Medical billing Market Size, Share, Global Future Trend, Segmentation, Business Growth, Top Key Players

 Medical billing refers to revenue cycle management (RCM) solutions that simplify the payment process end to end. Today, medical billing solutions have become an indispensable aspect of the healthcare sector, making receiving payments, bill submission, and payment follow-up processes much easier. The global medical billing market is growing by leaps and bounds over recent years.

This tremendous traction of the market majorly attributes to the widespread uptake of medical billing technologies and advances in healthcare information technologies.  Besides, the continually rising demand to curtail skyrocketing healthcare expenses act as a major driving force for the growth of the market. Also, the burgeoning healthcare sector, alongside the rising global economy pushes the market growth further.

Furthermore, COVID-19 is fostering the adoption of medical billing solutions. Given the financial interruptions & pressures that have alleviated dramatically in care practices during the pandemic, federal and state legislations are too promoting the adoption of medical billing solutions to ease out the burden of maintaining revenue transactions. Resultantly, the market value is estimated to heighten in the upcoming years.

According to Market Research Future (MRFR), the valuation of the global medical billing market analysis is projected to grow further at 6.5% CAGR over the review period (2017-2023). Additionally, factors such as the rising demand to control billing & reimbursement concerns that are growing with the increasing healthcare expenditures substantiate the growth of the market. 

Common billing and reimbursement concerns are increasing fraudulent billing cases, disputes, and pending reimbursement processes. Furthermore, the proliferation of healthcare insurance and healthcare services reforms are likely to contribute to market growth over the next five years. Also, the huge uptake of several healthcare IT platforms impacts market growth positively.

The medical billing market is witnessing augmented demand from the increasing numbers of healthcare facilities. Besides, improving healthcare IT solutions are increasing the adoption of medical billing software across the healthcare sector.  Conversely, the high cost of medical billing solutions is a major growth impeding factor for the market. Also, the reluctance of caregivers to provide patient records to third-party sources is challenging the market growth, restricting the adoption of medical billing services.

Nevertheless, the increasing burden from the governments to implement medical billing solutions would support market growth throughout the forcible period. Moreover, rising concerns about bad debt and uncollectible accounts requirements are estimated to increase market growth, encouraging several healthcare providers to prefer medical billing outsourcing.

Major Players: 

Players operating in the global medical billing market include TCS (India), Cognizant Technology Solutions (US), AGS Health (India), GeBBS Healthcare (US), Accenture (US), Genpact (US), INFINIT Healthcare (Philippines), HCL Technologies (India)., and Medusind (India), among others. 

 

Global Medical Billing Market–Segmentations

The report is segmented into four dynamics;

By Type                  : Professional Billing, Institutional Billing, and others.

By Application     : Financial, Database Management, Infrastructure, Operational, and others.

By Process              : Payment, Electronic Billing, Medical Billing Services, and others.

By Regions            :  Europe, Americas, APAC, and Rest-of-the-World (RoW).

 

Global Medical Billing Market – Regional Analysis

North America dominates the global medical billing market. The largest market share attributes to augmenting demand to curtail the skyrocketing medical bills and high per capita health care expenditures in the regions. Besides, factors such as the rising funds invested by public and private sectors to drive R&D required for the development of new technologies are supporting the regional market growth.

Furthermore, the dramatically growing healthcare IT industry in the region acts as a major tailwind for the growth of the market. The regional market is expected to witness rising numbers of strategic alliances forming between the key players, which would push the market growth further. Canada and the US play an important role in the growth of this market. The North American medical billing market is projected to retain its leading position throughout the review period. 

Europe stands second in the global medical billing market. The market is primarily driven by the growing emphasis on transparent billing methods and financial support from the governments for research & development activities. Moreover, the rising prevalence of myriads of chronic diseases, alongside the recent Coronavirus epidemic, would foster the market growth in the region.  The European medical billing market is estimated to witness extensive growth throughout the forecast period.

The Asia Pacific region has become a lucratively growing market for medical billing globally. Factors such as the continually rising technological advances and growing numbers of healthcare IT companies in the region drive the market growth excellently. Moreover, increasing government initiatives and funding aimed at promoting the usages of medical billing technologies and their developments act as major tailwinds for regional market growth.

Also, the increasing adoption of medical billing solutions in the growing numbers of healthcare facilities fosters the growth of the regional market. The APAC medical billing market is expected to grow at the highest CAGR over the assessment period.

Get full report @https://www.marketresearchfuture.com/reports/medical-billing-market-1023

Global Medical Billing Market – Competitive Landscape

Major players streamline their offerings, focusing on pinpoint areas that lead to cost increment. Augmenting demand for medical claims processing services has attracted new entrants to the industry. A Large number of caregivers are outsourcing firms to manage their billing processes end-to-end. 

Considering the financial benefits offered by the outsourcing companies, healthcare organizations are increasingly relying on these billing service providers more than ever to handle high-volume transactions and maximize their operating margins. 

 

Industry/Innovation/Related News: 

May 05, 2020 ---- Smith+Nephew (the UK), a leading global medical technology business, announced a strategic partnership with National Medical Billing Services (the US) to provide revenue cycle management (RCM) solutions to Ambulatory Surgery Centers (ASCs) across the Americas. The venture is part of Smith+Nephew's recently declared Positive Connections program, a turnkey support service for surgeons seeking to move orthopedic cases into the outpatient setting. Through the partnership, the advisory and business services would be offered, particularly relating to ASCs to help them navigate the challenges arising out of the global COVID-19 pandemic.