U.S. Medical Billing Outsourcing Market Size & Outlook
U.S. medical billing outsourcing market, 2018-2030 (US$M)
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U.S. medical billing outsourcing market highlights
- The U.S. medical billing outsourcing market generated a revenue of USD 5,700.8 million in 2023 and is expected to reach USD 12,258.8 million by 2030.
- The U.S. market is expected to grow at a CAGR of 11.6% from 2024 to 2030.
- In terms of segment, outsourced was the largest revenue generating component in 2023.
- Outsourced is the most lucrative component segment registering the fastest growth during the forecast period.
Medical billing outsourcing market data book summary
| Market revenue in 2023 | USD 5,700.8 million |
| Market revenue in 2030 | USD 12,258.8 million |
| Growth rate | 11.6% (CAGR from 2023 to 2030) |
| Largest segment | Outsourced |
| Fastest growing segment | Outsourced |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | In-house, Outsourced |
| Key market players worldwide | R1 RCM Inc, Veradigm Inc, Oracle Corp, Quest Diagnostics Inc, McKesson Corp, eClinicalWorks, Kareo, AdvancedMD, Promantra |
Other key industry trends
- In terms of revenue, U.S. accounted for 42.4% of the global medical billing outsourcing market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. medical billing outsourcing market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,409.0 million by 2030.
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Medical Billing Outsourcing Market Scope
Medical Billing Outsourcing Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. medical billing outsourcing market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to medical billing outsourcing market will help companies and investors design strategic landscapes.
Outsourced was the largest segment with a revenue share of 57.68% in 2023. Horizon Databook has segmented the U.S. medical billing outsourcing market based on in-house, outsourced covering the revenue growth of each sub-segment from 2018 to 2030.
The healthcare industry in the U.S. is witnessing a rapid transformation owing to changes in regulations, implementation of a new coding system (ICD-10 procedure coding system), and increase in pressure on healthcare providers to improvise patient services by ensuring low costs. Medical billing comprises all administrative & clinical functions that help capture, manage, and collect revenue generated from services provided to patients.
Despite slowdown in the U.S. economy, medical costs have increased at a rapid rate. For instance, according to CMS, hospital expenditure increased to 6.2% in 2019 from 4.2% in 2018. According to a new study published in Annals of Internal Medicine, administrative costs now account for about 34% of total healthcare expenditure in the U.S.—twice the percentage Canada spends.
To reduce costs, healthcare stakeholders in the U.S. have formulated various strategies, such as cost containment. However, after the federal government mandated the transition of the U.S. healthcare system from fee-for-service to value-based reimbursement, significant changes have been made to traditional model of healthcare reimbursement in the U.S. hospitals.
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Target buyers of U.S. medical billing outsourcing market databook
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Our clientele includes a mix of medical billing outsourcing market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the U.S. medical billing outsourcing market , including forecasts for subscribers. This country databook contains high-level insights into U.S. medical billing outsourcing market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. medical billing outsourcing market size, by component, 2018-2030 (US$M)
U.S. Medical Billing Outsourcing Market Outlook Share, 2023 & 2030 (US$M)
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