Press release
Medical Billing Outsourcing Market Report 2024: Strategies And Recent Developments |> Experian Information Solutions, Cerner Corporation, Kareo, GE Healthcare, Genpact, Quest Diagnostic
Medical Billing Outsourcing Market Size
The Business Research Company offers in-depth market insights through Medical Billing Outsourcing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The medical billing outsourcing, growing demand for cost containment, rising need for data analytics, market size has grown rapidly in recent years. It will grow from $15.12 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increasing complexity of medical billing, shift to electronic health records (ehrs), increased patient volume, focus on patient care.
The medical billing outsourcing, growing demand for cost containment, rising need for data analytics, market size is expected to see rapid growth in the next few years. It will grow to $27.32 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to telehealth expansion, healthcare it integration, globalization and offshoring, economic and labor factors. Major trends in the forecast period include ai and automation, cybersecurity and data protection, customized revenue cycle solutions, patient-centric billing, technology advancements.
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Market Segmentation:
The main types of services in medical billing outsourcing are the front end and back end. The front-end is in charge of the patient experience, while the back-end is in charge of claims processing and reimbursement. To push income across the cycle, each component has its own departments, people, and policies. The different components include in-house, and outsourced and are used by various sectors such as hospitals and physician offices.
Major Driver - Error Minimization Driving Growth In The Medical Billing Outsourcing Market
The rising need for error minimization contributed to the growth of the medical billing outsourcing market. It is estimated that, in the US, 80% of medical bills contain errors. For instance, Equifax, a credit agency firm, found in its audit that hospital bills ranging above $10,000 have an average error amount of $1,300. It is also estimated that doctors lose around $125 billion each year due to poor billing practices in the USA. The rising need for error minimization and optimization of the billing process drove the medical billing outsourcing market.
Competitive Landscape:
Major companies operating in the medical billing outsourcing market include Experian Information Solutions, Cerner Corporation, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, eClinicalWorks, The SSI Group, HCLTech, Allscripts, R1 RCM, Accretive Health, Connext Global Solutions, AdvancedMD Inc., CareCloud Inc., Revele Billing Services, Infinite Outsourcing Solutions, Promantra Synergy Solutions Ltd., 4D Global Medical Billing Services, Helpware, Wing Assistant, Medwave Billing & Credentialing Services, Atlas Billing Company LLC, GeBBS Healthcare Solutions, Med-Write, Inc., Solutions for Medical Billing, Inc., Onion Creek Medical Billing Services, MedAstin Medical Billing Services, iCare Billing Solutions, Unity Communications LLC, Remote CoWorker, P3 Healthcare Solutions, PracticeMax, RRAH Services, 24/7 Medical Billing Services, MedBillingExperts, Flatworld Solutions Pvt. Ltd., MedUSA Healthcare Services
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Top Trend - Cloud-Based Medical Billing Software And Ehr Services In Medical Billing Industry
The medical billing service providers are expanding their service through cloud-based medical billing software and Electronic Health Record (EHR) services. Cloud-based medical billing software provides more security with the patient details compared to the alternatives and companies are launching cloud-based software to provide enhanced security to their clients. For instance, in 2021, Epic Systems, a US based software company providing cloud-based medical software that may be used by a wide range of practice kinds and sizes. With built-in EHR, medical billing and coding, patient management features, and more, their platform provides complete Revenue Cycle Management (RCM) capability.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Medical Billing Outsourcing Market Characteristics
3. Medical Billing Outsourcing Market Trends And Strategies
4. Medical Billing Outsourcing Market - Macro Economic Scenario
5. Medical Billing Outsourcing Market Size And Growth
…..
27. Medical Billing Outsourcing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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