Healthcare Services

Medical Billing Outsourcing Market Overview: Market Size, Drivers And Trends

June 16, 2023 by The Business Research Company

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

North America held the largest medical billing outsourcing market share.

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 medical billing outsourcing market is expected to grow from $23.76 billion in 2027 at a CAGR of 12.0%.

Major Driver In The Medical Billing Outsourcing Market – Rise In Need For Error Minimization
For example, Equifax, a credit reporting organisation, discovered in its audit that hospital invoices exceeding $10,000 have an average mistake amount of $1,300. It is also estimated that doctors in the United States lose over $125 billion per year as a result of bad billing practises. The growing requirement for mistake reduction and billing process optimisation pushed the medical billing outsourcing market.

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

Key Medical Billing Outsourcing Market Segments
1) By Service: Front End, Back End
2) By End User: Hospitals, Physician Offices
3) By Component: In-house, Outsourced

Recent Medical Billing Outsourcing Market Trend – Adopting Cloud-Based Medical Billing Software And EHR Services
Medical billing service companies are increasing their offerings through cloud-based medical billing software and EHR services. When compared to alternatives, cloud-based medical billing software gives more protection with patient records, and organisations are launching cloud-based software to provide enhanced security to their clients. In 2021, for example, Epic Systems, a US-based software business that provides cloud-based medical software that may be used by a wide range of practise types and sizes. Their software delivers complete Revenue Cycle Management (RCM) capacity, with built-in EHR, medical billing and coding, patient management functions, and more.

Medical Billing Outsourcing Market Prominent Players
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.

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The Medical Billing Outsourcing Global Market Report 2023 provides a comprehensive overview on the medical billing outsourcing market size, trends and drivers, opportunities, strategies, and companies 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 when a healthcare practitioner employs a medical billing service provider outside of its practise to handle all billing.

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