The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s medical billing outsourcing market report forecasts the medical billing outsourcing market size to grow to $23.76 Billion by 2027, with a CAGR (compound annual growth rate) of 12%.

Learn More On The Medical Billing Outsourcing Market Report 2023 – https://www.thebusinessresearchcompany.com/report/medical-billing-outsourcing-global-market-report

Medical Billing Outsourcing Market Size Forecast

The global medical billing outsourcing market is expected to grow from $13.56 billion in 2022 to $15.12 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The medical billing outsourcing market is expected to grow from $23.76 billion in 2027 at a CAGR of 12.0%.

North America held the largest medical billing outsourcing market share.

Key Medical Billing Outsourcing Market Driver ­– Rise In Need For Error Minimization

For instance, Equifax, a credit agency firm, found in its audit that hospital bills ranging above $10,000 have an average error amount of $1,300. It is also estimated that doctors lose around $125 billion each year due to poor billing practices in the USA. The rising need for error minimization and optimization of the billing process drove the medical billing outsourcing market.

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Key Medical Billing Outsourcing Market Trend – Expanding Service Through Cloud-Based Medical Billing Software And EHR Services

Cloud-based medical billing software provides more security with the patient details compared to the alternatives and companies are launching cloud-based software to provide enhanced security to their clients. For instance, in 2021, Epic Systems, a US based software company providing cloud-based medical software that may be used by a wide range of practice kinds and sizes. With built-in EHR, medical billing and coding, patient management features, and more, their platform provides complete Revenue Cycle Management (RCM) capability.

Medical Billing Outsourcing Market Segment

1) By Service: Front End, Back End

2) By End User: Hospitals, Physician Offices

3) By Component: In-house, Outsourced

Medical Billing Outsourcing Market Major Players and Strategies

Major players in the medical billing outsourcing market are Experian Information Solutions, Cerner, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, EClinicalWorks, The SSI Group, HCL and Allscripts.

In June 2020, R1 RCM, a US-based healthcare revenue management cycle company serving hospitals and physician groups, agreed to acquire Cerner RevWorks for a deal amount of $30 million. The acquisition is expected to extend the comprehensive revenue cycle capabilities of R1 and help drive sustainable financial improvements for healthcare providers and to enhance their patients’ overall experience.

The Medical Billing Outsourcing Global Market Report 2023 covers regional data on medical billing outsourcing market size, medical billing outsourcing market trends and drivers, opportunities, strategies, and medical billing outsourcing market competitor analysis. The countries covered in the medical billing outsourcing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Medical billing outsourcing services are services in which a healthcare provider hires a medical billing service provider outside their practice to do all the billing.

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