Medical Billing Outsourcing Market, By Component (Outsourced and In-house), By Service (Front End, Back End, and Middle End), By End-use (Physician Office, and Hospitals) By Geography (NA, EU, APAC, LATAM and MEA) Analysis, Share, Trends, Size, & Forecast From 2020 2026
REPORT HIGHLIGHT
Medical billing outsourcing market was valued at USD 9.47 billion by 2019, growing with 13.7% CAGR during the forecast period, 2020-2026
Market Dynamics
In the medical facilities, billing is one of the complicated and crucial aspects of offering a real challenge to them. Over the years, medical billing and coding have emerged as the backbone of the revenue cycle of the healthcare facilities that ensure the patient reimburse for the medical service. Medical billing outsourcing refers to hiring the medical billing service from the external company through entering into a contract. Medical billing or revenue cycle management involves the process of medical claim submission to the insurance companies to ensure that the medical professionals are getting paid for the service. It is used to streamline and manage the billing and revenue cycle management in the complex processes in the medical facilities.
The medical billing service mainly takes care of the processing, record retention, submission, and follow up on medical insurance with the focus towards saving time. It offers different benefits such as improved workflow for medical staff, reduces the errors in the medical submissions, minimizes the pre-patient cost, enhances profitability, and lowers the office management cost, better patient satisfaction with rapid claim processing.
For the past few years, increasing medical office work coupled with a higher focus towards reducing errors is the key driver driving the market growth. Changing the need for medical professionals with emergence and advancement in technologies is favoring the growth of this market. The rising number of surgeries and treatments owing to an increase in chronic disease along with the aging population is boosting the industry growth. Increasing pressure regarding managing the claims, reimbursement, and other crucial paperwork is also promoting the adoption of medical billing outsourcing. In addition to this, increasing healthcare expenditure coupled with favorable government support is fuelling the market growth. On the flip side, the global industry could be restrained due to the disparate and ever-shifting regulatory structure.
Component Takeaway
On the basis of components, the market is segmented into outsourced and in-house. The outsourcing segment has accounted for more than 50% of the market share and attained the dominating position in 2019. The outsourcing service provides an advantage of reducing overall labor costs, higher pressure towards controlling the medical billing is driving the market growth. Outsourcing medical billing service leads to improvement in the collection rates, patient satisfaction with higher profitability and revenue generation. It also reduces the expense that piles up with advanced technology, extra staff, and eliminated the training cost. Also, expensive and time-consuming in-house processing has driven the attention of the different medical professionals towards outsourcing.
Application Takeaway
By application, the market is classified into the mid-end, back end, and front end. Wherein, front end grabbed the leading position in 2019. Front end operation includes medical billing with direct patient interaction. Patient appointment scheduling, insurance eligibility, upfront patient collection, and related services. Front end operations are crucial as for the back and mid-end process, as the success of inefficient medical billing handling initiate at front end operations.
In addition to this, mid-end services have emerged as the fastest-growing segment. Health Information Management (HIM), clinical documentation with medical coding, and case management among others are some of the important functions attend by the mid-end services. It has gained attention from the medical facilities such as hospitals, clinical, etc. as documenting the patient care at the mid-end service provide better outcomes in the revenue cycle.
End-use Takeaway
In 2019, the hospital dominated the end-use segment and has accounted for significant revenue share. Higher patient footfall, increasing medical billing, growing demand for rapid and errorless medical billing are some of the factors driving the demand for medical billing outsourcing in the hospitals. A higher volume of patients’ data eligible for medical billing, is driving the market growth in the hospitals. Followed by hospitals, the physician office held a significant share in the end-use segment owing to increasing healthcare services offered by the medical professionals for treating the patients.
Regional Takeaway
Regionally, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. Among these, North America gained the leading position owing to higher awareness regarding medical billing in the US. Increasing patient flow in the hospitals and other medical facilities owing to rapidly rising diseases and medical conditions is another factor pushing the growth of the market. Additionally, the rise in the medical expenditure in the region is driving the demand for medical billing outsourcing. Shift in the medical coding in the U.S. towards ICD-10 codes from ICD-9 with around 68,000 diagnosis codes and 87,000 procedure codes, with a seven-character limit is pushing the market growth in North America.
Key Vendor Takeaway
Companies namely Allscripts Healthcare, LLC, R1 RCM, Inc., Experian Information Solutions, Inc., eClinicalWorks LLC, Genpact, Kareo, Inc., GE Healthcare, Quest Diagnostics, Cerner Corporation, and McKesson Corporation are actively operating in this industry.
