Medical Billing Outsourcing Market Size Worth $23.1 Billion by 2027: Grand View Research, Inc.

Medical Billing Outsourcing Market Size Worth $23.1 Billion by 2027: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, March 24, 2020

SAN FRANCISCO, March 24, 2020 /PRNewswire/ -- The global medical billing outsourcing market size is projected to reach USD 23.1 billion by 2027, expanding at a CAGR of 12.3%, based on a new report by Grand View Research, Inc. A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers, renders medical billing an intricate part of any clinical practice, posing significant challenges. Currently, the healthcare system is witnessing a subsequent rise in the outsourcing of clinical billing services by hospitals and physicians due to obligatory implementation of complex ICD-10 coding systems, increasing healthcare costs, and a federal mandate to implement electronic medical records (EMR) to maintain reimbursement levels.

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Read 108 page research report with ToC on "Medical Billing Outsourcing Market Size, Share & Trends Analysis Report By Component (In-House, Outsourced), By Service (Front End, Middle End, Back End), By End Use, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/medical-billing-outsourcing-market

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing functions. In addition, multispecialty healthcare groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for revenue cycle management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, the consolidation of large healthcare practices is also expected to be one of the factors fueling market growth. 

Grand View Research has segmented the global medical billing outsourcing market based on component, service, end use, and region:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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