Published Date: 14-Jun-2021
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According to a new report Global Medical Billing Outsourcing Market, published by KBV research, The Global Medical Billing Outsourcing Market size is expected to reach $24.7 billion by 2027, rising at a market growth of 13.4% CAGR during the forecast period.
On the basis of service, the front-end services acquired the largest revenue share in the market in 2020. Front-end services include the processes such as pre-registration, registration, scheduling, insurance verification, eligibility, and pre-authorization. Though, front-end services are steadily witnessing a decrease in revenue growth owing to market saturation and more competition.
By component, the outsourced segment acquired the highest revenue share and dominated the market in 2020. This segment is estimated to be the fastest-growing segment during the forecast period. The outsourcing of the medical billing process helps in reducing the cost of software & equipment and thus, it is suitable for all small and medium-sized healthcare organizations.
The North America market dominated the Global Medical Billing Outsourcing Market by Region in 2020. Emerging nations like the Asia Pacific and Latin America are projected to register a significant growth rate during the forecast period because the outsourcing practices are getting standardized around the world.
The recently introduced International Classification of Diseases-10th revision (ICD-11) has resulted in making the medical billing business more complicated in nature. Due to this, the demand for Revenue Cycle Management (RCM) has also augmented significantly. Additionally, the healthcare providers are opting for the firms which are providing the correct combination of RCM with Electronic Medical Records (EMR) for enhanced patient results.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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