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.
In response to the increased need for RCM services and the low barrier to entry, there has been significant growth in the medical billing industry—63% of companies surveyed are less than 10 years old and 26% less than two years old. New and established specialty providers are seeing double-digit growth. Billing companies have numerous options for establishing a specialty focus or branching out to serve other growing medical specialties.
The 2018 Kareo Billing Industry Survey, conducted between June 27 and July 4, 2018, includes responses from 248 billing companies (from small, medium, and large-sized firms throughout the United States) knowledgeable about medical billing industry practices.
Most companies (63%) serve 1-25 providers. Small companies, servicing 1-25 providers, currently serve 15% of total providers. Medium-sized companies, servicing 26-100 providers, support 28% of total providers. Large companies, with over 100 providers, serve 57% of total providers.