Medical billing outsourcing is the process to outsource medical billings by a healthcare institution. The system helps the hospitals and healthcare centers in concentrating solely on providing the services and treatments by streamlining and restructuring the complicated processes of reimbursement and avoiding the declines. This is the leading factor behind the rising demand in the global medical billing outsourcing market within the forecast period.
The process of medical billing outsourcing aids in regulating ad fueling the cash flow, reduces employee expenses, decreases staff size, and saves on the overall expenses of the software and the equipment. Besides, expanding the geographical reach of the key players in the form of mergers & acquisitions, collaborations, and partnerships is also contributing significantly to the growth of the global medical billing outsourcing market. Moreover, the governments of different countries are also investing notably in the healthcare industry for the betterment of facilities and infrastructure. This has encouraged the industry to emerge more efficiently and make optimal use of monetary allocations. As a result, this positively affects the vendors dealing in the global market.
There has been a substantial rise in the use of medical coding and billing processes in the revenue cycle, which is fueling the demand in the global medical billing outsourcing market. In addition, there are frequent reconsiderations in the classification of medical coding. However, the outbreak of the COVID-19 pandemic has severely affected the entire industry, hampering further growth. Nevertheless, technological advancement, changing government protocols, uncollectible accounts, and bad debts are some of the factors to re-accelerate the global market.
The outbreak of the COVID-19 pandemic has adversely affected the medical billing outsourcing market by decreasing the payment-making ability and decline in service or patient volumes. Thus, healthcare experts need to overcome this situation by revising their monetary plans to reduce the impact of the pandemic.
The global medical billing outsourcing market is broadly segmented into component, service, end-user, and region. In terms of components, the global market is bifurcated into outsourced and in-house. On the basis of service, the market is divided into back end, middle end, and front end. The end-user segment is categorized into physician offices, hospitals, clinics, and others.
Based on geography, North America is estimated to lead the global medical billing outsourcing market, attributed to the rising awareness regarding outsourcing services in healthcare IT and the increased number of key players based in the region. In addition, rising disposable income is also helping in regional development. The region is further followed by Europe owing to technological advancements and improved healthcare infrastructure.
The leading players in the global medical billing outsourcing market are Allscripts, McKesson Corporation, Genpact, eClinicalWorks, Cerner Corporation, Accretive Health, Experian Information Solutions, GE Healthcare, HCL, Quest Diagnostics, Kareo, The SSI Group, etc. To improve its market presence and sustain its dominance, Veritas Capital in February 2019 took over Athenahealth, Inc. in partnership with another firm, Evergreen Coast Capital, in the form of a minority investor.