Medical Billing Outsourcing Market Size 2023 | Industry Growth, Trends and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled, ” Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ” The study provides a detailed analysis of the industry, including the global medical billing outsourcing market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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Report Highlights

How big is the medical billing outsourcing market?

Report Attributes Details
Market Size in 2022 US$ 9.1 Billion
Market Forecast in 2028 US$ 17.5 Billion
Growth rate (2023 to 2028) CAGR of 12.1%
Base Year of the Analysis 2022
Forecast Period 2023-2028

What is medical billing outsourcing?

Medical billing outsourcing refers to a process of outsourcing billing by a company or any healthcare institution. It enhances the health of the patients by providing quality care and managing hospital staff and other operations effectively. It assists in reducing billing errors while ensuring accuracy with the timely submission of work. It saves money, accelerates cash flow, and improves patient satisfaction. As it aids in faster insurance payments and enhances transparency, medical billing outsourcing is widely utilized in hospitals and clinics across the globe.

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What are the growth prospects and trends in the medical billing outsourcing industry?

At present, the rising utilization of medical billing outsourcing due to the emergence of information technology (IT) resources in the healthcare business represents one of the primary factors strengthening the market growth. Besides this, the escalating demand for medical billing outsourcing due to the increasing number of patients, along with the growing need to maintain records and bills efficiently, is offering a positive market outlook. Apart from this, the rising compulsion and regulation to digitally keep the records of patients in the healthcare industry is propelling the market growth. Moreover, the increasing investment in healthcare infrastructure by governing agencies of several countries is bolstering the growth of the market. Furthermore, the rising awareness among the masses about the benefits of medical billing outsourcing to minimize errors is contributing to the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Market Breakup by Type:

  • In-House
  • Outsourced

Market Breakup by Service:

  • Front End
  • Middle End
  • Back End

Market Breakup by End-Use:

  • Hospitals
  • Physician Offices
  • Others

Market Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Accretive Health (R1 RCM Inc.)
  • Allscripts
  • Cerner Corporation
  • EClinicalWorks
  • Experian Information Solutions Inc.
  • GE Healthcare
  • Genpact
  • HCL Technologies
  • Kareo
  • McKesson Corporation
  • Quest Diagnostics, etc.

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