Medical Billing Market Overview by Share, Size, SWOT Analysis, Segmentation, Emerging Trends, Future Outlook, Applications, Insights, Profile, key Players, Future Outlook, PESTEL analysis with Regional Insights of North America, Asia-Pacific, Europe, and the Middle East & Africa, Forecast To 2023
Market Research Future (MRFR) in its recently published study report mentions that the global Medical Billing Market will rise to witness a spectacular growth by 2023, growing at a CAGR of 6.5% during the review period 2017-2023. Medical billing, a payment practice involved in receiving payments, submitting bills and payment follow-up is witnessing a wide uptake across the healthcare sector, evolving rapidly with the technological advancements. Over the past few years, while, the healthcare sector is booming and perceiving increasing healthcare expenditures all around the world, some concerns pertaining to the billing and reimbursement are growing too.
Those raising concerns include increasing cases of fraud billings, disputes, and prolonged reimbursement processes. Simultaneously, there is a huge demand to control those concerns to enhance patients’ experience and thus their quality of life by offering them some peace over these disruptive environments. The cumulative effect of these two factors is supporting the growth of the medical billing market. Furthermore, the advancement in Information technology is escalating the market on the ascending levels on the global platform.
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Considering the phenomenal growth prospect demonstrated by the market,
The market is expected to perceive a steady growth over the next five years, as the growing geriatric population creates demand via Medicare. Furthermore, the number of insured people will rise in line with healthcare reform, as people with pre-existing conditions can receive insurance. The growing senior population will keep driving demand for the medical services over the next five years, helping the revenue to blossom.
Increasing implementation of several healthcare IT platforms poses a significant impact on the acceptance and growth of this market. The factors such as efforts to contain and decrease in-house processing costs, the requirement of error minimization, meeting federal mandates to implement digital record-keeping by healthcare providers, and changing healthcare regulations are projected as market growth propelling factors. Implementation of RCM by medical providers has improved their cash flow, reduced claim denials, and helped them gain an analytical approach to allocate resources and ensure effective revenue management.
Additional factors that influence the growth of medical billing market are the increased expenditure in healthcare, increasing use of the Internet, increased need for risk and compliance management, increasing digitalization in the healthcare industry and many others. However, the factors such as high costs of technology, the reluctance of providers to provide patient records to third-party sources may hamper the growth of the market.
Medical billing sometimes also referred to as revenue cycle management (RCM), includes the most complex and crucial components of the healthcare IT business. Due to the lack of expertise in tackling new payment models and revenue management tools; current systems in practice for managing revenue are becoming outdated with the time. Providers are confronting with the challenges while managing the flooding claims and reimbursements, resulting in huge losses.
The emergence of updated technological solutions, increasing government requirements, and bad debt &uncollectible accounts have induced a new trend leading to the increased preference for medical billing outsourcing by several healthcare providers.
Global Medical Billing Market – Segmentations
MRFR analysis is segmented into four key dynamics for the enhanced understanding;
By Types: Comprises Professional Billing, and Institutional Billing, others.
By Applications: Database Management, Financial, Infrastructure, and Operational among others.
By Processes: Electronic Billing, Payment and Medical Billing Services among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
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Global Medical Billing Market – Regional Analysis
Globally, North America accounts for the leading market for Medical Billing. Countries like U.S. and Canada play a vital role in the growth of this market. Increasing demand to curtail the medical bills that are skyrocketing currently. Higher per capita healthcare expenditures and rising R&D funding to develop new technologies are some of the major factors supporting the growth of the market in the region. Furthermore, the extensive growth of the information technology in the healthcare industry is also one of the factors driving the growth of the market.
Europe is expected to be the second-largest market and is expected to show extensive growth throughout the forecast period. Factors such as the financial support from the government for research and development activities and growing emphasis on transparent billing methods in the region drive the market growth.
Furthermore, Asia Pacific Medical Billing market is emerging as one of the lucrative markets. Increasing occurrences of chronic diseases, coupled with the increasing incidences of billing frauds in the region are the major driving forces for the growth of the market.
Global Medical Billing Market – Competitive Analysis
Key Players are focusing on streamlining their offerings and pinpoint areas that would lead to cost improvement. Rising demand for medical claims processing services has attracted new entrants to the industry. A Large number of healthcare providers are shiftuing to end-to-end outsourcing firms to manage their billing processes effectively.
Recognizing the financial benefits offered by the outsourcing firms, the providers are relying on billing service providers to handle high-volume transactions and maximize their operating margins. As these practices are being standardized; healthcare providers are realizing their benefits.
Key Players:
Identified and profiled in MRFR analysis; the key players that are involved in global medical billing market are TCS (India), Accenture (US), AGS Health (India), GeBBS Healthcare (US), Cognizant Technology Solutions (US), Genpact (US), INFINIT Healthcare, HCL Technologies (India), and Medusind (India) among others.
Industry/Innovation/Related News:
DrChrono (US), a leading provider of the best EHR, practice management, medical billing and RCM experiences, announced its partnership with Stitch Health (US), a platform for care coordination to provide Y Combinator portfolio.
AdvancedMD (US), a leading global provider of Rhythm, an end-to-end cloud platform that automates all aspects of clinical and business workflow for medical billing services and independent physician practices, announced the acquisition of Marietta, (US), a leading provider for Nuesoft Technologies (NueMD). The transaction is expected to add to AdvancedMD’s leading market position, extending the feature and functionality for both companies to be able to provide practices across the broader ambulatory market.
Cedar Inc. (US), a patient billing startup, personalizing the medical billing experience announced receiving funding of 36 Mn. USD from a group of venture capitalists.
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