According to a recently published Future Market Insights report, the Medical Billing Outsourcing Market is expected to grow at a CAGR of 16% between 2022 and 2032, with revenues estimated at US$ 11.1 billion in 2021. The market is expected to be worth $55.6 billion by the end of 2032.
The covid-19 outbreak has boosted the growth of the medical billing outsourcing industry. It’s because of the growing influence of technology in the healthcare industry, which has traditionally relied on localised healthcare systems. The pandemic has accelerated market growth by hastening digital development across a wide range of industries, including healthcare.
The pandemic has emphasised the importance of taking proactive measures and establishing a strong, extendable, collaborative, and reactive digital healthcare infrastructure. As a result, numerous organisations are adopting methods such as digitization and outsourcing of all non-core areas of their operations, such as invoicing and accounting, to improve market development. The rapid adoption of digital billing is directly related to the increasing demand for medical billing outsourcing.
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Key Takeaways from the Market Study
- Medical Billing Outsourcing Market was valued at US$ 11.1 Bn in 2021. According to Future Market Insights, Medical Billing Outsourcing Market revenue would increase 4.4X between 2022 and 2032, reaching roughly US$ 55.6 Bn in 2032.
- In terms of Component, the Outsourced segment accounts for the highest projected CAGR of over 15.6%.
- In terms of End-Use, the Hospital accounts for the highest projected CAGR of over 17.1%.
- US is the dominant region in the Medical Billing Outsourcing Market with an expected absolute dollar growth opportunity of US$ 18.4 Bn during 2022 – 2032.
“During the projected period, the rise in the number of hospitals in terms of end-use can become a key driver towards raising the medical billing outsourcing market revenue.” comments a Future Market Insights analyst.
Competitive Landscape
The medical billing outsourcing market is very competitive, with numerous medium, and small businesses fighting against one another. Mergers, partnerships, and acquisitions are some of the key business methods used by corporations to increase their market share.
Some of the key medical billing outsourcing service providers include 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.
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Some of the key developments in the global medical billing outsourcing industry are:
- In March 2022, Omega Healthcare, a prominent healthcare management services and solution firm, acquired Reventics, a revenue cycle management solution developer which delivers provider engagement solutions to increase physician reimbursement & compliance.
- In July, 2021, R1 RCM Inc., a supplier of technology-driven solutions that enhance healthcare providers’ patient experiences and financial performance, announced the completion of its purchase of VisitPay, a digital payment solution provider. The purchase integrates VisitPay’s customer payments infrastructure with R1’s leading patient access technology, allowing providers to offer their patients a smooth financial journey
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Medical Billing Outsourcing Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Medical Billing Outsourcing Market across in terms of Component (In-house, Outsourced), Service Type (Front End, Middle End, Back End), End-Use (Hospital, Physician Office, Other End-uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Market Segments Covered In Medical Billing Outsourcing Market Analysis
By Component:
- In-house Medical Billing
- Outsourced Medical Billing
By Service Type:
- Front End
- Middle End
- Back End
By End-use:
- Hospital
- Physician Office
- Other End-uses
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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