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Global Medical Billing Outsourcing Market Size study & Forecast, by Component (In-house, Outsourced) by Service (Front-end Services, Middle-end Services, Back-end Services), by End Use (Hospital, Physician Office, Others) and Regional Analysis, 2023-2030

January 2024 | 200 pages | ID: GB6216B06697EN
Bizwit Research & Consulting LLP

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Global Medical Billing Outsourcing Market is valued at approximately USD 12.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.26% over the forecast period 2023-2030. Medical billing outsourcing is a practice of healthcare providers, such as hospitals, clinics, or individual practitioners, entrusting the management of their medical billing and revenue cycle processes to external third-party service providers. Instead of handling billing tasks in-house, healthcare organizations contract specialized medical billing companies or professionals to manage various aspects of the billing process. The Medical Billing Outsourcing market is expanding because of factors such as rising healthcare digital payments, rising development of new hospitals and rising healthcare expenditure.

Rising healthcare digital payments is driving the market growth. As per a survey conducted by the Medical Group Management Association (MGMA), a medical practice loses around 5-10% of its revenue due to errors in billing. Moreover, as per a Healthcare Payments Insight Survey Report carried out by Elavon in January 2020, individuals utilizing various emerging payment methods expressed notable satisfaction in addressing their medical expenses. Of those surveyed, 93% who utilized Interactive Voice Response (IVR) to settle a bill reported. Furthermore, 85% of respondents who made payments through kiosk networks described the process as fast and straightforward, with 88% expressing a likelihood of using it again. Thus, rising healthcare digital payments is driving the market growth. In addition, globalization of healthcare services and adoption of advance technology is creating new opportunities for the market growth. However, the high cost of Medical Billing Outsourcing stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Medical Billing Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share owing to the presence of numerous healthcare providers in the U.S. and the shift in their focus on end-to-end outsourcing solutions for managing billing processes which is augmenting the market growth in North America. Asia Pacific is expected to grow at a fastest rate during the forecast period, owing to increasing patient populations and improving healthcare infrastructure. Increasing awareness about clinical billing software and the rising adoption of the latest technology is expected to boost the market.

Major market player included in this report are:

R1 RCM Inc.

Allscripts Healthcare Solutions Inc.

Cerner Corporation

EClinicalWorks

Experian Information Solutions Inc.

GE Healthcare

Genpact LLC

Hindustan Computers Limited Technologies

Kareo Inc

McKesson Corporation

Recent Developments in the Market:
  • In March 2022, Omega Healthcare, a prominent healthcare management services and solution firm, acquired Reventics, a revenue cycle management solution developer which delivers provider engagement solutions to increase physician reimbursement &`` compliance.
  • In July, 2021, R1 RCM Inc., a supplier of technology-driven solutions that enhance healthcare providers' patient experiences and financial performance, announced the completion of its purchase of VisitPay, a digital payment solution provider. The purchase integrates VisitPay's customer payments infrastructure with R1's leading patient access technology, allowing providers to offer their patients a smooth financial journey.
Global Medical Billing Outsourcing Market Report Scope:
  • Historical Data – 2020 - 2021
  • Base Year for Estimation – 2022
  • Forecast period - 2023-2030
  • Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered – Component, Service, End Use, Region
  • Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:

In-house

Outsourced

By Service:

Front-end Services

Middle-end Services

Back-end Services

By End Use:

Hospital

Physician Office

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
  1.2.1. Medical Billing Outsourcing Market, by region, 2020-2030 (USD Billion)
  1.2.2. Medical Billing Outsourcing Market, by Component, 2020-2030 (USD Billion)
  1.2.3. Medical Billing Outsourcing Market, by Service, 2020-2030 (USD Billion)
  1.2.4. Medical Billing Outsourcing Market, by End Use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL MEDICAL BILLING OUTSOURCING MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Industry Evolution
  2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL MEDICAL BILLING OUTSOURCING MARKET DYNAMICS

