Medical Billing Outsourcing Market size to grow by USD 11,704.49 million from 2022 to 2027; The improvement in healthcare administrative processes, optimization, and operational efficiency will drive the market growth

NEW YORK, June 9, 2023 /PRNewswire/ — The global medical billing outsourcing market size is estimated to increase by USD 11,704.49 million from 2022 to 2027. The market’s growth momentum will be progressing at a CAGR of 15.73%. Discover some insights on market size, historic period (2017 to 2021), and Forecast (2023 to 2027) before buying the full report – Request a sample report

Medical billing outsourcing market – Vendor Analysis
Vendor Landscape –

The global medical billing outsourcing market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer medical billing outsourcing in the market are 5 Star Billing Service Inc., AdvancedMD Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Change Healthcare Inc., Cognizant Technology Solutions Corp., eClinicalWorks LLC, eMDs Inc., Epic Systems Corp., Experian Plc, Genpact Ltd., HCL Technologies Ltd., Kareo Inc., McKesson Corp., Medical Information Technology Inc., Oracle Corp., Quest Diagnostics Inc., R1 RCM Inc., The SSI Group LLC, Veritas Capital Fund Management, L.L.C., and WellSky Corp. and others.

The global medical billing outsourcing market is highly fragmented. Key players dominating the market have noteworthy shares in the global medical billing outsourcing market. Moreover, there are several other global and regional players operating in the market. Owing to the presence of a few big players, the market is highly competitive, and new entrants are trying to establish their footprints.

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Vendor Offerings –

• AdvancedMD Inc.: The company offers solutions for medical billing outsourcing for higher claims acceptance, faster reimbursements, and more revenue.
• Allscripts Healthcare Solutions Inc.: The company offers solutions for medical billing outsourcing to help navigate end-to-end revenue cycles and improve financial performance, so one can maximize the efficiency of staff and focus on what you do best.
• Athenahealth Inc.: The company offers solutions for medical billing outsourcing which offers total visibility into performance while enabling practices to improve collections and get paid faster with less work.
• For details on the vendor and its offerings – Request a sample report

Global Medical Billing Outsourcing Market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on end-user (physician groups and clinics and hospitals), and type (medical billing companies and freelance).

• The market share growth by the physician groups and clinics segment will be significant during the forecast period. Patients go to specialized clinics for advanced technology treatments such as lipolysis. Most end-users outsource this process due to a lack of infrastructure and cost-effectiveness. The need to maintain an electronic medical record (EMR) of patients drives the market. Therefore, stringent regulations for documented medical histories of patients are expected to drive the growth of the market during the forecast period.

Geography Overview
By geography, the global medical billing outsourcing market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global medical billing outsourcing market.

• North America is estimated to contribute 38% to the growth of the global market during the forecast period. Countries such as the US and Canada, along with Mexico, are the major adopters of medical billing outsourcing services. The market in the region is expected to grow at a moderate growth rate during the forecast period, as the market is mature. As the population ages and per capita healthcare cost increases, healthcare spending is also growing, resulting in an increase in the number of healthcare facilities and patient registrations. This leads to numerous amounts of data generation. To manage patient health records, healthcare service providers need to integrate EHRs and healthcare RCM software. Such factors will increase the market growth in this region during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Global Medical Billing Outsourcing Market – Market Dynamics

Leading Drivers – 

Improvement in healthcare administrative processes, optimization, and operational efficiency are the key drivers shaping the market. Medical billing outsourcing services bring in that much-needed operational efficiency by intelligently managing critical processes such as collections, coding, reimbursement, denials management, contract management, customer service, patient billing, advisory, and follow-up. With the deployment of medical billing outsourcing services, the overall healthcare industry is estimated to transition from service-based to value-based payment models smoothly. Moreover, the rising costs and administrative expenses in the evolving regulatory environment have propelled increased usage of the healthcare billing outsourcing service and made it an attractive proposition for healthcare providers. Thus, all these factors inflate the end-user base and will drive the consumption of the market during the forecast period.

Key Trends – 

Government initiative supporting the adoption of medical billing outsourcing services is the key trend shaping the market. Various regional governments have been promoting the use of IT in the healthcare industry to improve the efficiency and productivity of the overall healthcare system. For instance, in the US, the federal government introduced the HITECH Act in 2009, under which ONC aims to promote healthcare IT. The ONC HIT Certification Program supports the Medicare and Medicaid EHR Incentive Programs, which provide financial incentives for the meaningful use of certified EHR technology. Owing to all these initiatives by governments, the market is expected to grow during the forecast period.

Major challenges – 

Complexities associated with the deployment of medical billing outsourcing services are one of the major challenges hampering the market growth. The implementation process of medical billing outsourcing is complex, including the tailoring of the system to support safe, quality care and ensuring that there is minimal downtime. It is a multi-stage process; hence, it is important to understand what support and IT infrastructure are required to make it convenient. Moreover, patient identification processes are also important during implementation, as a well-planned configuration alone does not ensure accurate patient identification. This means deciding how new patient records will be handled, including registration and issues such as duplicate records, patient mix-ups, and comingled records, can cause a big confusion. Hence, the complexity of the existing systems and the challenges faced during the integration and deployment of medical billing outsourcing is likely to limit the growth of the market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report! 

