Medical billing Market Trends
The most challenging and important part of the healthcare IT sector is medical billing, often known as revenue cycle management (RCM). Receiving payments, submitting bills, and payment follow-up are all part of this payment practice. Due to the widespread use of medical billing throughout the healthcare industry, which is quickly modernizing with technology improvements, the medical billing market has seen enormous growth over the past few years on a global scale.
Recognizing the market’s current remarkable expansion, Market Research Future (MRFR) claims in its medical billing market trends study report that was just released that the industry size was valued at USD 14.2 billion in 2022 and is projected to grow from USD 15.88 Billion in 2023 to USD 31.19 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.9% during the forecast period (2023 – 2030).
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.
By using RCM, healthcare providers may now allocate resources analytically, ensure optimal revenue management, improve cash flow, and decrease claim denials. The ageing population, which increases the need for Medicare billing, is another driver boosting market expansion along with advancements in healthcare IT.
Furthermore, the increasing proliferation of healthcare insurance will support the market growth as the healthcare services reform allowing the market to perceive a modest increase over the next eight years. Huge uptake of several healthcare IT platforms impacts the market growth positively. Additional factors such as the demand to curtail in-house processing costs, meeting federal mandates implementing the digital record-keeping by healthcare providers are propelling the market growth.
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.
On the other hand, high costs of technology and the reluctance of providers to provide patient records to third-party sources are some of the factors that may hamper the market growth. Nevertheless, the emergence of updated technological solutions, increasing government requirements, and bad debt & uncollectible accounts will support the market growth, leading to the increased preference for medical billing outsourcing by several healthcare providers.
Global Medical Billing Market – By Segmentations
MRFR has segmented its analysis into four key dynamics for the convenience of understanding;
By Types : Comprises Professional Billing, and Institutional Billing, others.
By Applications : Financial, Database Management, Infrastructure, Operational and others.
By Processes : Payment, Electronic Billing, Medical Billing Services and others.
By Regions : Europe, North America, APAC, and Rest-of-the-World (RoW).
Global Medical Billing Market – Regional Analysis
The North American region accounts for the dominating market for medical billing. Countries like Canada and the U.S. play an important role in the growth of this market. Major factors such as the augmenting demand to curtail medical bills that are skyrocketing currently; high per capita health care expenditures along with the rising funds invested into R&D for the development of new technologies are supporting the growth of the market in the region. Furthermore, the extensive growth of healthcare IT is acting as a tailwind driving the growth of the market.
The European region is the second-largest market for medical billing which is estimated to witness extensive growth throughout the forecast period. Growing emphasis on transparent billing methods and the government financial support for research and development activities drive the market growth in the region.
The medical billing market in the Asia Pacific region is emerging as one of the lucrative markets, globally. Growing prevalence of chronic diseases alongside the increasing incidences of billing frauds are some of the major forces behind the growth of the medical billing market in the region.
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 healthcare providers are outsourcing firms to manage their billing processes end-to-end.
In the view of financial benefits offered by the outsourcing firms, HC providers are increasingly relying on these billing service providers that can handle high-volume transactions and maximize their operating margins.
Key Players:
The global key players holding the medical billing market share 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).
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