Medical Billing Outsourcing Industry Overview
The global medical billing outsourcing market size was valued at USD 10.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.66% from 2021 to 2028.
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. Moreover, the increasing usage of billing and medical coding procedures in revenue cycle management is estimated to bolster market growth. There are frequent revisions in the classification systems for medical coding, which also drives the market.
Gather more insights about the market drivers, restraints, and growth of the Global Medical Billing Outsourcing market
The spread of the novel coronavirus has adversely affected the sector. New codes were created for COVID-19. For instance, the World Health Organization created the International Classification of Diseases (ICD-11) codes, which will come into effect in January 2022. 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.
The coronavirus pandemic has made unparalleled consequences on daily lives in addition to the global economy. A substantial burden is formed on healthcare systems around the world. The COVID-19 pandemic has negatively affected and is expected to adversely affect the medical billing outsourcing sector by reducing patient or service volumes and payment ability. Healthcare providers need to prevail over these challenges by reconsidering their financial plans to lessen the impact of the COVID-19 pandemic on revenues. On the other hand, telemedicine solutions can boost patient volumes, improve patient satisfaction and experience, and eventually propel revenues.
Medical billing outsourcing increases cash flow, helps save on the cost of equipment and software, and reduces staff size and employee expenses. The growing geographical reach of the key companies through mergers and acquisitions is expected to drive 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 emerged as the largest regional market for medical billing outsourcing in 2020 and is expected to maintain its lead over the forecast years. This is attributed to the 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 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 the consolidation of large healthcare providers, changes in pricing and reimbursement policies, and increasing pressure on European healthcare providers to build more sustainable healthcare systems.
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Market Share Insights
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.
February 2019: Veritas Capital acquired athenahealth, Inc. in collaboration with Evergreen Coast Capital, as a minority investor.
Key Companies profiled:
Some prominent players in the global Medical Billing Outsourcing market 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.
- The SSI Group, LLC.
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