Medical Billing Market Trends and Insights
Market Research Future (MRFR) presumes that the medical billing market can advance at a rate of 6.5% between 2017 and 2023 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
In the past decade, the healthcare IT industry has made remarkable strides worldwide and is gaining speed consistently with time. This has been immensely favorable for the medical billing market. Another reason that the medical billing market is observing massive traction on the world front is the rising innovations in the healthcare revenue cycle management/HRCM technology. Various medical billing market trends other than the rampant uptake of the HRCM technology in the healthcare industry, is the widespread use of the Internet, surging demand for risk & compliance management, along with the growing prevalence of digitalization in the medical field.
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The increasing healthcare revenues worldwide have led to mounting concerns with regard to reimbursement and billing, which has ultimately put the spotlight on the medical billing system. Speaking of concerns, the surge in fraudulent billing cases, pending reimbursement procedures and disputes have also caused a spike in the market demand. In the coming years, the global medical billing market could expand substantially on the back of the growing elderly populace that can bolster the demand for medical billing through Medicare coupled with the rising uptake of healthcare insurance policies.
Supportive healthcare reforms can also help the medical billing industry to perceive massive development in the coming years. However, one major growth deterrent in the market can be the high costs associated with the HRCM technology, which can add to the reluctance among healthcare facilities to use it. Having said that, the growing requirements of governments across countries and the collection of bad debt could ensure a smooth growth for the global medical billing market over the given period. Also, the rising inclination among healthcare providers towards medical billing outsourcing is expected to add to the medical billing market lucrativeness between 2017 and 2023.
Medical Billing Market Segmental Outlook
Medical billing industry can be dissected with respect to type, application and process.
By types the medical billing market is segmented into are professional billing as well as institutional billing.
Financial, database management, operational and infrastructure are the top applications of medical billing market.
Process-wise, the main medical billing market segments can be payment, medical billing and electronic billing services.
Medical Billing Market 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 medical billing 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.
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.
The APAC medical billing 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.
Medical Billing Market Renowned Firms
Some of the most renowned firms in the worldwide medical billing market are GeBBS Healthcare (US), Accenture (US), INFINIT Healthcare, Medusind (India), Genpact (US), Cognizant Technology Solutions (US), AGS Health (India), TCS (India), HCL Technologies (India), and more.
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Many of the mentioned players are adopting strategies like collaboration, mergers & acquisitions, partnerships and new technology launch, to garner higher traction in the global market.
VisitPay, a well-known name in patient financial engagement, partnered with Geisinger, which is an integrated health system vendor. VisitPay’s rich expertise in medical billing will enable Geisinger to boost the patient experience by offering extra financial support.
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