How Global Medical Billing Outsourcing Market Players Should Strategize For 2022-2031

15 Feb, 2022

The global medical billing outsourcing market size is expected to grow from $2.17 billion in 2021 to $13.56 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The growth in the market 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 medical billing outsourcing market is expected to reach $20.98 billion in 2026 at a CAGR of 11.5%.

What is the Global Medical Billing Outsourcing Market?

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.

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What drives the Global 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 the 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.

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Global Medical Billing Outsourcing Market Segments
The global medical billing outsourcing market is segmented:
By Service: Front End, Back End
By End User: Hospitals, Physician Offices
By Component: In-House, Outsourced
By Geography: The regions covered in the medical billing outsourcing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Medical Billing Outsourcing Global Market Report 2022provides market size and growth forecasts for the global medical billing outsourcing market, global medical billing outsourcing market share, medical billing outsourcing market segments and geographies, medical billing outsourcing market competitive landscape including 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.

Global Medical Billing Outsourcing Industry Playersinclude Experian Information Solutions, Cerner, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, EClinicalWorks, The SSI Group, HCL and Allscripts. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.