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Medical Billing Outsourcing Market Size, Share & Trends Analysis Report By Component (In-house, Outsourced), By Service (Front-end, Middle-end, Back-end), By End-use, By Region, And Segment Forecasts, 2022 - 2030

June 2022 | 108 pages | ID: M45C942C418EN
Grand View Research, Inc.

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Medical Billing Outsourcing Market Growth & Trends

The global medical billing outsourcing market size is expected to reach USD 30.2 billion by 2030, exhibiting a CAGR of 12.03% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven primarily by factors such as the increasing importance of regulatory compliance and risk management, the growing need to streamline the medical billing process, and efforts to reduce internal processing costs.

A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any clinical practice. Currently, the healthcare system is witnessing a subsequent rise in the outsourcing of clinical billing services by hospitals and physicians due to the obligatory implementation of complex ICD-11 coding systems, increasing healthcare costs, and a federal mandate to implement Electronic Medical Records (EMR) to maintain reimbursement levels.

The COVID-19 pandemic is expected to have a significant impact on the market, although the healthcare industry was trailing in embracing innovative and digital technologies to improve healthcare. The COVID-19 scenario has put an enormous burden on healthcare providers/organizations to become accustomed to the change. The need for proactive action and the construction of a comprehensive, collaborative, scalable, and adaptable digital healthcare infrastructure has been emphasized by the pandemic crisis. As a result, many organizations are developing a new strategy that includes digitization and outsourcing non-core functions such as billing and accounting, which is expected to boost the market growth.

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing functions. In addition, multispecialty healthcare groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for revenue cycle management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, the consolidation of large healthcare practices is also expected to be one of the factors fueling market growth.

Medical Billing Outsourcing Market Report Highlights
  • Based on the components, the outsourced segment held the largest revenue market share in 2021 due to the rising preference of hospitals, physician offices, and startups for outsourced medical billing services for hassle-free claim management at a low cost
  • The front-end services segment held the largest revenue market share in 2021. However, the middle-end services segment is expected to register the highest CAGR during the forecast period due to the growing demand for Revenue Cycle Management (RCM) services offering Electronic Health Records (EHR) software
  • North America held the largest revenue share in 2021. It is projected to expand further as the U.S. has witnessed a change in the healthcare system with the introduction of ICD-11 coding in 2019 and pressure from the government to incorporate the Electronic Medical Record (EMR) management system
  • In November 2020, Conduent Incorporated announced a commercial agreement with Experian Health, a leading provider of RCM solutions that spans patient retention, patient access, and patient collection. The agreement will enable Conducent's IntelliHealth Digital Platform to connect with Experian's consumer data and electronic revenue verification tools to accelerate prescription drug approval and reduce the time to prescription drug fulfillment and treatment
CHAPTER 1 RESEACH SCOPE AND OBJECTIVE

1.1 Market Segmentation
1.2 Regional Scope
1.3 Estimates and Forecast Timeline
1.4 Research Objectives
  1.4.1 Objective -
  1.4.2 Objective -
  1.4.3 Objective -

CHAPTER 2 METHODOLOGY

2.1 Research Methodology
  2.1.1 Information procurement
  2.1.2 Purchased Database
  2.1.3 GVR’s Internal Database
  2.1.4 Secondary Sources
  2.1.5 Primary Research
2.2 Information or Data Analysis
  2.2.1 Data Analysis Models
2.3 Market Formulation & Validation
2.4 Model Details
  2.4.1 Commodity Flow Analysis
  2.4.2 Volume price analysis
2.5 List of Secondary Sources
2.6 List of Abbreviations

CHAPTER 3 EXECUTIVE SUMMARY

3.1 Market Outlook
3.2 Segment Outlook
  3.2.1 Component
  3.2.2 Service
  3.2.3 End-use
3.3 Regional Oeutlook
3.4 Competitive Insights

