Press release
Medical Billing Outsourcing Market Size to Reach US$ 17.5 Billion 2023-2028
Medical Billing Outsourcing Market Research & Forecast Report 2023-2028
Report Highlights
How big is the medical billing outsourcing market?
According to the report, The global medical billing outsourcing market size reached US$ 9.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.5 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 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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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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