Medical billing outsourcing refers to the procedure of outsourcing the billing processes for medical treatment. The system helps hospitals and medical houses to emphasize on medical services and treatment.
The Global Medical Billing Outsourcing Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 12.5% during the forecast period (2018-2023). Medical billing is also often referred to as Revenue Cycle Management (RCM) and consists of the most critical components of the healthcare IT businesses.
Medical Billing Outsourcing Market by Component (In House & Outsourced), Service (Front End Service, Middle End Service, & Back End Service), End User (Hospitals, Physician’s Office, & Others) — Global Forecast till 2023
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Market Competitive Analysis
The top players operating in the medical billing outsourcing market include Allscripts, R1 RCM Inc., EClinical Works, Cerner Corporation, GENERAL ELECTRIC COMPANY, Experian Information Solutions Inc., HCL Technologies Limited, Genpact, McKesson Corporation, Kareo, Inc., The SSI Groups Inc., and Quest Diagnostics Incorporated.
Segmental Analysis
The medical billing outsourcing market has been segmented on the basis of service, component, and end user.
By component, the medical billing outsourcing market is segmented into in house and outsourced. Of these, the outsourced segment is estimated to command the largest share, mainly due to the surging adoption of medical billing software by hospitals. Medical billing outsourcing helps to reduce cost and proves to be good for medium as well as small practices. Physician practices are facing challenges over the last few years as costs are increasing and reimbursements are declining. This has resulted in an increased demand for outsourced services.
Based on the service, the market is segmented into middle, front end, and back end. Of these, the front-end service is considered the major function of medical billing outsourcing and is predicted to gain prominence. Meanwhile, the middle-end service will register the fastest growth owing to the rising awareness among the healthcare practitioners and entry of new market players.
The end users comprise physician’s office, hospitals, and others. Of these, the hospital segment is predicted to acquire the largest share in the global market, owing to the increasing incidences of chronic diseases globally. Hospitals are considered to be the major users of these services owing to high claim volume.
Market Growth Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
5.3 Investment Opportunities
5.4 Pricing Analysis
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Regional Frontiers
Geographically, the medical billing outsourcing market spans across America, Asia Pacific, Europe, and the Middle East & Africa.
The Americas dominated the global market for medical billing outsourcing owing to the increasing healthcare expenditure, the presence of major market players, and rising adoption of medical billing outsourcing software by the hospitals within the region. It was found that around 80% of hospitals considering outsourcing full revenue cycle management by 2019. Moreover, in 2018, AdvancedMD announced the availability of ePayments, which facilitates to collect outstanding patient balances and reduce aging A/R more quickly and conveniently.
In 2017, it was estimated that Europe stood second in the global medical billing outsourcing market. This can be attributed to the increasing need to make billing processes efficient.
Asia-Pacific was the fastest growing region in 2017. Emerging economies, such as Singapore, Australia, India, and China, are the most lucrative markets due to the increasing patient pool and improving healthcare facilities. The increasing awareness about medical billing software and their growing importance coupled with the supportive government programs and policies are going to boost up the market.
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On the other hand, the Middle East and Africa held the least share in the global medical billing outsourcing market due to the lack of healthcare awareness, and lack of advanced technology. However, Saudi Arabia and the UAE lead in terms of market shares in this region because of a good economy, skilled medical professionals, and accessibility to modern technology thus, contributing to the steady growth of the market in the Middle Eastern and African region.
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