What is Medical Billing Outsourcing Market?
The medical billing outsourcing market is primarily driven by factors such as regulators' rising focus on enforcement and risk management, the growing need to streamline the medical billing process, and efforts to reduce in-house processing costs. Due to the increasing usage of IT services in the healthcare sector and consistent government funding, the global medical billing outsourcing market has grown rapidly in recent years. Increased healthcare spending in developing regions has resulted in a steady improvement in the sector, allowing for widespread implementation of advanced technical tools including medical billing outsourcing.
Highlights from Medical Billing Outsourcing Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Covance Inc. (United States), Kareo (United States), Claimcare (United States), Vee Technologies (United States), Accenture (Ireland), Invensis (India), ICON Medical Billing (United States), Cognizant Technology Solutions (United States), Infosys (India), Mphasis (India), Catalent (United States) and Mba Healthgroup (United States) |
The companies operating in this industry are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing towards securing leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a high market share, and developing socially responsible business companies are identifying various strategic pillars such as mergers & acquisitions, new product launch, product enhancement, and others. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Medical Billing Outsourcing market throughout the forecasted period.
Covance Inc. (United States), Kareo (United States), Claimcare (United States), Vee Technologies (United States), Accenture (Ireland), Invensis (India), ICON Medical Billing (United States), Cognizant Technology Solutions (United States), Infosys (India), Mphasis (India), Catalent (United States) and Mba Healthgroup (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are GeBBS Healthcare (United States), Genpact (United States) and Millensys (Egypt). Medical Billing Outsourcing Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Hospitals, Physician Offices and Others |
Type | In-House and Outsourced |
Services | Front End,Middle End,Back End |
On the basis of geography, the market of Medical Billing Outsourcing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advent of New Technological Solutions
Market Growth Drivers:
Growing Emphasis on Compliance and Risk Management, Increasing Need to Make Billing Processes Efficient and Efforts to Contain and Decrease In-house Processing Costs
Challenges:
Increasing Legislative and Regulatory Pressure
Restraints:
High Costs of Technology and Privacy Issues
Opportunities:
Increasing Usage of Billing and Medical Coding Procedures in Revenue Cycle Management and High demand from Small and Mid-sized Healthcare Firms to Cut Operational Costs and Up Efficiency
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Medical Billing Outsourcing Providers, Government Regulatory and Research Organizations and End-Use Industries
Market Leaders & Development Strategies
In June 2020, R1 RCM Inc. announced that it will acquire Cerner's RevWorks services business and commercial, non-federal client relationships. RevWorks was involved in the revenue cycle management and billing business., and In February 2019, Veritas Capital acquired Athenahealth, Inc. in collaboration with Evergreen Coast Capital, as a minority investor. Virence Health, a subsidiary of Veritas Capital, combined with Athenahealth to gain access to its network-enabled services for hospital and ambulatory customers.
In November 2020, Conduent Incorporated announced a commercial agreement with Experian Health. The agreement allows Conduent’s digital IntelliHealth platform to connect with Experian’s consumer data and electronic income verification tool to speed prescription drug assistance approvals and shorten prescription fulfillment and time to therapy.