DUBLIN--(BUSINESS WIRE)--The "Global Medical Billing Outsourcing Market Size, Share, Growth Analysis, By Component, By End Use - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global medical billing outsourcing market size was valued at USD 11.1 billion in 2021 and is poised to grow from USD 12.2 billion in 2022 to USD 30.2 billion by 2030, growing at a CAGR of 12.03% in the forecast period (2023-2030).
The medical billing outsourcing market is growing due to the increasing need for cost-effective and efficient healthcare solutions. Outsourcing medical billing tasks to specialized companies can help healthcare providers reduce administrative costs, streamline their billing processes, and ensure timely payments.
The market is expected to continue to grow as more healthcare providers recognize the benefits of outsourcing and as technological advancements in healthcare continue to drive demand for outsourcing services.
Segments covered in this report
The Global Medical Billing Outsourcing Market is segmented based on the Component, End Use, and region. Based on the Component, the Medical Billing Outsourcing Market is segmented as In-house, Outsourced, and Others and Others. Based On End User, the Medical Billing Outsourcing Market is segmented as Hospital, Physician Office and Others. Based on Region Medical Billing Outsourcing Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
Market growth is expected to be boosted by the increased utilization of revenue cycle management techniques such as billing and medical coding. Due to the current surge in patient numbers, hospitals are experiencing issues with their billing system, which is affecting the provision of point-of-care services.
To address this issue, outsourcing the medical billing process will aid physicians in managing their patients and the billing procedure. Additionally, the government is providing funding to hospitals and enabling them to access advanced billing systems to simplify the billing process and expedite market growth.
Restrain
During the projected timeframe, the growth of the medical billing outsourcing market may be hindered by the shortage of proficient workers. To ensure optimal revenue, medical providers must utilize skilled billing services, as the billing process needs to be streamlined. Employing specialists is essential for this process, and a well-executed billing procedure can save money for the business and benefit the practitioner.
Trend
The increasing number of patient visits, the benefits of electronic health record (EHR) systems in managing and safeguarding patient health records, and the assistance with billing are expected to drive the growth of the segmental expansion in the coming years.
Hospitals are well-equipped to address critical care issues and post-treatment challenges, which is why they are the primary venue for disease procedures and treatments. Hospital billing systems are designed to accurately document information and monitor a patient's progress over time.
According to the American Hospital Association's 2020 report, hospitals with 500 beds in the United States performed approximately 8 million procedures.
Companies Mentioned
- Genpact
- McKesson Corporation
- Accenture
- Cognizant
- HCL Technologies
- TCS Healthcare Technologies
- GE Healthcare
- Quest Diagnostics
- R1 RCM Inc.
- Conifer Health Solutions
- Medusind
- AGS Health
- Healthcare Administrative Partners
- Avadyne Health
- PracticeMax
- CureMD
- Etransmedia Technology Inc.
- Kareo
- Mphasis
- Wipro Technologies
For more information about this report visit https://www.researchandmarkets.com/r/iocls8
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