CHAPTER 4 MARKET VARIABLES, TRENDS & SCOPE

4.1 Market Lineage Outlook
  4.1.1 Parent Market Outlook
  4.1.2 Related/Ancillary Market Outlook
4.2 Penetration & Growth Prospect Mapping
4.3 Market Dynamics
  4.3.1 Market Driver Analysis
    4.3.1.1 Growing focus on increasing profitability and revenue generated by the business
    4.3.1.2 Federal mandate to implement digital record keeping by healthcare providers
  4.3.2 Market Restraint Analysis
    4.3.2.1 High threat of data breaching
    4.3.2.2 Hidden outsourcing costs
4.4 Medical Billing Outsourcing Market: Business Environment Analysis Tools
  4.4.1 Porter’s Five Forces Analysis
    4.4.1.1 Bargaining Power Of Suppliers
    4.4.1.2 Bargaining Power Of Buyers
    4.4.1.3 Threat Of New Entrants
    4.4.1.4 Competitive Rivalry
    4.4.1.5 Threat Of Substitutes
  4.4.2 Pestel Analysis
    4.4.2.1 Political & Legal
    4.4.2.2 Economic
    4.4.2.3 Technological

CHAPTER 5 MEDICAL BILLING OUTSOURCING MARKET: COMPONENT ANALYSIS

5.1 Medical Billing Outsourcing Component Market Share Analysis, 2021 & 2030
5.2 Medical Billing Outsourcing Component Market: Segment Dashboard
5.3 Market Size & Forecasts and Trend Analyses, 2016 to 2030 for the Component Segment
  5.3.1 Outsourced
    5.3.1.1. Outsourced market, 2016 - 2030 (USD Million)
  5.3.2 In-house
    5.3.2.1. In-house market, 2016 - 2030 (USD Million)

CHAPTER 6 MEDICAL BILLING OUTSOURCING MARKET: SERVICE ANALYSIS

6.1 Medical Billing Outsourcing Service Market Share Analysis, 2021 & 2030
6.2 Medical Billing Outsourcing Service Market: Segment Dashboard
6.3 Market Size & Forecasts and Trend Analyses, 2016 to 2030 for the Service Segment
  6.3.1 Front-end Services
    6.3.1.1. Front-end services market, 2016 - 2030 (USD Million)
  6.3.2 Middle-end Services
    6.3.2.1. Middle-end services, 2016- 2030 (USD Million)
  6.3.3 Back-end Services
    6.3.3.1. Back-end dervices, 2016- 2030 (USD Million)

CHAPTER 7 MEDICAL BILLING OUTSOURCING MARKET CATEGORIZATION: END-USE ANALYSIS

7.1 Medical Billing Outsourcing End-use Market Share Analysis, 2021 & 2030
7.2 Medical Billing Outsourcing End-use Market: Segment Dashboard
7.3 Market Size & Forecasts and Trend Analyses, 2016 to 2030 for the Service Segment
  7.3.1 Hospital
    7.3.1.1. Hospital market, 2016 - 2030 (USD Million)
  7.3.2 Physician Office
    7.3.2.1. Physician Office market, 2016 - 2030 (USD Million)
  7.3.3 Others
    7.3.3.1. Others market, 2016 - 2030 (USD Million)

CHAPTER 8 MEDICAL BILLING OUTSOURCING MARKET CATEGORIZATION: REGIONAL ANALYSIS

8.1 Regional Market Share Analysis, 2020 & 2030
8.2 Regional Market Snapshot
8.3 North America
  8.3.1. North America medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.3.2 U.S.
    8.3.2.1 U.S. medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.3.3 Canada
    8.3.3.1 Canada medical billing outsourcing market, 2016 - 2030 (USD Million)
8.4 Europe
  8.4.1. Europe medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.4.2 Germany
    8.4.2.1 Germany medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.4.3 U.K.
    8.4.3.1 U.K. medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.4.4 France
    8.4.4.1 France medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.4.5 Italy
    8.4.5.1 Italy medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.4.6 Spain
    8.4.6.1 Spain medical billing outsourcing market, 2016 - 2030 (USD Million)
8.5 Asia Pacific
  8.5.1 Asia Pacific medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.5.2 Japan
    8.5.2.1 Japan medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.5.3 China
    8.5.3.1 China medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.5.4 India
    8.5.4.1 India medical billing outsourcing market, 2016 - 2030 (USD Million)
8.6 Latin America
  8.6.1 Latin America medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.6.2 Brazil
    8.6.2.1 Brazil medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.6.3 Mexico
    8.6.3.1 Mexico medical billing outsourcing market, 2016 - 2030 (USD Million)
8.7 Middle East & Africa
  8.7.1 MEA medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.7.2 South Africa
    8.7.2.1 South Africa medical billing outsourcing market, 2016 - 2030 (USD Million)
  8.7.3 Saudi Arabia
    8.7.3.1 Saudi Arabia medical billing outsourcing market, 2016 - 2030 (USD Million)

