Market Research Future (MRFR) expects the medical billing market to develop smoothly at a moderate rate of 6.5% from 2020 to 2027.
Key Boosters and Main Deterrents
The stunning growth of the healthcare IT sector worldwide has been extremely favorable for the global medical billing market. The medical billing market also observes strong gains on the back of the surging advances in the healthcare revenue cycle management technology. Some of the key trends growing prevalent in the market include the soaring Internet penetration, widespread adoption of risk & compliance management solutions, and the prominence of digitalization in the medical field.
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Sharp rise in healthcare costs in the past couple of years has raised concerns about reimbursement as well as billing, giving a significant boost to the demand for medical billing solutions. The alarming spike in the number of fraudulent billing cases, and pending reimbursement disputes also elevate the market demand. In the ensuing years, the market could benefit from the relentlessly burgeoning elderly population and the rapid increase in consumers opting to adopt healthcare insurances.
One of the biggest opportunities in the global market is expected to be outsourcing of medical billing services. Outsourcing of medical billing outsourcing helps boost cash flow, save costs of software and equipment, and cut down the staff size along with employee expenses.
Various medical billing types studied in the report are professional billing along with institutional billing.
Financial, operational, infrastructure, and database management are the major applications covered in the MRFR review study.
Process-based sections are medical billing, electronic billing services, along with payment.
The medical billing industry has been regionally considered for MEA/Middle East & Africa and Asia Pacific/APAC, along with Europe as well as America.
America controls the highest portion of the global market, thanks to the rapid innovations in the information technology industry. Canada coupled with the United States form the top markets in the region, given the surging need to cut down the skyrocketing medical bills and the large-scale health care spending. Substantial spending on research and development of cutting-edge systems and solutions that enhance the healthcare IT sector further catapults the region’s position in the global market.
Europe is identified as the second most lucrative market, in view of the rising consolidation between the major healthcare providers paired with the favorable reimbursement policies. The surging pressure on the healthcare providers to come up with sustainable and advanced healthcare systems will ensure smooth progress for Europe in the following years.
The Asia Pacific market will be thriving at the fastest rate in the ensuing years, as a result of the sharp increase in communicable diseases and the consequent burgeoning of the patient pool. India as well as China would be the fastest mushrooming markets in the region, considering the rapidly mounting cases of chronic ailments and the disconcerting surge in medica billing frauds.
Medical billing developers considered in the MRFR research report are GeBBS Healthcare (US), Genpact (US), TCS (India), AGS Health (India), INFINIT Healthcare, HCL Technologies (India), Cognizant Technology Solutions (US), Medusind (India), Accenture (US),
These medical billing solutions providers strive to cement their market positions by adopting various strategical measures such as mergers & acquisitions, collaboration, new technology launch, and partnerships.
To illustrate, in October 2021, Waystar acquired Patientco for smoother medical billing for the patients. Waystar is a renowned US-based revenue cycle management company that offers cloud-based medical claim management as well as patient payment services. PatientCo, on the other hand, is a payments firm with primary focus on patient healthcare expenses.
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- Research and Development (R&D) Companies
- Government and Independent Research Laboratories
- Manufacturers and suppliers in billing devices
- Government and Independent Regulatory Authorities
- Academic Medical Institutes and Universities
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