Medical Billing Market overview

According to Market Research Future (MRFR), the medical billing market size is projected to increase further at 11.90% CAGR during the assessment period (2022-2030). The burgeoning healthcare IT sector and rapid advancements in the related technology are the major driving forces behind the success of the market.  The Global Medical Billing Market is growing with the sound pace. According to a recent study report published by the Market Research Future, the Global Medical Billing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2030, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2022-2030).

Medical billing or healthcare revenue cycle management (HRCM) is the most crucial aspect of the healthcare industry. It is a payment practice, which aids in receiving payments, bill submission, and payment follow-up. Implementation of HRCM in healthcare settings helps the care providers to allocate resources and manage revenues effectively with an analytical approach and improve their cash flow while reducing claim denials. The Intelligent Pills Market Share 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.

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

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Medical Billing Market Segmentation

• The global medical adhesives market segmentation encompasses applications, process, and type. MRFR’s take on the market surveys various facets of the market in-depth.
• The application-based segmentation of this market covers database management application, financial application, infrastructure application, and operational application. Based on process, the market has been segmented into electronic billing, payment & medical billing services, and others.
• By type, the market has been segmented into institutional billing, professional billing, and others. Institutional billing is the term used for describing the billing of claims generated for work performed by hospitals, skilled nursing facilities, and many other institutions for inpatient services as well as outpatient services. Such services include the use of laboratory services, equipment & supplies, radiology services, and other charges.

Medical Billing Regional Analysis

The medical billing market can be regionally dissected into Asia Pacific/APAC, MEA/Middle East & Africa along with Europe and America.

America presently controls the biggest share in the global market, on account of the rapid advancements in the information technology sector. Canada and the United States/US are the top contributing countries in the region, in terms of revenues. The escalating need to bring down medical bills that have been skyrocketing in recent years along with the substantial health care expenditures also benefit the American market. The large funds allocated for R&D for better and more advanced technologies and the robustness of the healthcare IT sector in the region also catapults America’s global position in the medical billing market.

The APAC market is on track to procure the fastest advancement rate, as communicable diseases have grown drastically in the last few years, boosting the patient populace. In particular, India and China will emerge as the fastest markets in the region, thanks to the increasing cases of chronic diseases and the alarming rise in billing frauds in the healthcare industry.

Europe stands at the second position in the global market for medical billing, as the region notes high consolidation rate between renowned healthcare providers and the favorable reimbursement and pricing policies. With the pressing need among leading healthcare providers to develop highly sustainable healthcare systems, the European market is bound to progress at a better rate in subsequent years.

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

Healthcare among others are some reputed players in the medical billing market that are studied by MRFR for evaluation.

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