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. Implementation of RCM by healthcare providers has helped them gain an analytical approach to allocate resources and ensure effective revenue management improving their cash flow and reducing claim denials. In addition to the advancement in Healthcare IT, other factors accelerating the market growth include the growing geriatric population that creates the demand for medical billing via Medicare.
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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 five 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.
Global Medical Billing Market – Key Players
The key players that are involved in Global Medical Billing Market are
- TCS (India)
- Accenture (US)
- AGS Health (India)
- GeBBS Healthcare (US)
- Cognizant Technology Solutions (US)
- Genpact (US)
- INFINIT Healthcare
- HCL Technologies (India)
- Medusind (India)
Global Medical Billing Market – 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).
Industry/Innovation/Related News:
In February 2019
Zotec Partners (Zotec), a leader in revenue cycle, and practice managment launched PAYperless Giving, a secure and comprehensive patient experience approach to pay medical bills. PAYperless Giving sends secure text message notifications to patients about their medical encounters, authenticates their information, shows e-statements and allows them to pay bills.
In January 2019
National Partners in Healthcare (NPH), an organization delivering anesthesiology services announced a partnership with National Medical Billing Management (NMBM).
Global Medical Billing Market – 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 Medical Billing Market 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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