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.
Free Valuable Insights: The Global Medical Billing Outsourcing Market is Estimated to Reach USD 24.7 Billion by 2027 at a CAGR of 13.4%
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 Component
By Service
- Front-end
- Back-end
- Middle-end
By End Use
By Country
- US
- Canada
- Mexico
- 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.
- Kareo
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Medical Billing Outsourcing Market, by Component
1.4.2 North America Medical Billing Outsourcing Market, by Service
1.4.3 North America Medical Billing Outsourcing Market, by End Use
1.4.4 North America Medical Billing Outsourcing Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. North America Medical Billing Outsourcing Market by Component
3.1 North America Outsourced Market by Country
3.2 North America In-house Market by Country
Chapter 4. North America Medical Billing Outsourcing Market by Service
4.1 North America Front-end Market by Country
4.2 North America Back-end Market by Country
4.3 North America Middle-end Market by Country
Chapter 5. North America Medical Billing Outsourcing Market by End-use
5.1 North America Hospitals Market by Country
5.2 North America Clinics Market by Country
5.3 North America Others Market by Country
Chapter 6. North America Medical Billing Outsourcing Market by Country
6.1 US Medical Billing Outsourcing Market
6.1.1 US Medical Billing Outsourcing Market by Component
6.1.2 US Medical Billing Outsourcing Market by Service
6.1.3 US Medical Billing Outsourcing Market by End-use
6.2 Canada Medical Billing Outsourcing Market
6.2.1 Canada Medical Billing Outsourcing Market by Component
6.2.2 Canada Medical Billing Outsourcing Market by Service
6.2.3 Canada Medical Billing Outsourcing Market by End-use
6.3 Mexico Medical Billing Outsourcing Market
6.3.1 Mexico Medical Billing Outsourcing Market by Component
6.3.2 Mexico Medical Billing Outsourcing Market by Service
6.3.3 Mexico Medical Billing Outsourcing Market by End-use
6.4 Rest of North America Medical Billing Outsourcing Market
6.4.1 Rest of North America Medical Billing Outsourcing Market by Component
6.4.2 Rest of North America Medical Billing Outsourcing Market by Service
6.4.3 Rest of North America Medical Billing Outsourcing Market by End-use
Chapter 7. Company Profiles
7.1 General Electric (GE) Co. (GE Healthcare)
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.2 Quest Diagnostics, Incorporated
7.2.1 Company Overview
7.2.2 Financial Analysis
7.3 AllScripts Healthcare Solutions, Inc.
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Regional & Segmental Analysis
7.3.4 Research & Development Expenses
7.4 Athenahealth, Inc. (Veritas Capital)
7.4.1 Company overview
7.4.2 Recent strategies and developments:
7.4.2.1 Partnerships, Collaborations, and Agreements:
7.5 McKesson Corporation
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expense
7.6 Genpact Limited
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.6.4 Recent strategies and developments:
7.6.4.1 Partnerships, Collaborations, and Agreements:
7.7 eClinicalWorks LLC
7.7.1 Company Overview
7.8 Experian PLC
7.8.1 Company Overview
7.8.2 Financial Analysis
7.8.3 Regional Analysis
7.8.4 Research & Development Expense
7.9 R1 RCM, Inc.
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Recent strategies and developments:
7.9.3.1 Acquisition and Mergers:
7.10. Kareo
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Product Launches and Product Expansions:
TABLE 1 North America Medical Billing Outsourcing Market, 2017 - 2020, USD Million
TABLE 2 North America Medical Billing Outsourcing Market, 2021-2027, USD Million
TABLE 3 North America Medical Billing Outsourcing Market by Component, 2017 - 2020, USD Million
TABLE 4 North America Medical Billing Outsourcing Market by Component, 2021-2027, USD Million
TABLE 5 North America Outsourced Market by Country, 2017 - 2020, USD Million
TABLE 6 North America Outsourced Market by Country, 2021-2027, USD Million
TABLE 7 North America In-house Market by Country, 2017 - 2020, USD Million
TABLE 8 North America In-house Market by Country, 2021-2027, USD Million
TABLE 9 North America Medical Billing Outsourcing Market by Service, 2017 - 2020, USD Million
TABLE 10 North America Medical Billing Outsourcing Market by Service, 2021-2027, USD Million
TABLE 11 North America Front-end Market by Country, 2017 - 2020, USD Million
