Medical Billing Market overview
Medical expense providers also have to shoulder much of the burden of the flawed system which has led to poor repayment rates, uncoordinated communications and patient confusion. High-deductible health plans have been known to aggravate the problem. Medical billing market is expanding as the demand for streamlined billing experience is on the rise. Healthcare bill payments are being made more manageable by medical billing services that use business management software and other technologies to making medical billing a better experience for everyone. Considering that 72% of patients are confused by their EOB or explanation of benefits and 70% of patients are confused by their medical bills, medical billing market is expected to witness an expanded growth scope as managing healthcare costs is a priority for patients, payers as well as the government.
The increasing level of hospital visits undertaken by an individual has grown, leading to the need for improving billing methods. Reports that assess the healthcare IT industry have been presented by Market Research Future, which generates reports on many industry verticals that examine the market growth and forecasts. The market is expected to forge ahead with a CAGR of 6.5% in the upcoming years.The increased investment in the healthcare sector has greatly contributed to the expansion of the Medical Billing Market as well. Also, the enhanced digitalization in the healthcare industry has encouraged the growth of the medical billing market. The diversification in the payment processes is anticipated to further improve the progress of the medical billing market in the upcoming period.
The healthcare sector is going through a phase of significant transformation amidst changing regulations and increasing pressure on healthcare providers to improve patient services while lowering healthcare costs. Medical billing services encompass a specific set of responsibilities ranging from handling collections on unpaid account to working in conjunction with insurance companies, healthcare providers, and patients to get med claims processed and paid. Primary medical billing practices involve receiving payments, submitting bills and following up for payments The medical billing market has been witnessing tremendous traction on the global front, mainly due to the advances in the HRCM technology that is making quite a stride, off late. Besides, medical billing industry trends, such as the broad uptake of HRCM technology across the healthcare sector, escalate the market further on a global platform.
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Medical Billing Market Players
- Accenture (US)
- TCS (India)
- AGS Health (India)
- Cognizant Technology Solutions (US)
- GeBBS Healthcare (US)
- Genpact (US)
- HCL Technologies (India)
- INFINIT Healthcare
- Medusind (India)
- Others
Medical Billing Market Segmentation
By Types : Professional Billing, Institutional Billing, and others.
By Application : Financial, Infrastructure, Database Management, Operational, and others.
By Process : Electronic Billing, Payment, Medical Billing Services, and others.
By Regions : Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Medical Billing Regional Analysis
The Americas is at the forefront of the global medical billing market. Robust IT industry and the adoption of the latest technologies by the healthcare sector are factors driving the growth of the market. Additionally, high healthcare expenditure in countries such as the US and Canada also boost market growth. Also, an increase in the number of insured persons under the Affordable Care Act has raised the demand for healthcare services in the region, boosting the growth of the medical billing market.
Europe accounts for the second most significant share of the global medical billing market. Burgeoning support from the government in the form of funds for healthcare development and increasing focus on ensuring transparency in billing are factors fueling market growth in Europe.
APAC is an emerging market for medical billing driven by expanding healthcare expenditure, and government initiatives towards the modernization of the healthcare sector. China and India are the key country-specific markets in APAC.
Healthcare among others are some reputed players in the medical billing market that are studied by MRFR for evaluation.
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Medical Billing Market Share, Trends and Growth Analysis By Type (Professional Billing, Institutional Billing), By Application (Database Management, Financial, Infrastructure, Operational) By Process (Electronic Billing, Payment And Medical Billing Services) - Global Forecast Till 2023
Acknowledging the phenomenal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the medical billing market is expected to perceive a spectacular growth by 2023, registering 6.5% CAGR over the review period (2017-2023).
Medical billing, also known as revenue cycle management (RCM), is the most complex and crucial components of the healthcare IT Sector.
Over the past few years, the medical billing market is increasingly witnessing tremendous traction, globally, owing to the wide uptake of medical billing across the healthcare sector which is rapidly evolving with the technological advancements.
At the same, the demand for controlling those concerns including increasing fraudulent billing cases, disputes, and pending reimbursement processes is growing rapidly.
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