3.1. Medical Billing Outsourcing Market Impact Analysis (2020-2030)
  3.1.1. Market Drivers
    3.1.1.1. Rising healthcare digital payments
    3.1.1.2. Rising development of new hospitals
    3.1.1.3. Rising healthcare expenditure
  3.1.2. Market Challenges
    3.1.2.1. High Cost of Medical Billing Outsourcing
    3.1.2.2. Security Concerns
  3.1.3. Market Opportunities
    3.1.3.1. Globalization of healthcare services
    3.1.3.2. Adoption of advanced technology

CHAPTER 4. GLOBAL MEDICAL BILLING OUTSOURCING MARKET: INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economic
  4.3.3. Social
  4.3.4. Technological
  4.3.5. Environmental
  4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL MEDICAL BILLING OUTSOURCING MARKET, BY COMPONENT

5.1. Market Snapshot
5.2. Global Medical Billing Outsourcing Market by Component, Performance - Potential Analysis
5.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by Component 2020-2030 (USD Billion)
5.4. Medical Billing Outsourcing Market, Sub Segment Analysis
  5.4.1. In-house
  5.4.2. Outsourced

CHAPTER 6. GLOBAL MEDICAL BILLING OUTSOURCING MARKET, BY SERVICE

6.1. Market Snapshot
6.2. Global Medical Billing Outsourcing Market by Service, Performance - Potential Analysis
6.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by Service 2020-2030 (USD Billion)
6.4. Medical Billing Outsourcing Market, Sub Segment Analysis
  6.4.1. Front-end Services
  6.4.2. Middle-end Services
  6.4.3. Back-end Services

CHAPTER 7. GLOBAL MEDICAL BILLING OUTSOURCING MARKET, BY END USE

7.1. Market Snapshot
7.2. Global Medical Billing Outsourcing Market by End Use, Performance - Potential Analysis
7.3. Global Medical Billing Outsourcing Market Estimates & Forecasts by End Use 2020-2030 (USD Billion)
7.4. Medical Billing Outsourcing Market, Sub Segment Analysis
  7.4.1. Hospital
  7.4.2. Physician Office
  7.4.3. Others

CHAPTER 8. GLOBAL MEDICAL BILLING OUTSOURCING MARKET, REGIONAL ANALYSIS

8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Medical Billing Outsourcing Market, Regional Market Snapshot
8.4. North America Medical Billing Outsourcing Market
  8.4.1. U.S. Medical Billing Outsourcing Market
    8.4.1.1. Component breakdown estimates & forecasts, 2020-2030
    8.4.1.2. Service breakdown estimates & forecasts, 2020-2030
  8.4.2. Canada Medical Billing Outsourcing Market
8.5. Europe Medical Billing Outsourcing Market Snapshot
  8.5.1. U.K. Medical Billing Outsourcing Market
  8.5.2. Germany Medical Billing Outsourcing Market
  8.5.3. France Medical Billing Outsourcing Market
  8.5.4. Spain Medical Billing Outsourcing Market
  8.5.5. Italy Medical Billing Outsourcing Market
  8.5.6. Rest of Europe Medical Billing Outsourcing Market
8.6. Asia-Pacific Medical Billing Outsourcing Market Snapshot
  8.6.1. China Medical Billing Outsourcing Market
  8.6.2. India Medical Billing Outsourcing Market
  8.6.3. Japan Medical Billing Outsourcing Market
  8.6.4. Australia Medical Billing Outsourcing Market
  8.6.5. South Korea Medical Billing Outsourcing Market
  8.6.6. Rest of Asia Pacific Medical Billing Outsourcing Market
8.7. Latin America Medical Billing Outsourcing Market Snapshot
  8.7.1. Brazil Medical Billing Outsourcing Market
  8.7.2. Mexico Medical Billing Outsourcing Market
8.8. Middle East & Africa Medical Billing Outsourcing Market
  8.8.1. Saudi Arabia Medical Billing Outsourcing Market
  8.8.2. South Africa Medical Billing Outsourcing Market
  8.8.3. Rest of Middle East & Africa Medical Billing Outsourcing Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Key Company SWOT Analysis
  9.1.1. Company
  9.1.2. Company
  9.1.3. Company
9.2. Top Market Strategies
9.3. Company Profiles
  9.3.1. R1 RCM Inc.
    9.3.1.1. Key Information
    9.3.1.2. Overview
    9.3.1.3. Financial (Subject to Data Availability)
    9.3.1.4. Product Summary
    9.3.1.5. Recent Developments
  9.3.2. Allscripts Healthcare Solutions Inc.
  9.3.3. Cerner Corporation
  9.3.4. EClinicalWorks
  9.3.5. Experian Information Solutions Inc.
  9.3.6. GE Healthcare
  9.3.7. Genpact LLP
  9.3.8. Hindustan Computers Limited Technologies
  9.3.9. Kareo Inc
  9.3.10. McKesson Corporation