TABLE 12 North America Front-end Market by Country, 2021-2027, USD Million
TABLE 13 North America Back-end Market by Country, 2017 - 2020, USD Million
TABLE 14 North America Back-end Market by Country, 2021-2027, USD Million
TABLE 15 North America Middle-end Market by Country, 2017 - 2020, USD Million
TABLE 16 North America Middle-end Market by Country, 2021-2027, USD Million
TABLE 17 North America Medical Billing Outsourcing Market by End-use, 2017 - 2020, USD Million
TABLE 18 North America Medical Billing Outsourcing Market by End-use, 2021-2027, USD Million
TABLE 19 North America Hospitals Market by Country, 2017 - 2020, USD Million
TABLE 20 North America Hospitals Market by Country, 2021-2027, USD Million
TABLE 21 North America Clinics Market by Country, 2017 - 2020, USD Million
TABLE 22 North America Clinics Market by Country, 2021-2027, USD Million
TABLE 23 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 24 North America Others Market by Country, 2021-2027, USD Million
TABLE 25 North America Medical Billing Outsourcing Market by Country, 2017 - 2020, USD Million
TABLE 26 North America Medical Billing Outsourcing Market by Country, 2021-2027, USD Million
TABLE 27 US Medical Billing Outsourcing Market, 2017 - 2020, USD Million
TABLE 28 US Medical Billing Outsourcing Market, 2021-2027, USD Million
TABLE 29 US Medical Billing Outsourcing Market by Component, 2017 - 2020, USD Million
TABLE 30 US Medical Billing Outsourcing Market by Component, 2021-2027, USD Million
TABLE 31 US Medical Billing Outsourcing Market by Service, 2017 - 2020, USD Million
TABLE 32 US Medical Billing Outsourcing Market by Service, 2021-2027, USD Million
TABLE 33 US Medical Billing Outsourcing Market by End-use, 2017 - 2020, USD Million
TABLE 34 US Medical Billing Outsourcing Market by End-use, 2021-2027, USD Million
TABLE 35 Canada Medical Billing Outsourcing Market, 2017 - 2020, USD Million
TABLE 36 Canada Medical Billing Outsourcing Market, 2021-2027, USD Million
TABLE 37 Canada Medical Billing Outsourcing Market by Component, 2017 - 2020, USD Million
TABLE 38 Canada Medical Billing Outsourcing Market by Component, 2021-2027, USD Million
TABLE 39 Canada Medical Billing Outsourcing Market by Service, 2017 - 2020, USD Million
TABLE 40 Canada Medical Billing Outsourcing Market by Service, 2021-2027, USD Million
TABLE 41 Canada Medical Billing Outsourcing Market by End-use, 2017 - 2020, USD Million
TABLE 42 Canada Medical Billing Outsourcing Market by End-use, 2021-2027, USD Million
TABLE 43 Mexico Medical Billing Outsourcing Market, 2017 - 2020, USD Million
TABLE 44 Mexico Medical Billing Outsourcing Market, 2021-2027, USD Million
TABLE 45 Mexico Medical Billing Outsourcing Market by Component, 2017 - 2020, USD Million
TABLE 46 Mexico Medical Billing Outsourcing Market by Component, 2021-2027, USD Million
TABLE 47 Mexico Medical Billing Outsourcing Market by Service, 2017 - 2020, USD Million
TABLE 48 Mexico Medical Billing Outsourcing Market by Service, 2021-2027, USD Million
TABLE 49 Mexico Medical Billing Outsourcing Market by End-use, 2017 - 2020, USD Million
TABLE 50 Mexico Medical Billing Outsourcing Market by End-use, 2021-2027, USD Million
TABLE 51 Rest of North America Medical Billing Outsourcing Market, 2017 - 2020, USD Million
TABLE 52 Rest of North America Medical Billing Outsourcing Market, 2021-2027, USD Million
TABLE 53 Rest of North America Medical Billing Outsourcing Market by Component, 2017 - 2020, USD Million
TABLE 54 Rest of North America Medical Billing Outsourcing Market by Component, 2021-2027, USD Million
TABLE 55 Rest of North America Medical Billing Outsourcing Market by Service, 2017 - 2020, USD Million
TABLE 56 Rest of North America Medical Billing Outsourcing Market by Service, 2021-2027, USD Million
TABLE 57 Rest of North America Medical Billing Outsourcing Market by End-use, 2017 - 2020, USD Million
TABLE 58 Rest of North America Medical Billing Outsourcing Market by End-use, 2021-2027, USD Million
TABLE 59 Key Information – General Electric (GE) Co.
TABLE 60 Key Information – Quest Diagnostics, Incorporated
TABLE 61 Key Information – AllScripts Healthcare Solutions, Inc.
TABLE 62 Key Information – Athenahealth, Inc.
TABLE 63 Key Information – McKesson Corporation
TABLE 64 Key Information – Genpact Limited
TABLE 65 Key Information – eClinicalWorks LLC
TABLE 66 key information – Experian PLC
TABLE 67 key information – R1 RCM, Inc.
TABLE 68 key information – Kareo
List of Figures
FIG 1 Methodology for the research