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. The Global Medical Billing Market is anticipated to capture a CAGR of 6.5% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in its latest study. Primary medical billing practices involve receiving payments, submitting bills and following up for payments.
Higher demand for healthcare services due to aging population and prevalence of chronic diseases has augmented the need for liaisons between healthcare facilities, insurance companies, and other components within the healthcare ecosystem which has induced high demand within the medical billing market. In addition, improving medical insurance landscape has generated high demand for medical services across the globe which acts as a plus for the growth of the market.
Change in legislation and stringent regulations imposed on healthcare providers has made it difficult than ever to manage certain functions internally. Billing functions form a vital part of any healthcare institution and need effective management. The medical sector is progressively adopting digitalization to automate such a tedious process to reduce errors and provide a seamless experience to customers.
Global Medical Billing Market – Key Players
Identified and profiled in MRFR analysis; 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), and Medusind (India) among others.
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Global Medical Billing Market – Segmentations
The Global Medical Billing Market has been segmented based on type, application, and process.
By type, the Global Medical Billing Market has been segmented into Professional Billing, and Institutional Billing, and others.
By application, the global medical billing market has been segmented into Database Management, Financial, Infrastructure, and Operational.
By process, the global medical billing market has been segmented into Electronic Billing, Payment and Medical Billing Services.
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).
July 16, 2018 – Medici (US), a leading global medical communications company announced the acquisition DocbookMD (US), a medical communication company facilitating clinician-to-clinician messaging. Medici, on the other hand, has been focusing on provider-to-patient communication and also offers in-app billing, e-prescribing prescriptions, and e-referrals, according to a statement released by the company. The acquisition is set to give Medici control over DocbookMD’s technical assets and customer contracts.
July 16, 2018 – DrChrono (US), a leading provider of the best EHR, practice management, medical billing and RCM experiences, announced its partnership with Stitch Health (US), a platform for care coordination to provide Y Combinator portfolio.
July 09, 2018 – AdvancedMD (US), a leading global provider of Rhythm, an end-to-end cloud platform that automates all aspects of clinical and business workflow for medical billing services and independent physician practices, announced the acquisition of Marietta, (US), a leading provider for Nuesoft Technologies (NueMD). The transaction is expected to add to AdvancedMD’s leading market position, extending the feature and functionality for both companies to be able to provide practices across the broader ambulatory market.
June 28, 2018 – Cedar Inc. (US), a patient billing startup, personalizing the medical billing experience announced receiving funding of 36 Mn. USD from a group of venture capitalists.
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.
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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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