Increasing advancement in the technologies used across the healthcare sector, the demand for medical billing outsourcing market. Some of the prominent players are entering the partnership and acquisition. In July 2018, Veritas Capital acquired the financial management business, workforce management of GE Healthcare at USD 1.05 billion. Also, in May 2020, Smith+nephew entered a partnership with the National Medical for offering revenue cycle management for the ambulatory surgery centers in the United States.
The market size and forecast for each segment and sub-segments has been considered as below:
- Historical Year – 2015 to 2018
- Base Year – 2019
- Estimated Year – 2020
- Projected Year – 2026
TARGET AUDIENCE
- Traders, Distributors, and Suppliers
- Manufacturers
- Government and Regional Agencies
- Research Organizations
- Consultants
- Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MEDICAL BILLING OUTSOURCING MARKET KEY PLAYERS
- Allscripts Healthcare, LLC
- Cerner Corporation
- R1 RCM, Inc.
- eClinicalWorks LLC
- McKesson Corporation
- Quest Diagnostics
- Experian Information Solutions, Inc.
- GE Healthcare
- Genpact
- Kareo, Inc.
MEDICAL BILLING OUTSOURCING MARKET, BY COMPONENT
- In-house
- Outsourced
MEDICAL BILLING OUTSOURCING MARKET, BY APPLICATION
- Front End
- Back End
- Middle End
MEDICAL BILLING OUTSOURCING MARKET, BY END-USE
- Physician Office
- Hospitals
- Others
MEDICAL BILLING OUTSOURCING MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Singapore
