Medical Billing Market Size, Share, Future Trends, Insights and Global Industry Analysis By Key Players, Forecast To 2023
Medical Billing Market Analysis, By Type (Institutional Billing, Professional Billing), Process (Electronic Billing and Medical Billing Services, Payment), Application (Infrastructure, Database Management, Financial, Operational), Key Companies Profile, Future Insights and Business Opportunities, Forecast To 2023
Pune, India – August 6, 2019 /MarketersMedia/ —
Market Overview:
The global Medical Billing Market size could achieve a CAGR of 6.5% during the forecast period (2017-2023). At present, the systems used for managing revenue are steadily turning obsolete, owing to the lack of expertise in handling new revenue management tools and payment models. However, providers encounter several challenges in terms of managing claims and reimbursements, which leads to massive losses. With that said, the advent of latest technological solutions, increasing and evolving government requirements, along with bad debt and uncollectible accounts has triggered a new trend that has led to surge in preference for medical billing outsourcing by numerous healthcare providers.
Market Insight:
Medical billing outsourcing results in surge in cash flow, bringing down the cost of equipment and software, and decreases employee expenses as well as staff size. Rising geographical reach of renowned vendors backed by mergers and acquisitions could also benefit the market in subsequent years. To illustrate, in 2016, Allscripts had acquired Core Medical Solutions, an Australian healthcare IT software company, which significantly augmented the former’s offerings within the country. Efforts are being put to reduce in-house processing costs and increasing need to minimize errors could boost the demand medical billing market. Additionally, need to meet with the federal mandates to accelerate use of digital record-keeping by providers coupled with evolving healthcare regulations will add to the market strength.
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Leading Companies:
GeBBS Healthcare (US)
Cognizant Technology Solutions (US)
AGS Health (India)
INFINIT Healthcare
Accenture (US)
Genpact (US)
TCS (India)
Medusind (India)
HCL Technologies (India)
others
Market Segmentation:
The worldwide medical billing market has been segmented on the basis of type, applications, and process.
With respect to the type, the market covers professional billing and institutional billing.
Depending on the applications, the medical billing market includes database management, financial, infrastructure, operational.
Process-wise, the market has been split into electronic billing, payment, and medical billing services.
Medical Billing Market Regional Analysis:
The market for medical billing has been examined in the key regions of Asia Pacific, the Americas, Middle East & Africa, and the Americas.
The Americas has secured the top spot in the worldwide market with the largest share. Extensive development of the information technology industry combined with the spurt in industrialization and expanding healthcare industry stimulate market growth to a great extent. Other than this, with a rising number of healthcare providers in the United States (U.S.) focusing on end-to-end outsourcing firms to manage their billing processes, the overall regional market is deemed to have a lavish growth during the review period.
Europe is the second most profitable market for medical billing. The high availability of funds for research and development activities coupled with increasing emphasis on transparent billing methods has led to substantial market growth in the region.
Asia Pacific is developing at the fastest rate in the global medical billing market. Increasing prevalence of communicable diseases has led a striking expansion of the patient population in the region. Primarily, China and India are expected to be the fastest-growing market, considering the mounting awareness about the benefits of outsourcing firms. Backed by the surge in awareness, providers are now depending on the regional vendors to boost operating margins and also handle high-volume transactions.
Given the lack of technical knowhow and poor medical facilities, Middle East & Africa has managed to acquire the lowest share of the medical billing market.
Table of Content:
Report Prologue
Market Introduction
Research Methodology
Market Dynamics
Market Factor Analysis
Global Medical Billing Market, By Type
Global Medical Billing Market, By Application
Global Medical Billing Market, By Process
Global Medical Billing Market, By Region
Competitive Landscape
Company Profile
Conclusion
Appendix
List of figures
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