Medical Billing Outsourcing Market Overview
Medical billing is also often referred to as Revenue Cycle Management (RCM) and consists of the most critical components of the healthcare IT businesses. Medical billing outsourcing refers to the procedure of outsourcing the billing processes for medical treatment. The system helps hospitals and medical houses to emphasize on medical services and treatment. The global medical billing outsourcing market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 12.5% during the forecast period (2018-2023).
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The medical billing outsourcing market is highly driven by factors like the increasing focus on risk management and compliance. The efforts made to minimize in-house processing cost and the surging need to make medical billing process efficient are some of the primary growth stimulants of the market. The increasing use of IT resources in the healthcare sector, coupled with the steady support from the government is likely to contribute to the market growth in the coming years. Rising expenditure on healthcare, especially in the developed regions has resulted in consistent progress of the sector, thereby allowing increased adoption of advanced technological resources like medical billing outsourcing.
Global Medical Billing Outsourcing Market: Segmental Analysis
The medical billing outsourcing market has been segmented on the basis of service, component, and end user.
By component, the medical billing outsourcing market is segmented into in house and outsourced. Of these, the outsourced segment is estimated to command the largest share, mainly due to the surging adoption of medical billing software by hospitals. Medical billing outsourcing helps to reduce cost and proves to be good for medium as well as small practices. Physician practices are facing challenges over the last few years as costs are increasing and reimbursements are declining. This has resulted in an increased demand for outsourced services.
Based on the service, the market is segmented into middle, front end, and back end. Of these, the front-end service is considered the major function of medical billing outsourcing and is predicted to gain prominence. Meanwhile, the middle-end service will register the fastest growth owing to the rising awareness among the healthcare practitioners and entry of new market players.
The end users comprise physician’s office, hospitals, and others. Of these, the hospital segment is predicted to acquire the largest share in the global market, owing to the increasing incidences of chronic diseases globally. Hospitals are considered to be the major users of these services owing to high claim volume.
Geographically, the medical billing outsourcing market spans across America, Asia Pacific, Europe, and the Middle East & Africa.
Considering the global scenario, America is estimated to acquire the lion’s share and dominate the market, mainly due to the surging expenditure on healthcare, increasing adoption of medical billing outsourcing software by the hospitals, and the existence of industry bigshots in the region. The existence of major healthcare providers in the U.S. has turned their focus on end-to-end outsourcing firms to manage their billing procedures. The increased awareness regarding the benefits provided by the outsourcing firms has led providers to rely on the companies to increase operating margins and also manage high-volume transactions. The second position was acquired by Europe in 2017 due to the rising need to make billing procedures efficient.
The Asia Pacific was considered to expand at the fastest rate in 2017, with Australia, Singapore, India, and China estimated to be the lucrative markets owing to the rising patient population, coupled with improving healthcare facilities. The surging awareness and importance regarding medical billing software and supportive government policies and programs are likely to elevate the market growth in the region.
Medical Billing Outsourcing Market Studied by Competitive Dashboard
The top players operating in the medical billing outsourcing market include Allscripts, R1 RCM Inc., EClinical Works, Cerner Corporation, GENERAL ELECTRIC COMPANY, Experian Information Solutions Inc., HCL Technologies Limited, Genpact, McKesson Corporation, Kareo, Inc., The SSI Groups Inc., and Quest Diagnostics Incorporated.
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