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of MEA
TABLE OF CONTENT
1. MEDICAL BILLING OUTSOURCING MARKET OVERVIEW
1.1. Study Scope
1.2. Assumption and Methodology
2. EXECUTIVE SUMMARY
2.1. Market Snippet
2.1.1. Market Snippet by Component
2.1.2. Market Snippet by Application
2.1.3. Market Snippet by End-use
2.1.4. Market Snippet by Region
2.2. Competitive Insights
3. MEDICAL BILLING OUTSOURCING KEY MARKET TRENDS
3.1. Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Market Opportunities
3.4. Market Future Trends
4. MEDICAL BILLING OUTSOURCING INDUSTRY STUDY
4.1. Porter’s Five Forces Analysis
4.2. Marketing Strategy Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
4.5. COVID-19 Impact Analysis
4.5.1. Pre-COVID-19 Impact Analysis
4.5.2. Post-COVID-19 Impact Analysis
5. MEDICAL BILLING OUTSOURCING MARKET LANDSCAPE
5.1. Market Share Analysis
5.2. Key Innovators
5.3. Breakdown Data, by Key manufacturer
5.3.1. Established Player Analysis
5.3.2. Emerging Player Analysis
6. MEDICAL BILLING OUTSOURCING MARKET – BY COMPONENT
6.1. Overview
6.1.1. Segment Share Analysis, By Component, 2019 & 2026 (%)
6.2. In-house
6.2.1. Overview
6.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
6.3. Outsourced
6.3.1. Overview
6.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7. MEDICAL BILLING OUTSOURCING MARKET – BY APPLICATION
7.1. Overview
7.1.1. Segment Share Analysis, By Application, 2019 & 2026 (%)
7.2. Front End
7.2.1. Overview
7.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7.3. Mid End
7.3.1. Overview
7.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
7.4. Back End
7.4.1. Overview
7.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8. MEDICAL BILLING OUTSOURCING MARKET – BY END-USE
8.1. Overview
8.1.1. Segment Share Analysis, By End Use, 2019 & 2026 (%)
8.2. Physician Office
8.2.1. Overview
8.2.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.3. Hospitals
8.3.1. Overview
8.3.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
8.4. Others
8.4.1. Overview
8.4.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9. MEDICAL BILLING OUTSOURCING MARKET– BY GEOGRAPHY
9.1. Introduction
9.1.1. Segment Share Analysis, By Region, 2019 & 2026 (%)
9.2. North America
9.2.1. Overview
9.2.2. Key Manufacturers in North America
9.2.3. North America Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
9.2.4. North America Market Size and Forecast, By Component, 2015 – 2026 (US$ Million)
9.2.5. North America Market Size and Forecast, By Application, 2015 – 2026 (US$ Million)
9.2.6. North America Market Size and Forecast, By End-use, 2015 – 2026 (US$ Million)
9.2.7. The U.S.
9.2.7.1. Overview
9.2.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.2.8. Canada
9.2.8.1. Overview
9.2.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.3. Europe
9.3.1. Overview
9.3.2. Key Manufacturers in Europe
9.3.3. Europe Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
9.3.4. Europe Market Size and Forecast, By Component, 2015 – 2026 (US$ Million)
9.3.5. Europe Market Size and Forecast, By Application, 2015 – 2026 (US$ Million)
9.3.6. Europe Market Size and Forecast, By End-use, 2015 – 2026 (US$ Million)
9.3.7. Germany
9.3.7.1. Overview
9.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.3.8. Italy
9.3.8.1. Overview
9.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.3.9. United Kingdom
9.3.9.1. Overview
9.3.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.3.10. France
9.3.10.1. Overview
9.3.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.3.11. Rest of Europe
9.3.11.1. Overview
9.3.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.4. Asia Pacific (APAC)
9.4.1. Overview
9.4.2. Key Manufacturers in the Asia Pacific
9.4.3. Asia Pacific Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
9.4.4. Asia Pacific Market Size and Forecast, By Component, 2015 – 2026 (US$ Million)
9.4.5. Asia Pacific Market Size and Forecast, By Application, 2015 – 2026 (US$ Million)
9.4.6. Asia Pacific Market Size and Forecast, By End-use, 2015 – 2026 (US$ Million)
9.4.7. India
9.4.7.1. Overview
9.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.4.8. China
9.4.8.1. Overview
9.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.4.9. Japan
9.4.9.1. Overview
9.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.4.10. South Korea
9.4.10.1. Overview
9.4.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.4.11. Rest of APAC
9.4.11.1. Overview
9.4.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.5. Latin America
9.5.1. Overview
9.5.2. Key Manufacturers in Latin America
9.5.3. Latin America Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
9.5.4. Latin America Market Size and Forecast, By Component, 2015 – 2026 (US$ Million)
9.5.5. Latin America Market Size and Forecast, By Application, 2015 – 2026 (US$ Million)
9.5.6. Latin America Market Size and Forecast, By End-use, 2015 – 2026 (US$ Million)
9.5.7. Brazil
9.5.7.1. Overview
9.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.5.8. Mexico
9.5.8.1. Overview
9.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.5.9. Argentina
9.5.9.1. Overview
9.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.5.10. Rest of LATAM
9.5.10.1. Overview
9.5.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.6. The Middle East and Africa
9.6.1. Overview
9.6.2. Key Manufacturers in the Middle East and Africa
9.6.3. The Middle East and Africa Market Size and Forecast, By Country, 2015 – 2026 (US$ Million)
9.6.4. The Middle East and Africa Market Size and Forecast, By Component, 2015 – 2026 (US$ Million)
9.6.5. The Middle East and Africa Market Size and Forecast, By Application, 2015 – 2026 (US$ Million)
9.6.6. The Middle East and Africa Market Size and Forecast, By End-use, 2015 – 2026 (US$ Million)
9.6.7. Saudi Arabia
9.6.7.1. Overview
9.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
9.6.8. United Arab Emirates
9.6.8.1. Overview
9.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2015 – 2026, (US$ Million)
