Global Medical Billing Outsourcing Market Growth, Demand, Revenue and Business Analysis 2019 to 2023
The “Global Medical Billing Outsourcing Market” is expected to grow significantly over the forecast period. It is anticipated that the market held a valuation of USD 6982 million in 2017 and is projected to register a CAGR of 12.5% over the forecast period.
Medical Billing Outsourcing Market Scenario 2019
The growing emphasis on compliance and risk management and global expansion of some of the key players are some of the key factors driving the medical billing outsourcing market. In 2016, Allscripts acquired Core Medical Solutions, to increase its offerings in Australia. Allscripts currently supports more than 85 hospitals throughout Australia.
Various other factors such as rising healthcare expenditure, increasing government support, and technological advancements are also expected to propel the growth of the market.
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However, increasing legislative & regulatory pressure, untapped emerging markets, and high costs of technology can hamper market growth over the forecast period.
Some of the key players in the Global Medical Billing Outsourcing Market are
- R1 RCM Inc.
- Cerner Corporation
- EClinical Works
- Experian Information Solutions Inc.
- GENERAL ELECTRIC COMPANY
- HCL Technologies Limited
- Kareo Inc.
- McKesson Corporation
- Quest Diagnostics Incorporated
- The SSI Groups Inc
- and others.
Medical Billing Outsourcing Market Segmentation
The global medical billing outsourcing market is segmented based on product, material type, application, end user, and region.
The global market for medical billing outsourcing, by component, is segmented into outsourced and in-house. The outsourced segment is anticipated to hold the largest market share owing to the rising adoption of medical billing software by hospitals.
Based on service, the market is segmented into front end, middle, and back end. The front-end services, usually, includes preregistration, registration, eligibility, scheduling, pre-authorization, etc. Due to the market saturation, front-end services segment is facing decline.
Based on end user, the market is segmented into hospitals, physician’s office, and others. The hospitals segment is expected to hold the largest market share due to rising cases of diseases.
Intended Audience: Healthcare Providers, Government and Private Laboratories, Research and Development (R&D) Companies, Market Research and Consulting Service Providers
Comprehensive Regional Analysis:
The Americas dominated the global market for medical billing outsourcing owing to the increasing healthcare expenditure, the presence of major market players, and rising adoption of medical billing outsourcing software by the hospitals within the region. It was found that around 80% of hospitals considering outsourcing full revenue cycle management by 2019. Moreover, in 2018, AdvancedMD announced the availability of ePayments, which facilitates to collect outstanding patient balances and reduce aging A/R more quickly and conveniently.
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Asia-Pacific was the fastest growing region in 2017. Emerging economies, such as Singapore, Australia, India, and China, are the most lucrative markets due to the increasing patient pool and improving healthcare facilities. The increasing awareness about medical billing software and their growing importance coupled with the supportive government programs and policies are going to boost up the market.
On the other hand, the Middle East and Africa held the least share in the global medical billing outsourcing market due to the lack of healthcare awareness, and lack of advanced technology. However, Saudi Arabia and the UAE lead in terms of market shares in this region because of a good economy, skilled medical professionals, and accessibility to modern technology thus, contributing to the steady growth of the market in the Middle Eastern and African region.
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