complexities in managing reimbursements and claims and the consequent need for simplifying the process is one of the key factors driving the market growth. The medical and healthcare industry is increasingly adopting automated solutions for various operations with the aim to enhance in-house workflow and offer a seamless experience to patients. In line with this, widespread adoption of front-end outsourced medical billing solutions, which primarily include end-to-end patient access, digital order management, central scheduling, quality assurance and patient registration, is providing a boost to the market growth. The implementation of government regulations to employ digital record-keeping solutions is another major growth-inducing factor. Various hospitals, clinics, and healthcare centers are utilizing these solutions for efficient record-keeping of medical tourism bills and risk management against unforeseen circumstances. Other factors, including improvements in healthcare infrastructure, increasing integration of cloud-based services and the Internet of Things (IoT) with the existing technologies and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.

Breakup by Type:
In-House
Outsourced

Breakup by Service:
Front End
Middle End
Back End

Breakup by End-Use:
Hospitals
Physician Offices
Others

Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with 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.

Key Questions Answered in This Report:
How has the global medical billing outsourcing market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global medical billing outsourcing market?
What is the breakup of the market based on the type?
What is the breakup of the market based on the service?
What is the breakup of the market based on the end-use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global medical billing outsourcing market and who are the key players?
What is the degree of competition in the industry?