10. KEY VENDOR ANALYSIS
10.1. Allscripts Healthcare, LLC
10.1.1. Company Snapshot
10.1.2. Financial Performance
10.1.3. Product Benchmarking
10.1.4. Strategic Initiatives
10.2. R1 RCM Inc.
10.3. Quest Diagnostics
10.4. Cerner Corporation
10.5. eClinicalWorks LLC
10.6. Experian Information Solutions, Inc.
10.7. GE Healthcare
10.8. Genpact
10.9. Kareo, Inc.
10.10. McKesson Corporation
11. 360 DEGREE ANALYSTVIEW
12. APPENDIX
12.1. Research Methodology
12.2. References
12.3. Abbreviations
12.4. Disclaimer
12.5. Contact Us
List of Tables
TABLE List of data sources
TABLE Market drivers; Impact Analysis
TABLE Market restraints; Impact Analysis
TABLE Medical Billing Outsourcing market: Component Snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Component
TABLE Global Medical Billing Outsourcing market, by Component 2015-2026 (USD Million)
TABLE Medical Billing Outsourcing market: Application Snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Application
TABLE Global Medical Billing Outsourcing market, by Application 2015-2026 (USD Million)
TABLE Medical Billing Outsourcing market: End-use Snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by End-use
TABLE Global Medical Billing Outsourcing market, by End-use 2015-2026 (USD Million)
TABLE Medical Billing Outsourcing market: Regional snapshot (2018)
TABLE Segment Dashboard; Definition and Scope, by Region
TABLE Global Medical Billing Outsourcing market, by Region 2015-2026 (USD Million)
TABLE North America Medical Billing Outsourcing market, by Country, 2015-2026 (USD Million)
TABLE North America Medical Billing Outsourcing market, by Component, 2015-2026 (USD Million)
TABLE North America Medical Billing Outsourcing market, by Application, 2015-2026 (USD Million)
TABLE North America Medical Billing Outsourcing market, by End-use, 2015-2026 (USD Million)
TABLE Europe Medical Billing Outsourcing market, by country, 2015-2026 (USD Million)
TABLE Europe Medical Billing Outsourcing market, by Component, 2015-2026 (USD Million)
TABLE Europe Medical Billing Outsourcing market, by Application, 2015-2026 (USD Million)
TABLE Europe Medical Billing Outsourcing market, by End-use, 2015-2026 (USD Million)
TABLE Asia Pacific Medical Billing Outsourcing market, by country, 2015-2026 (USD Million)
TABLE Asia Pacific Medical Billing Outsourcing market, by Component, 2015-2026 (USD Million)
TABLE Asia Pacific Medical Billing Outsourcing market, by Application, 2015-2026 (USD Million)
TABLE Asia Pacific Medical Billing Outsourcing market, by End-use, 2015-2026 (USD Million)
TABLE Latin America Medical Billing Outsourcing market, by country, 2015-2026 (USD Million)
TABLE Latin America Medical Billing Outsourcing market, by Component, 2015-2026 (USD Million)
TABLE Latin America Medical Billing Outsourcing market, by Application, 2015-2026 (USD Million)
TABLE Latin America Medical Billing Outsourcing market, by End-use, 2015-2026 (USD Million)
TABLE Middle East and Africa Medical Billing Outsourcing market, by country, 2015-2026 (USD Million)
TABLE Middle East and Africa Medical Billing Outsourcing market, by Component, 2015-2026 (USD Million)
TABLE Middle East and Africa Medical Billing Outsourcing market, by Application, 2015-2026 (USD Million)
TABLE Middle East and Africa Medical Billing Outsourcing market, by End-use, 2015-2026 (USD Million)
List of Figures
FIGURE Medical Billing Outsourcing market segmentation
FIGURE Market research methodology
FIGURE Value chain analysis
FIGURE Porter’s Five Forces Analysis
FIGURE Market Attractiveness Analysis
FIGURE COVID-19 Impact Analysis
FIGURE Pre & Post COVID-19 Impact Comparision Study
FIGURE Competitive Landscape; Key company market share analysis, 2018
FIGURE Component segment market share analysis, 2019 & 2026
FIGURE Component segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE In-house market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Outsourced market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Application segment market share analysis, 2019 & 2026
FIGURE Application segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Front End market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Mid End market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Back End market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE End-Use segment market share analysis, 2019 & 2026
FIGURE End-Use segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Physician Office market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Hospitals market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Others market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Regional segment market share analysis, 2019 & 2026
FIGURE Regional segment market size forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE North America Medical Billing Outsourcing market share and leading players, 2018
FIGURE Europe Medical Billing Outsourcing market share and leading players, 2018
FIGURE Asia Pacific Medical Billing Outsourcing market share and leading players, 2018
FIGURE Latin America Medical Billing Outsourcing market share and leading players, 2018
FIGURE Middle East and Africa Medical Billing Outsourcing market share and leading players, 2018
FIGURE North America Medical Billing Outsourcing market share analysis by country, 2018
FIGURE U.S. Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Canada Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Europe Medical Billing Outsourcing market share analysis by country, 2018
FIGURE Germany Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Spain Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Italy Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE UK Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE France Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of the Europe Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Asia Pacific Medical Billing Outsourcing market share analysis by country, 2018
FIGURE India Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE China Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Japan Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE South Korea Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Singapore Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of APAC Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Latin America Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Latin America Medical Billing Outsourcing market share analysis by country, 2018
FIGURE Brazil Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Mexico Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Argentina Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Rest of LATAM Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Middle East and Africa Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE Middle East and Africa Medical Billing Outsourcing market share analysis by country, 2018
FIGURE Saudi Arabia Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
FIGURE United Arab Emirates Medical Billing Outsourcing market size, forecast and trend analysis, 2015 to 2026 (USD Million)
