03-Oct-2019 | Zion Market Research
Zion Market Research has published a new report titled “Medical Billing Outsourcing Market By Component (In-House and Outsourced), By Service (Front End, Middle End, and Back End), and By End-User (Hospitals, Physician Offices, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global medical billing outsourcing market was approximately USD 7.6 billion in 2018 and is expected to generate around USD 16.3 billion by 2025, at a CAGR of around 11.5% between 2019 and 2025.
The procedure for outsourcing the billing process for medical treatments is known as medical billing outsourcing. Medical billing outsourcing assists medical houses and hospitals in focusing on medical treatment and services along with restructuring and streamlining the complex process to overcome constant declines in the reimbursement process.
Browse the full “Medical Billing Outsourcing Market By Component (In-House and Outsourced), By Service (Front End, Middle End, and Back End), and By End-User (Hospitals, Physician Offices, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/medical-billing-outsourcing-market
Medical billing outsourcing helps in increasing the cash flow, save the overall cost of the equipment and software, and reduce employee expenses and staff size. The rising geographical reach of major companies through partnerships and mergers and acquisitions are boosting the medical billing outsourcing market in the upcoming years. Additionally, as governments are channeling more funds into their healthcare budgets, there has been an increasing pressure on the healthcare systems to become more efficient to better utilize the monetary allocations. This, in turn, has benefited vendors in the medical billing outsourcing market.
The medical billing outsourcing market is divided on the basis of component into in-house and outsourced. The outsourced segment is likely to register the highest CAGR in the future, as medical billing outsourcing substantially reduces the overall cost and is a good fit for small- and medium-sized business practices. Over the last few years, physician practices, especially in acute care hospitals and clinics, are facing challenging times due to rising healthcare costs and declining reimbursement, and the newly introduced regulations are making businesses more complex, which is boosting the demand for outsourced services.
On the basis of service, the market includes middle end, front end, and back end. The front-end services contribute majorly to the medical billing outsourcing. Front-end services include processes like pre-registration, registration, scheduling, eligibility, pre-authorization, insurance verification, etc. Yet, front-end services are facing a decline in revenue growth, owing to increased competition and market saturation. Middle-end services are likely to register a high CAGR in upcoming years, owing to the growing awareness among healthcare practitioners and the entry of new players in the market.
By end-user, the medical billing outsourcing market comprises physician offices, hospitals, and others. The hospitals segment is likely to hold a major market share in the future since hospitals are the prime-users of these services due to their high volume of claims. Additionally, the consolidations in hospitals raise complexities of reimbursement process and billing, which is also driving the hospitals segment.
North America dominated the medical billing outsourcing market in 2018, owing to high awareness about healthcare IT outsourcing services and the regional presence of prominent market players. Growing awareness among healthcare organizations, rising income, and government initiatives are the other factors that will further drive this regional market. Europe accounted for the second position in the medical billing outsourcing market, due to the growing advancements in technology and improving regional hospital infrastructure.
Some key players in the medical billing outsourcing market are McKesson Corporation, Allscripts, Genpact, Cerner Corporation, eClinicalWorks, Accretive Health, GE Healthcare, Experian Information Solutions, HCL, Kareo, Quest Diagnostics, and The SSI Group.
This report segments the global medical billing outsourcing market into:
Global Medical Billing Outsourcing Market: Component Analysis
Global Medical Billing Outsourcing Market: Service Analysis
Global Medical Billing Outsourcing Market: End-User Analysis
Global Medical Billing Outsourcing Market: Regional Analysis
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