CHAPTER 9 COMPETITIVE ANALYSIS

9.1 Recent Developments & Impact Analysis, by Key Market Participants
9.2 Competition Categorization
9.3 Company Market Position Analysis
9.4 Company Profiles
  9.4.1 R1RCM Inc.
    9.4.1.1 Company overview
    9.4.1.2 Financial performance
    9.4.1.3 Product benchmarking
    9.4.1.4 Strategic Initiatives
  9.4.2 Allscripts Healthcare, LLC
    9.4.2.1 Company overview
    9.4.2.2 Financial performance
    9.4.2.3 Product benchmarking
    9.4.2.4 Strategic Initiatives
  9.4.3 Cerner Corporation
    9.4.3.1 Company overview
    9.4.3.2 Financial performance
    9.4.3.3 Product benchmarking
    9.4.3.4 Strategic Initiatives
  9.4.4 eClinicalWorks
    9.4.4.1 Company overview
    9.4.4.2 Financial performance
    9.4.4.3 Product benchmarking
    9.4.4.4 Strategic Initiatives
  9.4.5 Kareo, Inc.
    9.4.5.1 Company overview
    9.4.5.2 Financial performance
    9.4.5.3 Product benchmarking
    9.4.5.4 Strategic Initiatives
  9.4.6 McKesson Corporation
    9.4.6.1 Company overview
    9.4.6.2 Financial performance
    9.4.6.3 Product benchmarking
    9.4.6.4 Strategic Initiatives
  9.4.7 Quest Diagnostics Incorporated
    9.4.7.1 Company overview
    9.4.7.2 Financial performance
    9.4.7.3 Product benchmarking
    9.4.7.4 Strategic Initiatives
  9.4.8 Promantra Inc.
    9.4.8.1 Company overview
    9.4.8.2 Financial performance
    9.4.8.3 Product benchmarking
    9.4.8.4 Strategic Initiatives
  9.4.9 AdvancedMD, Inc.
    9.4.9.1 Company overview
    9.4.9.2 Financial performance
    9.4.9.3 Product benchmarking
    9.4.9.4 Strategic Initiatives


