Medical Billing Outsourcing Market By Current Industry Status,Growth Opportunities, Top Key Players, Target Audience And Forecast To 2027.

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Medical Billing Outsourcing Market By Current Industry Status,Growth Opportunities, Top Key Players, Target Audience And Forecast To 2027

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Apr 08, 2020 (Profound via COMTEX) -- The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Medical Billing Outsourcing Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Medical Billing Outsourcing market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

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The global medical billing outsourcing market size was valued at USD 9.3 billion in 2019 and is projected to register a strong CAGR of 12.3% over the forecast period. Medical billing involves the revenue cycle management (RCM) process which comprises the most complex and crucial components of the healthcare IT business. The current systems in practice for managing revenue are gradually becoming obsolete, due to the lack of expertise in tackling new payment models and revenue management tools.

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The advent of new technological solutions, increasing and changing government requirements, and bad debt and uncollectible accounts have sparked a new trend leading to an increased preference for medical billing outsourcing by several healthcare providers.

Medical billing outsourcing increases cash flow, helps save on the cost of equipment and software, and reduces staff size and employee expenses. Increasing geographical reach of the key companies through mergers and acquisitions is expected to boost the market for medical billing outsourcing in the coming years. For instance, in December 2016, Allscripts acquired an Australian healthcare IT software provider, Core Medical Solutions, to significantly increase Allscripts offerings in the country.

North America is expected to be the largest regional market for medical billing outsourcing over the forecast years. This is attributed to high awareness levels about outsourcing healthcare IT services and the strong presence of prominent market players in the region. In 2019, Becker's Hospital Review listed around 210 revenue cycle management solutions in the global market space and recognized Athenahealth (U.S.), Accenture (Ireland), R1 RCM (U.S.), Atos (France), and Experian Health (U.S.) as some of the leading revenue cycle vendors.

Europe is also a major market for outsourcing healthcare services, which is majorly driven by the demand for minimizing the overall healthcare delivery costs. The region has high growth potential owing to factors, such as consolidation of large healthcare providers, change in pricing and reimbursement policies, and increasing pressure on European healthcare providers to build more sustainable healthcare systems.

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Medical Billing Outsourcing market are included as given below:

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Some of the key companies in the market for medical billing outsourcing 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.; and The SSI Group, LLC. Partnerships, mergers and acquisitions, and technological advancement are some of the key business strategies undertaken by these companies to expand their geographical reach and service offerings. For instance, in July 2019, Cerner Corporation partnered with Amazon Web Services (AWS) for access to its cloud space and global infrastructure to drive healthcare IT innovations. The partnership is expected to improve clinical efficiency and lower operational budgets for healthcare organizations.

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 another acquisition in July 2018, Veritas Capital acquired GE Healthcare’s Enterprise Financial Management asset which includes its RCM business, Ambulatory Care Management asset, and Workforce Management assets

The global Medical Billing Outsourcing market has been segmented as below:

  • Component
  • Service
  • Front End
  • Middle End
  • Back End
  • End-Use
  • Hospital
  • Physician Office
  • Others
  • Global Medical Billing Outsourcing Market by Region
  • Reasons to Purchase this Report:

    Estimates Medical Billing Outsourcing development trends with SWOT analysis

  • Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
  • Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
  • Market dynamics scenario, along with growth opportunities for players in the years to come
  • Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
  • Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
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