According to the research report titled, ‘Global Medical Billing Outsourcing Market Size study, by Component (Inhouse, Outsourced, ) by Service (Front End, Middle End, Back End)by End Use(Hospital, Physician Office, Others) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global medical billing outsourcing market was worth USD 10.2 billion in 2020 and is projected to register a compound annual growth rate of 12.6% during 2021-2027, accumulating USD 23.41 billion by 2027.
 

Surging use of billing and medical coding procedures and increasing geographical reach of major companies through mergers & acquisitions are aiding the expansion of global medical billing outsourcing market.
 

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Citing an instance, as per a healthcare payment insight survey report that was conducted by Elavon in January 2020, consumers using various latest payment methods have witnessed high satisfaction in settling their medical bills.
 

In addition, rising technological advancements in the field, and increasing government regulations are augmenting industry outlook.
 

On the contrary, high threat of data breaches is likely to hinder the remuneration scope of this marketplace in the ensuing years.
 

In terms of component, the industry vertical is split into inhouse and outsourced, whereas bifurcation based on service includes front end, middle end, and back end. By end use, global medical billing outsourcing market is fragmented into hospitals, physicians office, and others.
 

Speaking of the geographical landscape, North America, Latin America, Asia Pacific, and Europe are considered to understand the dynamics of this business sphere. Among these, North America presently accounts for a significant share in the overall market owing to high cognizance about healthcare IT services among the masses and the presence of established industry players.
 

Meanwhile, Europe market is projected to showcase lucrative expansion trends during 2021-2027, driven by consolidation of large health care providers in the region.
 

HCL Technologies Ltd., eClinicalWorks LLC, Genpact Ltd, McKesson Corporation, Cerner Corporation, Kareo, Inc. Allscripts Healthcare LLC, Quest Diagnostics, Inc., R1 RCM, Inc., GE Healthcare, and Experian Information Solutions, Inc are the leading players defining the competitive arena of global medical billing outsourcing market.