North America 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 North America Medical Billing Outsourcing Market would witness market growth of 12.1% CAGR during the forecast period (2021-2027).
The process of medical billing is very complex and includes revenue cycle management. By outsourcing the medical billing process, organizations can save the cost of billing equipment & software, hence decreases staff size & expenses. This factor will boost the demand for medical billing outsourcing in the market. In addition, the growing expenditure on the healthcare sector and the increasing adoption of improved technology are also expected to boost the growth of the market. Moreover, medical billing outsourcing enables hospitals to cut down their training, salaries and benefits costs. It can also eliminate the cost of office supply, furniture and hardware enhancements. There are many medical organizations that choose companies or providers to get high-quality services at reduced costs.
North America is predicted to be the biggest regional market for medical billing outsourcing during the forecast period. This growth is attributed to the aspects like increased awareness about outsourcing healthcare IT services and the robust presence of key market players in this region. This region has the presence of many major key players of the market like Cerner Corporation, Allscripts Healthcare Solutions, GE Healthcare, Genpact and Experian Information Solutions.
These key players offer a wide range of services to help the healthcare organization to optimize their core activities and get the non-core activities done by market players accurately and in an error-free manner. Therefore, healthcare providers are opting to outsource such services and hence, accelerating the demand for medical billing outsourcing in the market.
One of the major factors for any kind of outsourcing is to cut down the overall cost of the companies. By outsourcing medical billing, hospitals can actually save their cost on training, salaries, and benefit costs. It also helps hospitals to prevent the costs of office supply, furniture and the purchase of updated hardware or equipment. Several healthcare providers choose specialist providers to get high-quality service at reduced costs. In addition, the flexible pricing models also help healthcare providers to choose the option, which best suits their needs.
The US market dominated the North America Outsourced Market by Country in 2020, and would continue to be a dominant market till 2027. The Canada market is experiencing a CAGR of 14.4% during (2021-2027). Additionally, The Mexico market would witness a CAGR of 13.4% 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 U.S., Mexico, Canada, and Rest of North America.
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 North America
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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