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).
The healthcare sector is booming perceiving increasing healthcare expenditures, worldwide, while, some billing and reimbursement concerns are growing, too. At the same, the demand for controlling those concerns including increasing fraudulent billing cases, disputes, and pending reimbursement processes is growing rapidly. These two factors are cumulative support the market growth of medical billing.
Changing healthcare regulations are projected to act as a growth propelling factor. Additional factors substantiating the market growth include the increasing healthcare expenditures, the proliferation of usages of the Internet, increased demand for risk and compliance management, and rising digitalization in the healthcare industry.
Medical billing, also known as revenue cycle management (RCM), is the most complex and crucial components of the healthcare IT Sector. It is a payment practice involved in receiving payments, bill submission, and payment follow-up. 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.
Medical Billing Market Key Players:
The global medical billing market is led by some of the fervent players including TCS (India), AGS Health (India), Accenture (US), GeBBS Healthcare (US), Genpact (US), Cognizant Technology Solutions (US), INFINIT Healthcare, Medusind (India), and HCL Technologies (India).
Medical Billing Market Segmentations:
MRFR has segmented its analysis into four key dynamics for the convenience of understanding;
By Types, the medical billing market is segmented into Comprises Professional Billing, and Institutional Billing, others.
By Applications, the medical billing market is segmented into Financial, Database Management, Infrastructure, Operational and others.
By Processes, the medical billing market is segmented into Payment, Electronic Billing, Medical Billing Services and others.
By Regions, the medical billing market is segmented into Europe, North America, APAC, and Rest-of-the-World (RoW).
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