Newark, July 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 13.0 billion medical billing outsourcing market will reach USD 40.3 billion by 2032. The healthcare industry's most essential and challenging aspect is medical billing, often known as revenue cycle management (RCM). Healthcare personnel had to concentrate more on frantic non-medical duties, one of the issues the RCM faced. However, the usage of medical billing outsourcing has been prompted by the development of technologies, an increase in governmental rules, and uncollectible debts. Outsourcing the medical billing service entails a healthcare provider hiring a medical billing service provider outside of their practice to handle all the billing tasks in exchange for a standard percentage cut of the overall revenue made during the process.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential medical billing outsourcing market share. The market in North America is expanding because of the large number of healthcare providers in the U.S. and the shift in their attention to end-to-end outsourced solutions for managing billing procedures. To maximise earnings and manage high-value transactions, suppliers are increasingly choosing to outsource services due to the advantages they offer.
The outsourced segment dominated the market with the most significant revenue of USD 6.8 billion.
The outsourced segment dominated the market with the most significant revenue of USD 6.8 billion. Several businesses are adopting or introducing cutting-edge cloud-based medical billing capabilities for better patient data protection. For instance 2018, the medical billing company eClinicalWorks debuted a cloud-based revenue cycle management software. Additionally, outsourcing lowers labour expenses by doing away with the requirement for an accounting team. Additionally, the absence of training and maintenance requirements allows the business to avoid additional training expenses.
The hospital segment dominated the market with the most significant revenue of USD 5.2 billion.
The hospital segment dominated the market with the most significant revenue of USD 5.2 billion. Systems used in hospitals are designed to accurately capture data and monitor a patient's condition over time. In hospitals with 500 beds in the United States, approximately 8 million procedures were carried out, according to American Hospital Association 2020. The Centres for Disease Control and Prevention reported that over 130 million people visited emergency rooms in the United States in 2018. Furthermore, Eurostat statistics from 2020 showed that Europe has a high rate of caesarean deliveries, which necessitate hospital admission. These numbers show how important it is becoming for hospitals to keep track of patient-generated health information, which will support the usage of outsourced medical billing in hospital settings.
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Market Dynamics:
Drivers: Rising Mergers and Acquisitions
Due to the numerous mergers and acquisitions, the medical billing outsourcing market will develop throughout the forecast period. These partnerships will increase the potential for market expansion and growth. For instance, in June 2020, Cerner RevWorks and R1 RCM, a US-based healthcare revenue management cycle firm serving hospitals and physician groups, agreed to be acquired for US$30 million. The acquisition is anticipated to broaden R1's full revenue cycle capabilities, spur long-term financial growth for healthcare organisations, and enhance the overall patient experience.
Restraint: Security Issues
The significant risks of data breaches related to medical billing are one of the main reasons anticipated to restrain market growth for medical billing outsourcing globally. Data breaches become a severe issue. In outsourcing medical processes, maintaining patient privacy and records is essential. Data breach risks are becoming more prevalent as more EHRs are being implemented. According to Becker's Healthcare data, around 50 million U.S. citizens' health records were compromised in 2021, almost three times more than in the previous three years.
Opportunity: Growing Number of Product Launches
The major market participants are concentrating on product launches and developing new Revenue Cycle Management Solutions. For instance, Waystar introduced Hubble, a robotic process automation (RPA) and artificial intelligence (A.I.) platform that aims to increase billing teams' size by automating tasks that previously required human labour. Waystar most recently acquired Recondo Technology and Digitise. More than 10 of Hubble's RCM products, including revenue capture, claims and rejections management, patient access, and patient financial experience, have been made more potent by A.I. In addition, the future expansion of the medical billing outsourcing market is anticipated to be aided by the increasing demand for digital platforms and the maintenance of records of all activities.
Challenge: High Cost
The high cost of outsourcing is another factor impeding the growth of the global medical billing outsourcing market. The cost reductions and potential business value that outsourcing may offer can be negatively impacted by improper planning and budget allocation for operations. When businesses outsource their business activities, unexpected or hidden costs, such as those associated with evaluating and choosing a vendor, maintaining offshore contracts, process transfer, and raising security & severance pay for staff, should be considered in financial projections.
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Some of the major players operating in the medical billing outsourcing market are:
● R1RCM Inc.
● Veradigm, LLC
● eClinicalWorks
● Oracle
● Kareo, Inc.
● Quest Diagnostics Incorporated
● AdvancedMD, Inc.
● Promantra Inc.
● McKesson Corporation
Key Segments cover in the market:
By Component:
● Outsourced
● In-house
By End-User:
● Physician Office
● Hospital
● Others
About the report:
The global medical billing outsourcing market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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