Acknowledging the phenomenal growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the Medical Billing Market is expected to perceive a spectacular growth by 2023, registering 6.5% CAGR over the review period (2017-2023).
Medical Billing, a payment practice involved in receiving payments, submitting bills and payment follow-up is witnessing a wide uptake across the healthcare sector, evolving rapidly with the technological advancements. Over the past few years, while, the healthcare sector is booming and perceiving increasing healthcare expenditures all around the world, some concerns pertaining to the billing and reimbursement are growing too.
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.
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
MRFR analysis is segmented into four key dynamics for the enhanced understanding;
By Types: Comprises Professional Billing, and Institutional Billing, others.
By Applications: Database Management, Financial, Infrastructure, and Operational among others.
By Processes: Electronic Billing, Payment and Medical Billing Services among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
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
Globally, North America accounts for the leading market for Medical Billing. Countries like U.S. and Canada play a vital role in the growth of this market. Increasing demand to curtail the medical bills that are skyrocketing currently. Higher per capita healthcare expenditures and rising R&D funding to develop new technologies are some of the major factors supporting the growth of the market in the region. Furthermore, the extensive growth of the information technology in the healthcare industry is also one of the factors driving the growth of the market.
Europe is expected to be the second-largest market and is expected to show extensive growth throughout the forecast period. Factors such as the financial support from the government for research and development activities and growing emphasis on transparent billing methods in the region drive the market growth.
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Furthermore, Asia Pacific Medical Billing market is emerging as one of the lucrative markets. Increasing occurrences of chronic diseases, coupled with the increasing incidences of billing frauds in the region are the major driving forces for the growth of the market.
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