Global Medical Billing Outsourcing Market to Reach US$ 24.7 Billion by 2032, Impelled by Changing Regulatory Requirements

October 17, 2022 | Healthcare

According to the latest report by IMARC Group, titled "Medical Billing Outsourcing Market Report by Type (In-House, Outsourced), Service (Front End, Middle End, Back End), End-Use (Hospitals, Physician Offices, and Others), and Region 2024-2032," the global medical billing outsourcing market reached a value of US$ 10.1 Billion in 2023. Medical billing outsourcing is the method of managing healthcare institutions and hospital revenue through third-party service providers. It is generally done by medical billing companies that are responsible for several operations related to billing, including data entry, following up on claims, and obtaining accurate payments for the rendered services. It is an efficient and streamlined process that comprises superior systems and skilled labor with specialized experience and knowledge in outsourcing. As a result, it helps in improving cash flows, minimizing equipment and software expenses as well as employee costs, and reducing administrative workload while enhancing operational efficiencies.

Global Medical Billing Outsourcing Market Trends:

The global market is primarily driven by the changing regulatory requirements. This can be further supported by the increasing complexities in managing claims and reimbursements. Moreover, continual technological advancements across the globe have encouraged the adoption of advanced billing solutions, thereby impacting the market favorably. In line with this, the integration of the Internet of Things (IoT) with the existing solutions and the introduction of revenue cycle management (RCM) software are providing a boost to the market. Along with this, the rising investments by public and private agencies for upgrading the overall healthcare infrastructure is creating a positive market outlook. The market is further driven by the increasing patient load in hospitals and the rising burden of medical processes. Other factors, including continual improvements in the information technology (IT) sector, the growing need to provide a seamless experience to patients, intensive business competition, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 24.7 Billion by 2032, exhibiting a CAGR of 10.1% during 2024-2032.

Market Summary:

  • On the basis of type, the market has been segmented into in-house and outsourced.
  • Based on the service, the market has been segregated into front, middle and back end.
  • On the basis of the end-use, the market has been categorized into hospitals, physician offices and others.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the 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 the key 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Service, End-Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered  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
Customization Scope 10% Free Customization
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Global Medical Billing Outsourcing Market to Reach US$ 24.7 Billion by 2032, Impelled by Changing Regulatory Requirements
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