Robust Growth in Medical Billing Outsourcing Market Driven by Error Minimization and Healthcare Industry Expansion

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.

The medical billing outsourcing market is set for substantial growth, expected to surge from $15.12 billion in 2023 to an estimated $16.91 billion in 2024, reflecting a noteworthy compound annual growth rate (CAGR) of 11.8%. This growth is propelled by the rising demand for cost containment and data analytics, with key factors including initiatives for error minimization and the expanding global healthcare industry.

Error Minimization as a Catalyst:

Efforts to minimize errors in medical billing have significantly fueled the medical billing outsourcing market's growth. In the U.S., a staggering 80% of medical bills contain errors, leading to an average error amount of $1,300 for hospital bills exceeding $10,000. The urgency to optimize the billing process is underscored by an estimated annual loss of $125 billion for doctors due to billing errors, driving the adoption of medical billing outsourcing services.

Global Healthcare Industry Impact:

The global healthcare industry's expansion plays a pivotal role in the rapid growth of medical billing outsourcing market. The sector, encompassing various economic segments, increasingly leverages outsourcing to enhance efficiency and focus on core patient care. In 2021, North America held a substantial market share of 47.5%, with a revenue share of 38.9%. The market is projected to experience a compelling CAGR of 12.03% between 2022 and 2030, reaching a value of $30.2 billion.

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Technology Advancements:

Cloud-based medical billing software and Electronic Health Record (EHR) services are transforming the industry. Solutions like Epic Systems' cloud-based medical software provide enhanced security for patient details, contributing to comprehensive Revenue Cycle Management (RCM) capability.

Key Players:

Major companies operating in the medical billing outsourcing market include Experian Information Solutions, Cerner Corporation, Kareo, GE Healthcare, Genpact, Quest Diagnostics, McKesson, eClinicalWorks, The SSI Group, HCLTech, Allscripts, R1 RCM, Accretive Health, Connext Global Solutions, AdvancedMD Inc., CareCloud Inc., Revele Billing Services, Infinite Outsourcing Solutions, Promantra Synergy Solutions Ltd.

Regional Insights and Market Segments:
North America dominates the market, with Western Europe securing a significant position.

The medical billing outsourcing market covered in this report is segmented -
1) By Service: Front End, Back End
2) By Component: In-house, Outsourced
3) By End User: Hospitals, Physician Offices

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Medical Billing Outsourcing Global Market Report 2024 from TBRC covers the following information:

Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Medical Billing Outsourcing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on medical billing outsourcing market size, medical billing outsourcing market drivers and trends, medical billing outsourcing market major players, competitors' revenues, medical billing outsourcing market positioning, and medical billing outsourcing market growth across geographies. The medical billing outsourcing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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