LIST OF TABLES

TABLE 1 List of secondary sources
TABLE 2 List of abbreviation
TABLE 3 Global outsourced market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 4 Global in-house market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 5 Global front-end services market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 6 Global middle-end services market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 7 Global back-end services market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 8 Global hospital market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 9 Global physician office market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 10 Global others market estimates and forecast, 2016 - 2030 (USD Million)
TABLE 11 North America medical billing outsourcing market, by country, 2016 - 2030 (USD Million)
TABLE 12 North America medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 13 North America medical billing outsourcing market, by service 2016 - 2030 (USD Million)
TABLE 14 North America medical billing outsourcing market, by end-use 2016 - 2030 (USD Million)
TABLE 15 U.S. medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 16 U.S. medical billing outsourcing market, by service 2016 - 2030 (USD Million)
TABLE 17 U.S. medical billing outsourcing market, by end-use 2016 - 2030 (USD Million)
TABLE 18 Canada medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 19 Canada medical billing outsourcing market, by service 2016 - 2030 (USD Million)
TABLE 20 Canada medical billing outsourcing market, by end-use 2016 - 2030 (USD Million)
TABLE 21 Europe medical billing outsourcing market, by country, 2016 - 2030 (USD Million)
TABLE 22 Europe medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 23 Europe medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 24 Europe medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 25 Germany medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 26 Germany medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 27 Germany medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 28 U.K. medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 29 U.K. medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 30 U.K. medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 31 Spain medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 32 Spain medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 33 Spain medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 34 France medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 35 France medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 36 France medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 37 Italy medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 38 Italy medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 39 Italy medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 40 Asia Pacific medical billing outsourcing market, by country, 2016 - 2030 (USD Million)
TABLE 41 Asia Pacific medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 42 Asia Pacific medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 43 Asia Pacific medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 44 Japan medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 45 Japan medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 46 Japan medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 47 China medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 48 China medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 49 China medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 50 India medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 51 India medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 52 India medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 53 Latin America medical billing outsourcing market, by country, 2016 - 2030 (USD Million)
TABLE 54 Latin America medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 55 Latin America medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 56 Latin America medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 57 Brazil medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 58 Brazil medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 59 Brazil medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 60 Mexico medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 61 Mexico medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 62 Mexico medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 63 MEA medical billing outsourcing market, by country, 2016 - 2030 (USD Million)
TABLE 64 MEA medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 65 MEA medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 66 MEA medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 67 South Africa medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 68 South Africa medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 69 South Africa medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)
TABLE 70 Saudi Arabia medical billing outsourcing market, by component, 2016 - 2030 (USD Million)
TABLE 71 Saudi Arabia medical billing outsourcing market, by service, 2016 - 2030 (USD Million)
TABLE 72 Saudi Arabia medical billing outsourcing market, by end-use, 2016 - 2030 (USD Million)

LIST OF FIGURES

FIG. 1 Market research process
FIG. 2 Information procurement
FIG. 3 Primary research pattern
FIG. 4 Market research approaches
FIG. 5 Value chain based sizing & forecasting
FIG. 6 QFD modelling for market share assessment
FIG. 7 Market formulation & validation
FIG. 8 Medical billing outsourcing market outlook, 2021
FIG. 9 Medical billing outsourcing market segmentation
FIG. 10 Market Dynamics
FIG. 11 Market driver relevance analysis (Current & future impact)
FIG. 12 Market restraint relevance analysis (Current & future impact)
FIG. 13 Penetration & growth prospect mapping
FIG. 14 Medical billing outsourcing component market share analysis, 2021 & 2030
FIG. 15 Medical billing outsourcing component market: Segment dashboard
FIG. 16 In-house medical billing market, 2016 - 2030 (USD Million)
FIG. 17 Outsourced medical billing market, 2016 - 2030 (USD Million)
FIG. 18 Medical billing outsourcing service market share analysis, 2021 & 2030
FIG. 19 Medical billing outsourcing service market: Segment dashboard
FIG. 20 Front-end services market, 2016 - 2030 (USD Million)
FIG. 21 Middle end services market, 2016 - 2030 (USD Million)
FIG. 22 Back-end services market, 2016 - 2030 (USD Million)
FIG. 23 Medical billing outsourcing end-use market share analysis, 2021 & 2030
FIG. 24 Medical billing outsourcing end-use market: Segment dashboard
FIG. 25 Hospital market, 2016 - 2030 (USD Million)
FIG. 26 Physician offices market, 2016 - 2030 (USD Million)
FIG. 27 Others market, 2016 - 2030 (USD Million)
FIG. 28 Regional outlook, 2021 & 2030
FIG. 29 Regional marketplace: Key takeaways
FIG. 30 North America medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 31 U.S. medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 32 Canada medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 33 Europe medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 34 Germany medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 35 U.K. medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 36 Spain medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 37 France medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 38 Italy medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 39 Asia Pacific medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 40 Japan medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 41 China medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 42 India medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 43 Latin America medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 44 Brazil medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 45 Mexico medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 46 MEA medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 47 South Africa medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 48 Saudi Arabia medical billing outsourcing market, 2016 - 2030 (USD Million)
FIG. 49 Recent Developments and Impact Analysis, by Key Market Participants
FIG. 50 Strategy framework
FIG. 51 Company Market position analysis


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