Europe Medical Billing Outsourcing Market By Component (Outsourced and In-house), By Service (Front-end, Back-end and Middle-end), By End-use (Hospitals, Clinics and others), By Country, Growth Potential, Industry Analysis Report and Forecast, 2021 - 2027
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Market Report Description
The Europe Medical Billing Outsourcing Market would witness market growth of 12.5% CAGR during the forecast period (2021-2027).
Medical billing includes the revenue cycle management (RCM) process that is among the most complicated and important part of the healthcare sector. The existing systems which are used to manage revenue are slowly becoming outdated, owing to the absence of expert knowledge to manage the new payment models & revenue management tools. In addition, the growth of the market is anticipated to be propelled owing to the growing utilization of billing and medical coding processes in the RCM. There are regular alterations in the classification systems for medical coding, which will also bolster the market for medical billing outsourcing. Many new codes were formed for COVID-19.
There are several benefits of medical billing outsourcing, which includes increasing the cash flow, reduction in equipment & software costs, decreasing the staff size & expenses and increasing the focus of the healthcare providers on their core activities. The growing geographical reach of the major companies by mergers & acquisitions is estimated to encourage the market for medical billing outsourcing in the forthcoming years.
The European region is among the major market for outsourcing medical billing services that is significantly driven by the increasing demand for reduction in the total healthcare costs. This region has more growth potential due to the aspects like ever-changing pricing and reimbursement policies, consolidation of big healthcare providers, and growing pressure on European healthcare providers to develop more sustainable healthcare systems.
All these factors will provide lucrative opportunities for the key players and regional players of the market to increase their market size. Europe region includes prominent countries like Germany and the UK, which have more healthcare budget allocation that will further increase the demand for medical billing outsourcing in the region for more efficient and effective utilization of funds.
The Germany market dominated the Europe Back-end Market by Country in 2020, thereby, achieving a market value of $228.7 million by 2027. The UK market is showcasing a CAGR of 11.5% during (2021-2027). Additionally, The France market is anticipated to witness a CAGR of 14% during (2021-2027).
Based on Component, the market is segmented into Outsourced and In-house. Based on Service, the market is segmented into Front-end, Back-end and Middle-end. Based on End-use, the market is segmented into Hospitals, Clinics and others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Quest Diagnostics, Incorporated, AllScripts Healthcare Solutions, Inc., Athenahealth, Inc. (Veritas Capital), McKesson Corporation, Genpact Limited, eClinicalWorks LLC, Experian PLC, R1 RCM, Inc., and Kareo.
Scope of the Study
Market Segments Covered in the Report:
By End Use
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- General Electric (GE) Co. (GE Healthcare)
- Quest Diagnostics, Incorporated
- AllScripts Healthcare Solutions, Inc.
- Athenahealth, Inc. (Veritas Capital)
- McKesson Corporation
- Genpact Limited
- eClinicalWorks LLC
- Experian PLC
- R1 RCM, Inc.
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