According to the latest report by IMARC Group, titled "Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global medical billing outsourcing market is currently witnessing strong growth. Medical billing outsourcing is the process of optimizing medical processes by outsourcing billing and finance-related operations to a third-party software application. Healthcare institutions utilize these processes to assist in revenue cycle management that streamlines complex operations by processing bills, managing files, following up on medical insurance claims, providing better industry insights and obtaining accurate payments for the rendered services. Their employment accelerates cash flow, ensures billing compliance and improves patient satisfaction. Apart from this, their use is also associated with improving revenue generation and minimizing administrative workload while offering affordable and transparent services to ensure sustained and long-term operations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Medical Billing Outsourcing Market Trends:
The global market is primarily driven by increasing automation in the healthcare industry. Hospitals and other healthcare institutions are widely adopting medical billing outsourcing solutions to streamline medical processes and automate in-house workflow. Along with this, there has been an increasing need for front-end outsourced medical billing solutions, including patient registration, central scheduling, quality assurance, end-to-end patient access and digital order management, which is expected to provide a boost to the market growth. There has also been a rising requirement for error minimization in the sector to reduce in-house processing costs and efficiently manage claims and reimbursements. This, coupled with the implementation of government regulations to mandate record-keeping and the growing focus on reducing unnecessary costs and losses associated with medical processes, is facilitating the uptake of these billing solutions. The global outbreak of the novel coronavirus disease (COVID-19) is expected to further provide an impetus to the market growth. Some of the other growth-inducing factors include the growing integration with cloud-based services and the increasing government spending to improve the healthcare infrastructure. On account of the aforementioned factors, the market is projected to grow at a CAGR of around 8% during 2020-2025.
- On the basis of the component, the market has been bifurcated into in-house and outsourced.
- Based on the service, the market has been divided into front, middle and back end.
- On the basis of the end use, the market has been classified into hospitals, physician offices and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Accretive Health (R1 RCM Inc.), Allscripts Healthcare, LLC, Cerner Corporation, eClinicalWorks, LLC, Experian Information Solutions, Inc., GE Healthcare (General Electric Company), Genpact Ltd., HCL Technologies Ltd, Kareo, Inc., McKesson Corporation, and Quest Diagnostics.
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