Medical billing outsourcing Market was valued at USD 12.2 Billion in 2023 and is expected to rise from USD 13.67 Billion in 2024 to USD 30.27 Billion by 2031, at a CAGR of 12.03% during the forecast period (2024–2031). Growing emphasis on healthcare cost reduction around the world and rising popularity of healthcare service outsourcing are projected to drive the demand for medical billing outsourcing. Increasing availability of outsourcing services and growing complexity of billing procedures and reimbursement issues are also contributing to the growing popularity of medical billing outsourcing.
Medical billing outsourcing companies can explore the use of advanced technologies and automation to enhance their business scope in the future. Increasing digitization of the medical industry is also expected to help create new opportunities for medical billing outsourcing providers going forward. A determination of skilled workforce in the healthcare industry is also a key factor offering expanded business scope for medical billing outsourcing market players around the world.
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Mergers and Acquisitions – Preferred Strategies for Medical Billing Outsourcing Companies
Strategies such as mergers, acquisitions, and collaborations are anticipated to be highly popular for companies looking to enhance their global market presence. For instance, collaborating with hospital chains will surely create boost revenue generation for medical billing outsourcing companies. Top medical billing outsourcing companies will be focusing on extending their lead in the market while new companies will be focused on innovation to stand out from the competition. Medical billing outsourcing providers are continually launching new products and services to maximize their business scope and market share on a global level.
SimiTree and Axxess teamed up in June 2024 to launch new solutions to help empower home care and hospice care industry growth. The newly launched products use the expertise of both companies to provide users with the best care experience in the future.
In February 2024, A new start-up emerged from stealth with a USD 3.1 million funding. RapidClaims provides an automated medical coding process intended to resolve the issue of medical billing delays in healthcare establishments.
Omega healthcare announced the acquisition of Apexon Health back in April 2022. This strengthened Omega’s presence in the medical billing market as it now has access to the extensive medical billing portfolio of Apexon Health.
GeBBS, a leading name in the healthcare outsourcing space in the United States market was announced to be acquired by EQT in September 2024. EQT revealed its plans to acquire a controlling interest in GeBBS and make it a more significant player in the global medical billing outsourcing market.
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This report covers the following segments:
A. Component
In-house
Outsourced
Others
B. End User
Hospitals
Physician Offices
Other
This report covers the following players:
Genpact
McKesson Corporation
Accenture
Cognizant
HCL Technologies
TCS Healthcare Technologies
GE Healthcare
Quest Diagnostics
R1 RCM Inc.
Conifer Health Solutions
Medusind
AGS Health
Healthcare Administrative Partners
Avadyne Health
PracticeMax
CureMD
Etransmedia Technology Inc.
Kareo
Mphasis
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Expanding the business scope and improving medical billing to alleviate the growing burden on healthcare infrastructure will primarily bolster medical billing outsourcing demand. Investing in the integration of advanced technologies will offer good returns on investments for almost all medical billing outsourcing market players in the long run.
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