Major players in the medical billing outsourcing market are Experian Information Solutions, Cerner, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, EClinicalWorks, The SSI Group, and HCL.
The global medical billing outsourcing market is expected to grow from $8.415 billion in 2020 to $9.528 billion in 2021 at a compound annual growth rate (CAGR) of 13.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.939 billion in 2025 at a CAGR of 15%.
The medical billing outsourcing market consists of sales of medical billing outsourcing services by entities (organizations, sole traders and partnerships) that provide medical billing outsourcing services in which a healthcare provider hires a medical billing service provider outside their practice to do all the billing works. Only goods and services traded between entities or sold to end consumers are included.
The medical billing service providers are expanding their service through cloud-based medical billing software and Electronic Health Record (EHR) services.Cloud-based medical billing software provides more security with the patient details compared to the alternatives and companies are launching cloud-based software to provide enhanced security to their clients.
For instance, in 2018, eClinicalWorks, a medical billing service provider, launched the cloud-based platform for revenue cycle.
The medical billing outsourcing market covered in this report is segmented by service into front end; back end, and by end user into hospitals; physician offices.
The variable cost charged in the medical billing services by the service provider is expected to limit the medical billing outsourcing market.According to the Medical Billing Service Review, there is a price for every service provided by medical billing service providers.
The charge on the billing services is a percentage ranging between 3% to 10% per bill indicating more the number of patients, more the hospital or clinic should pay to the service providers. The variable cost in the medical billing services has a negative impact on the medical billing outsourcing market.
In June 2020, R1 RCM, a Chicago-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for a deal amount of $30 million. The acquisition is expected to extend the comprehensive revenue cycle capabilities of R1 and help drive sustainable financial improvements for healthcare providers and to enhance their patients’ overall experience.
The rising need for error minimization contributed to the growth of the medical billing outsourcing market.It is estimated that, in the US, 80% of medical bills contain errors.
For instance, Equifax, a credit agency firm, found in its audit that the hospital bills ranging above $10,000 have an average error amount of $1,300.It is also estimated that doctors lose around $125 billion each year due to poor billing practices in the USA.
The rising need for error minimization and optimization of the billing process drove the medical billing outsourcing market.
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