Top Companies in the Medical Billing Outsourcing Industry

The global medical billing outsourcing market size reached US$ 10.1 Billion in 2023. Medical billing outsourcing, also known as revenue cycle management (RCM), is the process of outsourcing billing and finance-related processes by a hospital or healthcare institution. It involves the utilization of a third-party software application to process bills, file and follow up on medical insurance claims and obtain payments for the services rendered. It helps healthcare organizations to improve revenue generation, enhance operational efficiencies and minimize administrative workload. Owing to these benefits, medical billing outsourcing services are widely adopted by healthcare organizations across the globe.

As per the analysis by IMARC Group, the top medical billing outsourcing companies are investing in research and development (R&D) activities to strengthen their market growth. They are also engaging in collaborations and mergers and acquisitions (M&As) to expand their consumer base. For instance, in June 2020, R1 RCM Inc. announced the acquisition of Cerner's RevWorks services business and commercial, non-federal client relationships to strengthen its revenue cycle management and billing business. Besides this, key players are investing in product launches to introduce innovative solutions. For instance, R1 RCM Inc., recently launched R1 professional, an advanced physical RCM solution for independent practitioners and hospital-owned medical groups. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2032, exhibiting a growth rate (CAGR) of 10.1% during 2024-2032.

Request Free Sample Report: https://www.imarcgroup.com/medical-billing-outsourcing-market/requestsample

List of Top Medical Billing Outsourcing Companies Across the World:

R1 RCM Inc.

Establishment: 2003
Headquarters: Utah, the United States
Website: https://www.r1rcm.com/  

R1 RCM Inc. provides technology-driven solutions to hospitals, health systems, and medical groups. It offers end-to-end revenue cycle management (RCM) services, modular services, including physician advisory services, practice management services, revenue integrity solutions, including charge capture, charge description master maintenance, and pricing services, coding management services, such as business intelligence and analysis, human capital management, accountability framework, and quality management programs, patient experience, and business office services. In addition, the company offers software-as-a-service-based scheduling and patient access solutions. 

Allscripts Healthcare, LLC

Establishment: 1982
Headquarters: Illinois, the United States
Website: https://www.allscripts.com/ 

Allscripts Healthcare Solutions, Inc. is a publicly traded company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic medical record technology. It offers payer and life sciences solutions, software applications for patient engagement, and electronic health record (EHR) software to single-specialty and small and mid-sized physician practices, including related financial, clinical, administrative, and operational solutions. At present, the company has more than 180,000 physician users and has products in 2,700 hospitals and 13,000 extended care organizations.

Cerner Corporation

Establishment:  1979
Headquarters:  Missouri, the United States
Website: https://www.cerner.com/  

Cerner Corporation, together with its subsidiaries, provides healthcare information technology solutions and tech-enabled services in the United States and internationally.  It offers Cerner Millennium architecture, a person-centric computing framework, which includes financial, clinical, and management information systems. The company also provides the HealtheIntent platform, a cloud-based platform to aggregate, transform, and reconcile data. In addition, it offers a portfolio of clinical and financial healthcare information technology solutions, and departmental and care coordination solutions.

eClinicalWorks LLC

Establishment: 1999
Headquarters: Massachusetts, the United States
Website: https://www.eclinicalworks.com/      

eClinicalWorks is a privately held leader in healthcare IT, providing comprehensive Electronic Health Record (EHR) and Practice Management (PM) solutions across the globe. The company provides innovative, customizable tools for documentation, patient engagement, and revenue cycle management. Presently, the services provided by eClinicalWorks are used by more than 850,000 medical professionals in around 20 countries.

Experian Information Solutions, Inc.

Establishment: 1826
Headquarters: California, the United States
Website: https://www.experian.in/       

Experian plc, together with its subsidiaries, operates as a technology company. The company operates through two segments, business-to-business, and consumer services. It provides data services to identify and understand the customers and manage the risks related to lending. The company also offers analytical and decision tools that enhance businesses to minimize the risk of fraud, manage their customers, comply with legal requirements, and automate decisions and processes. In addition, it provides financial education, online educational tools, and applications to access credit offers, manage their financial position, and protect themselves from identity fraud.  

GE Healthcare (General Electric Company)

Establishment: 1990
Headquarters: Illinois, the United States
Website: https://www.gehealthcare.com/   

GE HealthCare is a subsidiary of the multinational conglomerate General Electric Company. It provides healthcare technologies such as medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery and performance improvement solutions that are the building blocks of precision health to hospitals and medical facilities. The company offers dyes used in magnetic-resonance-imaging procedures, CT image machines, MRI, XRAY, ultrasound, cath labs, mammogram, and nuclear and develops health technology for medical imaging.

Genpact Ltd.

Establishment: 1997
Headquarters: New York, the United Staes
Website: https://www.genpact.com/     

Genpact Limited provides business process outsourcing and information technology (IT) services to various organizations across the globe. It offers CFO advisory services, environmental, social, and governance (ESG) services, finance and accounting, invoice-to-cash, record-to-report, financial planning and analysis, and enterprise risk and compliance services. Presently, the company employs more than 100,000 people and provides services to clients in over 30 countries worldwide. 

HCL Technologies Ltd

Establishment: 1991
Headquarters: Noida, India
Website: https://www.hcltech.com/       

HCL Technologies Limited offers software development, business process outsourcing, and infrastructure management services. Through its products and platforms segment, the company provides modernized software products for technology and industry-specific requirements. It also offers hybrid cloud, digital workplace, cloud-native services, and service integration and management. At present, HCL technologies serve financial services, life sciences, healthcare, manufacturing, public services, retail and CPG, technology and services, telecom, media, publishing, and entertainment industries. 

Kareo, Inc.

Establishment: 2004
Headquarters: California, the United States
Website: https://www.kareo.com/    

Kareo Inc. is a leading provider of cloud-based clinical and practice management software solutions for independent healthcare practices and billing companies. It offers cloud computing products and services for electronic health record (EHR) management, managed billing services, medical practice management software, and software to help practices engage with their patients. The company was recently mentioned by Forbes Advisor as the "Best Medical Billing Software Of 2022," along with other top EHR providers.

McKesson Corporation

Establishment: 1833
Headquarters: Texas, the United States
Website: https://www.mckesson.com/    

McKesson Corporation is engaged in distributing pharmaceuticals and providing health information technology, medical supplies, and care management tools. It also provides extensive network infrastructure for the healthcare industry, bar-code scanning for distribution, pharmacy robotics, and RFID tags. Besides this, the company offers third-party logistics and wholesale distribution support solutions to biopharma and life sciences partners to address medication challenges for patients throughout their journeys and deliver innovative access and adherence solutions.

Quest Diagnostics Incorporated

Establishment: 1967
Headquarters: New Jersey, the United States
Website: https://www.questdiagnostics.com/  

Quest Diagnostics Incorporated is a clinical laboratory that provides diagnostic testing, information, and services in the United States and internationally. It develops and delivers diagnostic information services, such as routine, anatomic pathology, non-routine and advanced clinical, and other diagnostic information services. It also operates AmeriPath, Dermpath Diagnostics, ExamOne, and Quantum brands. Presently, the company offers services through a network of laboratories, patient service centers, call centers, mobile paramedics, nurses, phlebotomists in physician offices, and other health and wellness professionals.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects in the India sports nutrition market, which has enabled clients to set up and expand their businesses successfully. 

Some of the company's offerings include:   

• Market Research    
• Plant setup    
• Plant Expansion    
• Marketing and sales    
• Procurement and Distribution    
• Innovation and Product Development