Market Overview:
The global medical billing outsourcing services market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for medical billing outsourcing services from hospitals, physician offices, and other end-users. Additionally, the growing need for cost-effective and efficient healthcare services is also contributing to the growth of this market. The global medical billing outsourcing services market can be segmented on the basis of type into front end, middle end, and back end medical billing outsourcing services. The front end segment is expected to grow at a higher CAGR during the forecast period as it includes all those activities that are required for accurate patient registration and insurance verification. The middle end segment includes activities such as claim scrubbing, charge entry processing, eligibility verification etc.
Product Definition:
Medical billing outsourcing services is the process of contracting with an external provider to manage and submit medical claims on behalf of a healthcare organization. The importance of medical billing outsourcing services lies in the cost savings and efficiencies it can provide. By leveraging the expertise of an outside provider, healthcare organizations can focus their resources on providing quality patient care while leaving the administrative tasks to specialists.
Front End:
The front end is the part of medical billing services that deals with insurance verification, pre-billing consultation, and patient billing. It includes a wide range of activities such as scheduling appointments, receiving claims from providers and paying out-of-pocket expenses. The growth factor in this market is increasing demand for cost efficiency by healthcare organizations & facilities due to rising costs of health care services which are expected to increase the demand for front end service in medical billing outsourcing over the forecast period.
Middle End:
Middle end is the part of medical billing outsourcing services which includes claims processing and compliance. It's a combination of experience & skillset required to handle all types of customer service issues, including non-routine transactions, policy questions, payment disputes and appeal processes along with technical knowledge such as understanding computerized systems.
Application Insights:
The others application segment accounted for the largest revenue share in 2017 and is anticipated to grow at a lucrative CAGR over the forecast period. This can be attributed to an increase in demand for GMB Outsourcing services from various industries such as telecom, retail, and transportation among others.
Medical billing outsourcing services have become essential for every medical practice to manage patient information, payment processing as well as paperwork reduction. These solutions offer flexibility by allowing practices to bill insurance companies directly without involving doctors or staff time. Middle end billing solutions automate routine tasks so that doctors can focus on delivering high-quality care while reducing overhead costs associated with medical practices. The back end portion of these applications houses all the information regarding insurance payments processed by the service provider which enables users to access data from their computers via secure connections at any given time even if they are away from office premises (using VPNs/SSL).
Regional Analysis:
North America dominated the global market in 2017. The presence of a large number of medical billing outsourcing companies coupled with high healthcare costs and rising demand for cost-cutting measures are some factors driving the regional market.
Asia Pacific is expected to be one of the fastest growing regions over the forecast period owing to increasing penetration of international medical billing outsourcing services providers, improving economy, and rising awareness about these services among people. Moreover, government initiatives such as “Hospital Assisted & E-Health†program by Ministry Of Health And Family Welfare (MoHFW) in India are anticipated to boost revenue generation through insurance claims which will further drive growth during the forecast period. Global Medical Billing Outsourcing Services Market Share By Region (2017), (%) North America Asia Pacific Europe Latin America Middle East & Africa Source: GlobalBPOReport.
Growth Factors:
- Increasing demand for accuracy and efficiency in medical billing and claims processing
- Rising pressure on healthcare organizations to reduce costs
- The need to focus on core competencies and streamline operations
- Growing demand for value-based care models
- Proliferation of digital health technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Billing Outsourcing Services Market Research Report
By Type
Front End, Middle End, Back End
By Application
Hospitals, Physician Offices, Others
By Companies
R1 RCM, Cerner, Allscripts, Genpact, GE Healthcare, Kareo, Quest Diagnostics, Vee Technologies, The SSI Group, Flatworld Solutions, Invensis Technologies
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
176
Number of Tables & Figures
124
Customization Available
Yes, the report can be customized as per your need.
