Global Medical Billing Outsourcing Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
19 Oct, 2021
The medical billing outsourcing market consists of sales of medical billing outsourcing services by entities (organizations, sole traders and partnerships) that provide medical billing outsourcing services in which a healthcare provider hires a medical billing service provider outside their practice to do all the billing works. Only goods and services traded between entities or sold to end consumers are included.
Global Medical Billing Outsourcing Market Size And Drivers:
The global medical billing outsourcing market is expected to grow from $8.42 billion in 2020 to $9.53 billion in 2021 at a compound annual growth rate (CAGR) of 13.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.94 billion in 2025 at a CAGR of 15%. The rising need for error minimization contributed to the growth of the medical billing outsourcing market.
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Trends In The Global Medical Billing Outsourcing Market
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 2018, eClinicalWorks, a medical billing service provider, launched the cloud-based platform for revenue cycle.
Global Medical Billing Outsourcing Market Segments:
The global medical billing outsourcing market is further segmented –
By Service: Front End, Back End
By End User: Hospitals, Physician Offices
By Component: In-house, Outsourced
By Geography: The global medical billing outsourcing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/medical-billing-outsourcing-global-market-report-2020-30-covid-19-growth-and-changeMedical Billing Outsourcing Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides medical billing outsourcing market overviews, analyzes and forecasts market size and growth for the global medical billing outsourcing market, medical billing outsourcing market share, medical billing outsourcing market players, medical billing outsourcing market segments and geographies, medical billing outsourcing market’s leading competitors’ revenues, profiles and market shares. The medical billing outsourcing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.