Dallas, Texas, United states, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Global Medical Billing Market projected to grow from USD 11300 million in 2020 to USD 29500 million by 2027, at a CAGR of 12.66%.
Medical billing is part of the revenue cycle management (RCM) process, which is one of the most complex and important aspects of the healthcare IT industry. The present revenue management systems in use are gradually becoming obsolete due to a lack of competence in dealing with new payment types and revenue management technologies.
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Key Players
The key players profiled in Medical Billing market analysis include R1 RCM, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., Experian Information Solutions, Inc., eClinicalWorks, GE Healthcare, Genpact, HCL Technologies Limited, Kareo, Inc., McKesson Corporation, Quest Diagnostics, Athenahealth Inc.,The SSI Group, LLC.
Market Segmentation Analysis
Based on the Component, the market is segmented into In-house, Outsourced. Outsourced segment has expected to have the largest share for Medical Billing market.
Based on the Service, the market is segmented into Front End, Middle End, and Back End. Front-end segment has expected to have the largest share for Medical Billing market.
Based on the End-use, the market is segmented into Hospital, Physician Office, Others. The hospital segment has expected to have the largest share for Medical Billing market.
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COVID-19 Impact on the Medical Billing Market
The coronavirus pandemic has had significant effects on people's daily lives as well as the global economy. A significant load is being placed on healthcare systems all across the world. The COVID-19 pandemic has had a negative impact on and is expected to continue to have a negative impact on the medical billing outsourcing sector by reducing patient or service volumes and payment ability.
Regional Analysis
Based on Region, the market was studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The market for Medical Billing was dominated by North America. Due to the general presence of a number of healthcare providers in the United States, their focus has shifted to end-to-end outsourcing firms to manage their billing processes. Because of increased awareness of the benefits provided by outsourcing firms, providers are relying on the firms to maximize operating margins and manage high-volume transactions.
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