Considering the phenomenal growth prospect demonstrated by the market, Market Research Future (MRFR) in its recently published study report mentions that the market is expected to be a prominent space, in the years to come. Further MRFR also asserts that the Global Medical Billing Market will rise to witness a spectacular growth by 2023, growing at a CAGR of 6.5% during the review period 2017-2023.
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)
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Medical Billing Market – Insights
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.
Increasing implementation of several healthcare IT platforms poses a significant impact on the acceptance and growth of this market. The factors such as efforts to contain and decrease in-house processing costs, the requirement of error minimization, meeting federal mandates to implement digital record-keeping by healthcare providers, and changing healthcare regulations are projected as market growth propelling factors. Implementation of RCM by medical providers has improved their cash flow, reduced claim denials, and helped them gain an analytical approach to allocate resources and ensure effective revenue management.
Additional factors that influence the growth of Medical Billing market are the increased expenditure in healthcare, increasing use of the Internet, increased need for risk and compliance management, increasing digitalization in the healthcare industry and many others. However, the factors such as high costs of technology, the reluctance of providers to provide patient records to third-party sources may hamper the growth of the market.
Industry/Innovation/Related News:
In February 2019
Zotec Partners (Zotec), a leader in revenue cycle, and practice management 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).
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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).
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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