Press release
U.S. Medical Billing Outsourcing Market Projected to Reach USD 18.88 Billion by 2034, at 11.7% CAGR
The US medical billing outsourcing market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 6.26 billion in 2024 and is projected to grow to USD 18.88 billion by 2034. This growth signifies a robust compound annual growth rate (CAGR) of 11.7% over the forecast period 2025-2034.
Market Outlook
Revenue cycle management and payment collection are healthcare automation solutions that are crucial procedures in every healthcare firm. These managerial operations involving coding and billing can be very formidable and should not be overlooked. Appropriate repayment of health bodies and physicians is excessively reliable on efficacious medical coding and billing, and that is the reason precisely the outsourcing of their billing and coding is required.
Outsourcing medical billing indicates contracting third party to manage and process all medical and billing chores rather than finishing it in-house. When health firms outsource medical billing services to a third party, they endow all the essential details and information to the medical billing company and depend on their medical prowess to process claims and ease reimbursement.
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Market Drivers
Technological Advancements: The incorporation of advanced technologies such as artificial intelligence, robotic process automation, and cloud-dependent platforms is notably converting US medical billing outsourcing market dynamics. For instance, the Centers for Medicare & Medicaid Services (CMS) has been encouraging the adoption of progressive technologies to better healthcare functions as underscored in the directives on telemedicine and technology amalgamation.
Surge in Telemedicine: The rise in telemedicine and distant healthcare coverage is shaping the market landscape, generating a demand for specific billing solutions for online consultations. For instance, as per the Centers for Disease Control and Prevention, 37.0% of grown-ups utilized telemedicine in the past 12 months in 2021. Healthcare donors are looking for economical billing solutions to handle intricacies linked with telemedicine reimbursement.
US Medical Billing Outsourcing Market Report Highlights
• In terms of component, the outsourced segment accounted for the largest market share in 2024 due to increasing healthcare provider reliance on third-party revenue cycle management (RCM) solutions to streamline administrative workflows and reduce operational costs.
• Based on end use, the hospitals segment accounted for the largest market share in 2024, driven by the increasing complexity of billing procedures, high patient volumes, and regulatory compliance requirements.
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Market Key Players
The competitive landscape highlights leaders and regional contenders engaging in market share through technological invention, strategic alliance, and regional augmentation. Market leaders are enumerated as follows:
• AdvancedMD, Inc.
• Care Cloud
• eClinicalWorks
• Kareo, Inc.
• McKesson Corporation
• Oracle (Cerner Corporation)
• Promantra Inc.
• Quest Diagnostics
• R1RCM Inc.
• Veradigm LLC (Allscripts Healthcare, LLC)
Table of Contents US Medical Billing Outsourcing Market
US Medical Billing Outsourcing Market, By Component
5.1. Key Findings
5.2. Introduction
5.2.1. US Medical Billing Outsourcing Market, By Component, 2020-2034 (USD Billion)
5.3. In-House
5.3.1. US Medical Billing Outsourcing Market, by In-House, 2020-2034 (USD Billion)
5.4. Outsourced
5.4.1. US Medical Billing Outsourcing Market, by Outsourced, 2020-2034 (USD Billion)
US Medical Billing Outsourcing Market, By Service
6.1. Key Findings
6.2. Introduction
6.2.1. US Medical Billing Outsourcing Market, By Service, 2020-2034 (USD Billion)
6.3. Front-end Services
6.3.1. US Medical Billing Outsourcing Market, by Front-end Services, 2020-2034 (USD Billion)
6.4. Middle-end Services
6.4.1. US Medical Billing Outsourcing Market, by Middle-end Services, 2020-2034 (USD Billion)
6.5. Back-end Services
6.5.1. US Medical Billing Outsourcing Market, by Back-end Services, 2020-2034 (USD Billion)
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Segmental Perspective
The US medical billing outsourcing market segmentation is based on component, services, and end-use.
By component analysis, the outsourced segment accounted for the largest market share in 2024, owing to a growing dependence on healthcare donors on third-party revenue cycle management (RCM) solutions to smoothen managerial workflows and decrease functional prices.
By services analysis, the front-end services segment dominated the market due to growing concentration on patient enrolment, insurance confirmation, and pre-consent procedures for billing cycle optimization.
By Component Outlook (Revenue, USD Billion, 2020-2034)
• In-House
• Outsourced
By Services Outlook (Revenue, USD Billion, 2020-2034)
• Front-End Services
• Middle-End Services
• Back-End Services
By End Use Outlook (Revenue, USD Billion, 2020-2034)
• Hospitals
• Physician Offices
• Others
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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