Medical Billing Market overview

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.The medical billing market is expected to grow at a CAGR of 11.90% and market value is expected to grow USD 31,020 Million during forecasted period 20202-2030

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Medical bills are a major pain point for most patients as many struggle to understand, track, manage and pay medical bills. Medical Billing Market Size 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.

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Segmentation

The report has been segmented into four major dynamics.

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.

 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

 Regional Analysis

By region, the global medical billing market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).

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.

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