The medical billing outsourcing market is anticipated to generate an opulent growth rate over the projection period. According to the analysis report by Future Market Insights, the global sales of the medical billing outsourcing market in 2021 were held at US$ 11.1 Bn. With 16%, the projected market growth during 2022 is expected to be significantly higher than the historical growth. The hospital segment is anticipated to be the highest revenue-generating segment, projected to grow at a CAGR of around 17.1% during 2022 – 2032.
According to the medical billing outsourcing market research held by Future Market Insights, a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Medical Billing Outsourcing industry increased at around 12.5% CAGR. Based on End-Use, the Medical Billing Outsourcing industry is rapidly being affected by the Hospital component. This particular segment is expected to expand at a CAGR of 17.1% through 2032.
Since most of the patients opt for going to hospitals for illness diagnosis and treatment, hospitals are projected to occupy a majority proportion of the medical billing outsourcing industry. With increased patient traffic, hospitals will get an increase in the number of billing processes, which causes problems with point-of-care delivery.
As a result, outsourcing the medical billing process helps medical practitioners in both patient administration and billing. However, the various expenses associated with medical billing outsourcing are projected to resist the industry expansion.
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Key Takeaways
· The stringent regulations and compulsions over the utilization of digital record-keeping in several countries by healthcare providers are anticipated to fuel the industry. This is a crucial factor that is predicted to drive the demand for medical billing outsourcing market growth.
· The quick change and ambiguity of the legislation and regulatory framework being proclaimed are expected to benefit the sector during the forecast period. A significant increase in the emphasis on generating
profitability and more income from the healthcare industry will aid the medical billing outsourcing market in the coming future. However, the increased possibility of a data breach may hinder the industry’s expansion in the coming years.
· In addition to that, over the recent years, every country’s healthcare system was put to test. The majority of sick patients dramatically increased over the past few years and healthcare personnel were under tremendous pressure. Focusing on infected patients is critical, and as a result, the need for medical billing outsourcing services has skyrocketed. These elements are proving to be growth drivers in the medical billing outsourcing market.
· The surging government investments in healthcare infrastructure in several countries are known to be the key growth driver for the medical billing outsourcing industry. The burden on the healthcare industry all over the world became prominent because of rising diseases and pandemics that have encouraged several nations to invest in healthcare infrastructure that will further improve the medical billing outsourcing market’s development potential.
· The medical billing process is rapidly becoming more complex in nature attributed to the rising number of mergers, partnerships, and acquisitions that have occurred in the healthcare industry over recent years.
· The rising business operations have wreaked havoc on healthcare professionals since patient information is frequently erroneous, difficult to exchange with all stakeholders, and orders are frequently not fulfilled.
· Digital order management assists to address this particular issue by offering healthcare professionals automated clinical and financial data input that is connected to a single, easily accessible medical claims management system. As a result, the market is expected to develop significantly over the forecast period.
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Competitive Landscape
The global medical billing outsourcing market is predicted to be very competitive, with various mediums and small businesses fighting against each other. Mergers, partnerships, and acquisitions are some of the key business methods used by corporations to increase their market share.
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.
· In April, 2021, Cerner Corporation completed its acquisition of Kantar Health, a Kantar Group company, for $375 Mn in cash, depending on adjustment. Kantar Health’s extensive life sciences experience will be paired with Cerner’s substantial library of real-world data (RWD) & technology, with the goal of accelerating innovation and development in life sciences research and improving patient outcomes globally.
More Insights into the Medical Billing Outsourcing Market
United States is predicted to hold the highest revenue of around US$ 23.4 Bn by the end of 2032. The growth in the North American region is attributed to the presence of numerous healthcare service providers in the United States which has heightened their need for end-to-end outsourcing firms to manage their billing operations. Significant numbers of medical billing outsourcing companies in the US have further led to revenue growth.
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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