The Global Medical Billing Outsourcing Market is likely to expand with a substantial CAGR on the back of the increasing focus on compliance and risk management tools. The market for medical billing outsourcing stood at a value of USD 6982 million and is anticipated to exhibit a CAGR of 12.5% during the forecast period.
Medical billing is generally referred as Revenue Cycle Management (RCM), which offers the vital components of healthcare IT businesses. However, the current systems are lacking the features are restraining growth of the global medical billing outsourcing market. Further, the undeclared reimbursement policies that led to huge losses are restraining growth of the global medical billing outsourcing market.
Additionally, the advent of new technologies and introduction of newer products are fueling market growth. The companies in the market are trying to adopt strategies such as mergers and acquisitions and partnerships for acquiring newer technologies in their products.
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For instance, in 2016, Allscripts acquired Core Medical Solutions for business expansion across Australia. The product advancements, coupled with the trend of having revenue cycle management tools for observing profits and need for investment, are likely to offer several opportunities for growth in the global medical billing outsourcing market. Moreover, efforts and difficulties for generating processing costs manually and need for the tool that lowers the errors substantially are likely to augment the adoption of medical billing outsourcing and benefit the market.
Some of the prominent players in the global medical billing outsourcing market include R1 RCM Inc., Cerner Corporation, Allscripts, EClinical Works, GENERAL ELECTRIC COMPANY, Experian Information Solutions Inc., Genpact, Kareo, Inc., HCL Technologies Limited, McKesson Corporation, The SSI Groups Inc., and Quest Diagnostics Incorporated.
The medical billing outsourcing market is segmented by component, service, end user, and region.
On the basis of component, the market is segmented into in house and outsourced. On the basis of service, the market is segmented into front end service, back end service, and middle-end service. On the basis of the end users, the market is segmented into hospitals, physician’s office, and others.
Regionally, the medical billing outsourcing market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. Of these, the Americas dominated the global medical billing outsourcing market and is estimated to remain dominant in the coming period owing to higher healthcare expenditure coupled with early adoption of newer technologies in the region. Additionally, the strong presence of the significant market players, which augments more adoption of the medical billing outsourcing market. Europe stood on the second-leading position in the global medical billing outsourcing market in 2017 owing to the need for improving the efficiency of the billing procedures in the hospitals. Additionally, the introduction of newer products with attractive features is benefiting growth of the global medical billing outsourcing market.
However, Asia Pacific is to be the fastest-growing region in coming future owing to the presence of most developing countries such as Singapore, India, Australia, and China. Additionally, the massive investment in improving healthcare infrastructure and massive patient pool in the region is driving growth of the market. Increasing medical tourism in the region owing to the presence of advanced healthcare is augmenting the patient-centric approach, which leads to pushing the medical billing outsourcing market. Further, government funding and supportive policies for the adoption of medical billing outsourcing, which will also benefit the market growth in the region. Whereas, the market in the middle east and Africa held the least share owing to lack of healthcare awareness coupled with advanced technology.
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September 2019, the U.S. based Vericle announced its joint venture with Indian Hubballi infotech. Through this venture, the tech giant from the U.S. is looking to hold a healthy foot across India. Such business expansion and investment are more likely to fuel the market growth globally and to lead to increasing its penetration of the technology in emerging countries in the Asia Pacific.
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