According to new report by IMARC Group, the
global medical billing outsourcing market exhibited strong growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 11% during 2021-2026.
Medical billing outsourcing, also known as revenue cycle management (RCM), is a process that aids in managing revenue, increasing the cash flow, and reducing the cost of equipment, software, staff size and employee expenses. It also provides a wide range of services, such as end-to-end patient access, digital order management, central scheduling, pre-registration, patient registration quality assurance, demographic and insurance verification, pre-certification and authorization, medical necessity checking, financial counseling with propensity-to-pay and patient liability estimation. As a result, its demand is rising across the globe.
Market Trends
A significant rise in the number of patients has resulted in increasing medical processes, such as records of patient check-in and insurance eligibility. This is catalyzing the demand for managing high-volume transactions worldwide. Moreover, as medical billing outsourcing assists various clinics and hospitals in efficiently managing the patient and billings records, reducing the cost and ensuring effective handling of in-house billing functions, its demand is escalating around the world. Furthermore, several key vendors are offering RCM with electronic medical records (EMR) for improved patient outcomes, which in turn is expected to create a positive outlook for the market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Medical Billing Outsourcing Market 2021-2026 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players being
- Accretive Health (R1 RCM Inc.),
- Allscripts, Cerner Corporation,
- EClinicalWorks,
- Experian Information Solutions Inc.,
- GE Healthcare, Genpact,
- HCL Technologies,
- Kareo,
- McKesson Corporation,
- Quest Diagnostics, etc.
For more information about this report visit: https://www.imarcgroup.com/medical-billing-outsourcing-market
The report has segmented the market on the basis of Component, Service, end use and geography.
Market Breakup by Component:
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
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