The global medical billing outsourcing market is projected to grow at a CAGR of over 10% during the forecast period. The market growth is attributed to the increasing need to make the medical billing process efficient, and efforts to decrease in-house processing costs.
In the US many hospitals and physician clinics have reported an error in their billing system, due to which many doctors and hospitals have faced losses. Due to this, the need for error minimization in medical billing is accelerated. Many hospitals are choosing the outsourcing solution for billing and due to this, the medical billing outsourcing market is expected to grow during the forecast period.
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Further, the key players present in the market adopt various growth strategies to sustain themselves in the competitive market. For instance, in June 2020, R1 RCM, a Chicago-based healthcare revenue management cycle company serving hospitals and physician groups, has agreed to acquire Cerner RevWorks for $30 million as a deal amount. The acquisition is expected to extend the overall revenue cycle capabilities of R1 and would drive sustainable financial improvements for healthcare providers and enhance their patient’s overall experience.
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Market Coverage
- Segment Covered-
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- R1 RCM, Inc., Allscripts Healthcare Solutions, McKesson Corp., and Kareo Inc.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Medical Billing Outsourcing Market – Segmentation
By End-User
- Hospitals
- Physician Office
- Others
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