Global Medical Billing Outsourcing Services Market Report Segments:
The global Medical Billing Outsourcing Services market is segmented on the basis of:
Types
Front End, Middle End, Back End
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospitals, Physician Offices, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- R1 RCM
- Cerner
- Allscripts
- Genpact
- GE Healthcare
- Kareo
- Quest Diagnostics
- Vee Technologies
- The SSI Group
- Flatworld Solutions
- Invensis Technologies
Highlights of The Medical Billing Outsourcing Services Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Front End
- Middle End
- Back End
- By Application:
- Hospitals
- Physician Offices
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Medical Billing Outsourcing Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Medical billing outsourcing services are a type of business that provide a third-party company with the responsibility of billing and collecting payments for medical services provided to patients. This service can be beneficial for both the patient and the provider, as it allows providers to focus on their clinical work while someone else takes care of all financial matters.
Some of the major players in the medical billing outsourcing services market are R1 RCM, Cerner, Allscripts, Genpact, GE Healthcare, Kareo, Quest Diagnostics, Vee Technologies, The SSI Group, Flatworld Solutions, Invensis Technologies.
The medical billing outsourcing services market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Billing Outsourcing Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Medical Billing Outsourcing Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Billing Outsourcing Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Medical Billing Outsourcing Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Medical Billing Outsourcing Services Market Size & Forecast, 2018-2028
4.5.1 Medical Billing Outsourcing Services Market Size and Y-o-Y Growth
4.5.2 Medical Billing Outsourcing Services Market Absolute $ Opportunity
Chapter 5 Global Medical Billing Outsourcing Services Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Medical Billing Outsourcing Services Market Size Forecast by Type
5.2.1 Front End
5.2.2 Middle End
5.2.3 Back End
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Billing Outsourcing Services Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Medical Billing Outsourcing Services Market Size Forecast by Applications
6.2.1 Hospitals
6.2.2 Physician Offices
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Billing Outsourcing Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Medical Billing Outsourcing Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Medical Billing Outsourcing Services Analysis and Forecast
9.1 Introduction
9.2 North America Medical Billing Outsourcing Services Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Medical Billing Outsourcing Services Market Size Forecast by Type
9.6.1 Front End
9.6.2 Middle End
9.6.3 Back End
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Medical Billing Outsourcing Services Market Size Forecast by Applications
9.10.1 Hospitals
9.10.2 Physician Offices
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Medical Billing Outsourcing Services Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Billing Outsourcing Services Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Medical Billing Outsourcing Services Market Size Forecast by Type
10.6.1 Front End
10.6.2 Middle End
10.6.3 Back End
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Medical Billing Outsourcing Services Market Size Forecast by Applications
10.10.1 Hospitals
10.10.2 Physician Offices
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Medical Billing Outsourcing Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Billing Outsourcing Services Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Medical Billing Outsourcing Services Market Size Forecast by Type
11.6.1 Front End
11.6.2 Middle End
11.6.3 Back End
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Medical Billing Outsourcing Services Market Size Forecast by Applications
11.10.1 Hospitals
11.10.2 Physician Offices
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Medical Billing Outsourcing Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Billing Outsourcing Services Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Medical Billing Outsourcing Services Market Size Forecast by Type
12.6.1 Front End
12.6.2 Middle End
12.6.3 Back End
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Medical Billing Outsourcing Services Market Size Forecast by Applications
12.10.1 Hospitals
12.10.2 Physician Offices
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Medical Billing Outsourcing Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Billing Outsourcing Services Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Medical Billing Outsourcing Services Market Size Forecast by Type
13.6.1 Front End
13.6.2 Middle End
13.6.3 Back End
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Medical Billing Outsourcing Services Market Size Forecast by Applications
13.10.1 Hospitals
13.10.2 Physician Offices
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Medical Billing Outsourcing Services Market: Competitive Dashboard
14.2 Global Medical Billing Outsourcing Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 R1 RCM
14.3.2 Cerner
14.3.3 Allscripts
14.3.4 Genpact
14.3.5 GE Healthcare
14.3.6 Kareo
14.3.7 Quest Diagnostics
14.3.8 Vee Technologies
14.3.9 The SSI Group
14.3.10 Flatworld Solutions
14.3.11 Invensis Technologies