What are the key data covered in this Medical Billing Outsourcing Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Medical Billing Outsourcing Market between 2023 and 2027
• Precise estimation of the size of the Medical Billing Outsourcing Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Medical Billing Outsourcing Market industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Medical Billing Outsourcing Market vendors

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Table of Content

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global medical billing outsourcing market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global medical billing outsourcing market 2017 – 2021 ($ million)

• 4.2 End-User Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – End-User Segment 2017 – 2021 ($ million)

• 4.3 Type Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user – Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user – Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Physician groups and clinics – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Physician groups and clinics – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Physician groups and clinics – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Physician groups and clinics – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Physician groups and clinics – Year-over-year growth 2022-2027 (%)

• 6.4 Hospitals – Market size and forecast 2022-2027
• Exhibit 38: Chart on Hospitals – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Hospitals – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Hospitals – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Hospitals – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 43: Chart on Type – Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type – Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Medical billing companies – Market size and forecast 2022-2027 
• Exhibit 47: Chart on Medical billing companies – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Medical billing companies – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Medical billing companies – Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Medical billing companies – Year-over-year growth 2022-2027 (%)

• 7.4 Freelance – Market size and forecast 2022-2027
• Exhibit 51: Chart on Freelance – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Freelance – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Freelance – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Freelance – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 61: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 APAC – Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.5 Europe – Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 73: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 81: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 85: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Japan – Market size and forecast 2022-2027
• Exhibit 93: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027
• Exhibit 97: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape 
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 AdvancedMD Inc. 
• Exhibit 108: AdvancedMD Inc. – Overview
• Exhibit 109: AdvancedMD Inc. – Product / Service
• Exhibit 110: AdvancedMD Inc. – Key offerings

• 12.4 Allscripts Healthcare Solutions Inc.
• Exhibit 111: Allscripts Healthcare Solutions Inc. – Overview
• Exhibit 112: Allscripts Healthcare Solutions Inc. – Business segments
• Exhibit 113: Allscripts Healthcare Solutions Inc. – Key news
• Exhibit 114: Allscripts Healthcare Solutions Inc. – Key offerings
• Exhibit 115: Allscripts Healthcare Solutions Inc. – Segment focus

• 12.5 Athenahealth Inc. 
• Exhibit 116: Athenahealth Inc. – Overview
• Exhibit 117: Athenahealth Inc. – Product / Service
• Exhibit 118: Athenahealth Inc. – Key offerings

• 12.6 Change Healthcare Inc. 
• Exhibit 119: Change Healthcare Inc. – Overview
• Exhibit 120: Change Healthcare Inc. – Business segments
• Exhibit 121: Change Healthcare Inc. – Key news
• Exhibit 122: Change Healthcare Inc. – Key offerings
• Exhibit 123: Change Healthcare Inc. – Segment focus

• 12.7 Cognizant Technology Solutions Corp.
• Exhibit 124: Cognizant Technology Solutions Corp. – Overview
• Exhibit 125: Cognizant Technology Solutions Corp. – Business segments
• Exhibit 126: Cognizant Technology Solutions Corp. – Key news
• Exhibit 127: Cognizant Technology Solutions Corp. – Key offerings
• Exhibit 128: Cognizant Technology Solutions Corp. – Segment focus

• 12.8 eClinicalWorks LLC 
• Exhibit 129: eClinicalWorks LLC – Overview
• Exhibit 130: eClinicalWorks LLC – Product / Service
• Exhibit 131: eClinicalWorks LLC – Key news
• Exhibit 132: eClinicalWorks LLC – Key offerings

• 12.9 Epic Systems Corp. 
• Exhibit 133: Epic Systems Corp. – Overview
• Exhibit 134: Epic Systems Corp. – Product / Service
• Exhibit 135: Epic Systems Corp. – Key offerings

• 12.10 Experian Plc 
• Exhibit 136: Experian Plc – Overview
• Exhibit 137: Experian Plc – Business segments
• Exhibit 138: Experian Plc – Key offerings
• Exhibit 139: Experian Plc – Segment focus

• 12.11 Kareo Inc. 
• Exhibit 140: Kareo Inc. – Overview
• Exhibit 141: Kareo Inc. – Product / Service
• Exhibit 142: Kareo Inc. – Key offerings

• 12.12 McKesson Corp. 
• Exhibit 143: McKesson Corp. – Overview
• Exhibit 144: McKesson Corp. – Business segments
• Exhibit 145: McKesson Corp. – Key offerings
• Exhibit 146: McKesson Corp. – Segment focus

• 12.13 Medical Information Technology Inc.
• Exhibit 147: Medical Information Technology Inc. – Overview
• Exhibit 148: Medical Information Technology Inc. – Product / Service
• Exhibit 149: Medical Information Technology Inc. – Key offerings

• 12.14 Oracle Corp. 
• Exhibit 150: Oracle Corp. – Overview
• Exhibit 151: Oracle Corp. – Business segments
• Exhibit 152: Oracle Corp. – Key news
• Exhibit 153: Oracle Corp. – Key offerings
• Exhibit 154: Oracle Corp. – Segment focus

• 12.15 Quest Diagnostics Inc. 
• Exhibit 155: Quest Diagnostics Inc. – Overview
• Exhibit 156: Quest Diagnostics Inc. – Business segments
• Exhibit 157: Quest Diagnostics Inc. – Key offerings
• Exhibit 158: Quest Diagnostics Inc. – Segment focus

• 12.16 R1 RCM Inc. 
• Exhibit 159: R1 RCM Inc. – Overview
• Exhibit 160: R1 RCM Inc. – Product / Service
• Exhibit 161: R1 RCM Inc. – Key offerings

• 12.17 The SSI Group LLC 
• Exhibit 162: The SSI Group LLC – Overview
• Exhibit 163: The SSI Group LLC – Product / Service
• Exhibit 164: The SSI Group LLC – Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 165: Inclusions checklist
• Exhibit 166: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 167: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 168: Research methodology
• Exhibit 169: Validation techniques employed for market sizing
• Exhibit 170: Information sources

• 13.5 List of abbreviations 
• Exhibit 171: List of abbreviations

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