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DUBLIN--(BUSINESS WIRE)--Nov 25, 2022--
The "Medical Billing Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global medical billing outsourcing market size reached US$ 8 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 15.8 Billion by 2027, exhibiting a CAGR of 12.01% during 2021-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Medical billing outsourcing, or revenue cycle management (RCM), refers to the process of outsourcing billing and finance-related processes by a hospital or healthcare institution. It involves the utilization of a third-party software application to process bills, file and follow up on medical insurance claims and obtain accurate payments for the services rendered. This aids in streamlining the complex collection processes, improving revenue generation, enhancing operational efficiencies and minimizing administrative workload. In comparison to in-house billing solutions, it is more cost-effective, transparent, and consistent and can assist in effectively managing hospital staff and other operations.
Complexities in managing reimbursements and claims and the consequent need for simplifying the process is one of the key factors driving the market growth. The medical and healthcare industry is increasingly adopting automated solutions for various operations with the aim to enhance in-house workflow and offer a seamless experience to patients.
In line with this, widespread adoption of front-end outsourced medical billing solutions, which primarily include end-to-end patient access, digital order management, central scheduling, quality assurance and patient registration, is providing a boost to the market growth.
The implementation of government regulations to employ digital record-keeping solutions is another major growth-inducing factor. Various hospitals, clinics, and healthcare centers are utilizing these solutions for efficient record-keeping of medical tourism bills and risk management against unforeseen circumstances. Other factors, including improvements in healthcare infrastructure, increasing integration of cloud-based services and the Internet of Things (IoT) with the existing technologies and extensive research and development (R&D) activities, are projected to drive the market in the upcoming years.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global medical billing outsourcing market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, service and end-use.
Breakup by Type:
Breakup by Service:
Breakup by End-Use:
Breakup by Region:
Key Questions Answered in This Report:
For more information about this report visit https://www.researchandmarkets.com/r/xa6212
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KEYWORD:
INDUSTRY KEYWORD: PRACTICE MANAGEMENT TECHNOLOGY MANAGED CARE TELEMEDICINE/VIRTUAL MEDICINE OTHER HEALTH OUTSOURCING BUSINESS OTHER PROFESSIONAL SERVICES BUSINESS FINTECH HUMAN RESOURCES HEALTH TECHNOLOGY HOSPITALS FINANCE HEALTH INSURANCE BANKING ACCOUNTING PROFESSIONAL SERVICES IOT (INTERNET OF THINGS) HEALTH INTERNET
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/25/2022 12:17 PM/DISC: 11/25/2022 12:17 PM
http://www.businesswire.com/news/home/20221125005282/en