GITNUX MARKETDATA REPORT 2024

Medical Billing Industry Statistics

The medical billing industry is experiencing steady growth, with an expected increase in demand for services due to the aging population and advancements in healthcare technology.

Statistic 1

"Electronic Health Records (EHR) usage among office-based physicians has reached over 85%."

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Statistic 2

"The medical billing outsourcing market is expected to grow at a CAGR of 12.3% from 2021 to 2028."

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Statistic 3

"The average cost of in-house medical billing operations is approximately 10-15% higher compared to outsourcing."

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Statistic 4

"Approximately 25% of claims are rejected due to errors."

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Statistic 5

"The U.S. medical billing industry market size was valued at $3.39 billion in 2019."

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Statistic 6

"Errors in medical billing account for nearly $68 billion in unnecessary spending in the U.S. healthcare system annually."

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Statistic 7

"Healthcare facilities that outsource their medical billing see an increase in revenue by 5-10%."

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Statistic 8

"More than 8 in 10 healthcare leaders are concerned about cybersecurity risks affecting billing operations."

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Statistic 9

"Around 80% of medical bills in the U.S. contain errors."

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Statistic 10

"Advanced data analytics in medical billing can reduce operational costs by up to 30%."

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Statistic 11

"Nearly 90% of providers using billing propelling software report performance improvement within their RCM."

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Statistic 12

"The average denial rate for medical claims is around 5-10%."

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Statistic 13

"Medical practices spend about 17% of their revenue on billing and insurance-related activities."

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Statistic 14

"About 95% of hospitals plan to invest in outsourced revenue cycle management over the next three years."

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Statistic 15

"The global medical billing outsourcing market was valued at $9.3 billion in 2020."

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Statistic 16

"The average cost to rework a denied claim is $25."

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Statistic 17

"Over 30% of healthcare providers in the United States outsource their medical billing."

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Statistic 18

"Medical billing and coding jobs are expected to grow 8% from 2019 to 2029 in the U.S."

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Statistic 19

"Medical billing fraud costs the U.S. government $68 billion annually."

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Statistic 20

"The U.S. medical billing services market size is estimated to reach $16.9 billion by 2024."

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