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Medical Billing Outsourcing Market, report scope
TABLE 2. Global Medical Billing Outsourcing Market estimates & forecasts by region 2020-2030 (USD Billion)
TABLE 3. Global Medical Billing Outsourcing Market estimates & forecasts by Component 2020-2030 (USD Billion)
TABLE 4. Global Medical Billing Outsourcing Market estimates & forecasts by Service 2020-2030 (USD Billion)
TABLE 5. Global Medical Billing Outsourcing Market estimates & forecasts by End Use 2020-2030 (USD Billion)
TABLE 6. Global Medical Billing Outsourcing Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7. Global Medical Billing Outsourcing Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Medical Billing Outsourcing Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Medical Billing Outsourcing Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Medical Billing Outsourcing Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Medical Billing Outsourcing Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Medical Billing Outsourcing Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Medical Billing Outsourcing Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Medical Billing Outsourcing Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. Global Medical Billing Outsourcing Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. U.S. Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17. U.S. Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18. U.S. Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19. Canada Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 20. Canada Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21. Canada Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22. UK Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 23. UK Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24. UK Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25. Germany Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 26. Germany Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27. Germany Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28. France Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 29. France Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30. France Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31. Italy Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 32. Italy Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33. Italy Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34. Spain Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 35. Spain Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36. Spain Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37. RoE Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 38. RoE Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39. RoE Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40. China Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 41. China Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42. China Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43. India Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 44. India Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45. India Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46. Japan Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 47. Japan Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48. Japan Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49. South Korea Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 50. South Korea Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51. South Korea Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52. Australia Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 53. Australia Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54. Australia Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55. RoAPAC Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 56. RoAPAC Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57. RoAPAC Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58. Brazil Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 59. Brazil Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60. Brazil Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61. Mexico Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 62. Mexico Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63. Mexico Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64. RoLA Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 65. RoLA Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66. RoLA Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67. Saudi Arabia Medical Billing Outsourcing Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 68. South Africa Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69. RoMEA Medical Billing Outsourcing Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70. List of secondary sources, used in the study of global Medical Billing Outsourcing Market
TABLE 71. List of primary sources, used in the study of global Medical Billing Outsourcing Market
TABLE 72. Years considered for the study
TABLE 73. Exchange rates considered
List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Medical Billing Outsourcing Market, research methodology
FIG 2. Global Medical Billing Outsourcing Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Medical Billing Outsourcing Market, key trends 2022
FIG 5. Global Medical Billing Outsourcing Market, growth prospects 2023-2030
FIG 6. Global Medical Billing Outsourcing Market, porters 5 force model
FIG 7. Global Medical Billing Outsourcing Market, pest analysis
FIG 8. Global Medical Billing Outsourcing Market, value chain analysis
FIG 9. Global Medical Billing Outsourcing Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Medical Billing Outsourcing Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Medical Billing Outsourcing Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Medical Billing Outsourcing Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Medical Billing Outsourcing Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Medical Billing Outsourcing Market, regional snapshot 2020 & 2030
FIG 15. North America Medical Billing Outsourcing Market 2020 & 2030 (USD Billion)
FIG 16. Europe Medical Billing Outsourcing Market 2020 & 2030 (USD Billion)
FIG 17. Asia pacific Medical Billing Outsourcing Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Medical Billing Outsourcing Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Medical Billing Outsourcing Market 2020 & 2030 (USD Billion)
List of tables and figures and dummy in nature, final lists may vary in the final deliverable


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