Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The medical billing outsourcing market size expected to be worth USD 14.65 billion in 2023 and is projected to reach USD 31.78 billion by 2030, recording a CAGR of 11.7% during forecast period. Medical billing outsourcing refers to managing medical billing processes of healthcare centers, with the help of third party organizations.
Fortune Business Insights™ displays this information in a report titled, "Medical Billing Outsourcing Market, 2023-2030."
Notable Industry Development:
- May 2022 – CureMD announced the acquisition of Populus Media to expand its virtual care network. This acquisition is expected to enhance patient engagement and management, and offer high-quality medical billing solutions to healthcare providers globally.
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Key Takeaways:
- The support offered by these service providers aids healthcare providers in meeting intricate regulatory demands and reducing their billing workload, anticipated to drive growth.
- The market is anticipated to experience significant growth in the coming years due to the rising demand for fast and accurate medical bills for healthcare providers
- North America generated a revenue of USD 7.23 billion in 2022.
- The high CAGR of the regional market is attributed to the increasing demand for medical billing outsourcing services.
LIST of Key Companies Profiled In the Report:
“Companies leading the global medical billing outsourcing market are CareCloud Inc. (U.S.), R1 RCM, Inc. (U.S.), Experian Information Solutions, Inc. (U.S.), Veradign LLC (U.S.), Billing Paradise (U.S.), 3Gen Consulting (U.S.), Altera Digital Health Inc. (U.K.), eClinicalWorks (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.7% |
| 2030 Value Projection | USD 31.78 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 14.65 billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 100 |
| Segments covered | By Service, End User and Geography |
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Segmentation:
Rising Awareness Among Healthcare Professionals to Boost Demand for Middle-End Services
Based on service, the market is segregated into front-end, middle-end, and back-end. The middle-end services segment is anticipated to record the highest CAGR during the forecast period as the awareness about these services is rising among healthcare providers.
Hospitals Segment Led by Increasing Patient Visits and Adoption of Billing Services
Based on end-user, the market is segregated into hospitals, physicians’ office, and others. The hospital segment dominated the market share in 2022 and is anticipated to register a notable CAGR due to a strong rise in patient visits to receive treatment for various chronic diseases.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Service
- Front-end
- Middle-end
- Back-end
By End-user
- Hospitals
- Physicians’ Office
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Drivers and Restraints:
Difficulty in Maintaining Profitability & Lack of Trained Workers to Enhance Market Progress
Many healthcare providers across the world are demanding faster and more accurate systems for generating medical bills to enhance their patients’ convenience. This factor has driven the adoption of medical billing outsourcing services as there is a major dearth of trained labor force for billing and record maintenance. Moreover, healthcare facilities are finding it difficult to maintain their profitability due to the burden of extra costs that comes with hiring more staff for patients’ billing and record maintenance. These factors are expected to boost the demand for medical billing outsourcing services.
Regional Insights:
North America Dominates With Presence of Reputed Companies Offering Third Party Billing Services
North America dominates the global medical billing outsourcing market share as the region is witnessing a notable rise in the presence of key third party billing service providers. Moreover, growing expenditure on medical infrastructure will further boost the regional market growth.
Europe is also anticipated to record a major CAGR in the coming years due to changes in healthcare regulations and increasing need to manage medical policies.
Competitive Landscape:
CareCloud Inc. and R1 RCM Inc. to Dominate Market With Their High-Quality Front-End Services
The leading companies involved in this market include CareCloud Inc., R1 RCM Inc., Experian Information Solutions Inc., and Veradigm LLC. These companies are dominating the market due to the vast range of front-end and other services offered by them and their robust global presence. These companies are also signing merger and acquisition deals to enter new markets.
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FAQ’s
How big is the Medical Billing Outsourcing Market?
The Medical Billing Outsourcing Market size was valued at USD 13.16 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% during the forecast period.
What is the current size of Medical Billing Outsourcing Market?
Global Medical Billing Outsourcing Market size estimated at USD 14.65 billion in 2023 and is expected to reach USD 31.78 billion by 2030.
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