The global medical billing outsourcing market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 11% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Medical billing outsourcing, or revenue cycle management (RCM), refers to 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 accurate payments for the services rendered. This aids in streamlining the complex collection processes, improving revenue generation, enhancing operational efficiencies and minimizing administrative workload. In comparison to in-house billing solutions, it is more cost-effective, transparent, and consistent and can assist in effectively managing hospital staff and other operations.
Complexities in managing reimbursements and claims and the consequent need for simplifying the process is one of the key factors driving the market growth. The medical and healthcare industry is increasingly adopting automated solutions for various operations with the aim to enhance in-house workflow and offer a seamless experience to patients. In line with this, widespread adoption of front-end outsourced medical billing solutions, which primarily include end-to-end patient access, digital order management, central scheduling, quality assurance and patient registration, is providing a boost to the market growth. The implementation of government regulations to employ digital record-keeping solutions is another major growth-inducing factor. Various hospitals, clinics, and healthcare centers are utilizing these solutions for efficient record-keeping of medical tourism bills and risk management against unforeseen circumstances. Other factors, including improvements in healthcare infrastructure, increasing integration of cloud-based services and the Internet of Things (IoT) with the existing technologies and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Breakup by Type:
Breakup by Service:
- Front End
- Middle End
- Back End
Breakup by End-Use:
- Hospitals
- Physician Offices
- Others
Breakup by Region:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Accretive Health (R1 RCM Inc.), Allscripts, Cerner Corporation, EClinicalWorks, Experian Information Solutions Inc., GE Healthcare, Genpact, HCL Technologies, Kareo, McKesson Corporation, Quest Diagnostics, etc.
Key Questions Answered in This Report:
- How has the global medical billing outsourcing market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global medical billing outsourcing market?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the service?
- What is the breakup of the market based on the end-use?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global medical billing outsourcing market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Medical Billing Outsourcing Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 In-House
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Outsourced
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Service
7.1 Front End
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Middle End
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Back End
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by End-Use
8.1 Hospitals
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Physician Offices
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Accretive Health (R1 RCM Inc.)
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2 Allscripts
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.2.3 Financials
13.3.2.4 SWOT Analysis
13.3.3 Cerner Corporation
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.3.3 Financials
13.3.3.4 SWOT Analysis
13.3.4 EClinicalWorks
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.5 Experian Information Solutions Inc.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.6 GE Healthcare
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.7 Genpact
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.8 HCL Technologies
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.8.4 SWOT Analysis
13.3.9 Kareo
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.10 McKesson Corporation
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
13.3.10.3 Financials
13.3.10.4 SWOT Analysis
13.3.11 Quest Diagnostics
13.3.11.1 Company Overview
13.3.11.2 Product Portfolio
13.3.11.3 Financials
13.3.11.4 SWOT Analysis
List of Figures
Figure 1: Global: Medical Billing Outsourcing Market: Major Drivers and Challenges
Figure 2: Global: Medical Billing Outsourcing Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Medical Billing Outsourcing Market: Breakup by Type (in %), 2020
Figure 4: Global: Medical Billing Outsourcing Market: Breakup by Service (in %), 2020
Figure 5: Global: Medical Billing Outsourcing Market: Breakup by End-Use (in %), 2020
Figure 6: Global: Medical Billing Outsourcing Market: Breakup by Region (in %), 2020
Figure 7: Global: Medical Billing Outsourcing Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 8: Global: Medical Billing Outsourcing (In-House) Market: Sales Value (in Million US$), 2015 & 2020
Figure 9: Global: Medical Billing Outsourcing (In-House) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 10: Global: Medical Billing Outsourcing (Outsourced) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Medical Billing Outsourcing (Outsourced) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Medical Billing Outsourcing (Front End) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Medical Billing Outsourcing (Front End) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Medical Billing Outsourcing (Middle End) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Medical Billing Outsourcing (Middle End) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Medical Billing Outsourcing (Back End) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Medical Billing Outsourcing (Back End) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Medical Billing Outsourcing (Hospitals) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Medical Billing Outsourcing (Hospitals) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Medical Billing Outsourcing (Physician Offices) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Medical Billing Outsourcing (Physician Offices) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Medical Billing Outsourcing (Other End-Uses) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Medical Billing Outsourcing (Other End-Uses) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: North America: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: North America: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: United States: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: United States: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Canada: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Canada: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Asia Pacific: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Asia Pacific: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: China: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: China: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Japan: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Japan: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: India: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: India: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: South Korea: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: South Korea: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: Australia: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: Australia: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Indonesia: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Indonesia: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Others: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Others: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: Europe: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: Europe: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: Germany: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: Germany: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 50: France: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 51: France: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 52: United Kingdom: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 53: United Kingdom: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 54: Italy: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 55: Italy: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 56: Spain: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: Spain: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Russia: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Russia: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Others: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Others: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: Latin America: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 63: Latin America: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 64: Brazil: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 65: Brazil: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 66: Mexico: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 67: Mexico: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 68: Others: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 69: Others: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 70: Middle East and Africa: Medical Billing Outsourcing Market: Sales Value (in Million US$), 2015 & 2020
Figure 71: Middle East and Africa: Medical Billing Outsourcing Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 72: Global: Medical Billing Outsourcing Industry: SWOT Analysis
Figure 73: Global: Medical Billing Outsourcing Industry: Value Chain Analysis
Figure 74: Global: Medical Billing Outsourcing Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Medical Billing Outsourcing Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Medical Billing Outsourcing Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 3: Global: Medical Billing Outsourcing Market Forecast: Breakup by Service (in Million US$), 2021-2026
Table 4: Global: Medical Billing Outsourcing Market Forecast: Breakup by End-Use (in Million US$), 2021-2026
Table 5: Global: Medical Billing Outsourcing Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 6: Global: Medical Billing Outsourcing Market: Competitive Structure
Table 7: Global: Medical Billing Outsourcing Market: Key Players