Increasing Count of Governments Funding Schemes Boosts Medical Billing Outsourcing Market

The medical billing outsourcing market is estimated to reach USD 14.0 billion in 2023, which will increase to USD 31.4 billion, with a 12.3% compound annual growth rate, by 2030.

The growth of this industry is because of the rising utilization of IT resources in medical companies and the increasing funding schemes from the government.

The front-end services category, based on service type, is a significant contributor to the industry. This can be because numerous front-end services are needed in preregistration, scheduling, registration, verification for insurance, pre-authorization, and eligibility criteria checks.

The out-patient bills category, based on bill type, will propel at the highest CAGR, of 12.6%, during this decade. This is primarily because of the increasing count of patients visiting OPDs for small injuries, coupled with the numerous out-patient surgeries that don’t need overnight stays at hospitals.

APAC is likely to advance at a 12.7% compound annual growth rate, in the years to come. This will be mainly because of the decreased price of medical treatments, the rising utilization of cutting-edge technologies in healthcare, and the increasing consciousness of clinical billing software.

It is because of the surging count of government funding schemes and the increasing utilization of IT resources in the medical sector, the medical billing outsourcing industry will continue to progress in the years to come.