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.
Related Press Release@ Medical Billing Outsourcing Market Report
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
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Grand View Research, Inc. is a U.S. based market research
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in San Francisco. The company provides syndicated research reports, customized
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fact-based research across a range of industries including technology,
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