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. Primary medical billing practices involve receiving payments, submitting bills and following up for payments. The global medical billing market is anticipated to capture a CAGR of 12.10 % over the forecast period of 2020-2030, asserts Market Research Future (MRFR) in its latest study.
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.
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The growing value of transparency within the medical sector is another key factor driving the growth of the global medical billing market. Pressing need to provide clear, accurate, and transparent customer statements and reporting of services along with consumer preference towards electronic statements (e-statements) further induce demand in the medical billing market.
Other factors driving the growth of the global medical billing market include demand for administrative simplification, integration of IT within the healthcare sector, and increased expenditure on healthcare.
In contrast, the growth of the global medical billing market might be constrained by lack of expertise in handling complex medical billing tools and privacy concerns.
Segmentation
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.
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 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.
Competitive Landscape
The eminent players in the global medical billing market include Genpact (US), CS (India), Accenture (US), Medusind (India), INFINIT Healthcare, GeBBS Healthcare (US), HCL Technologies (India), Cognizant Technology Solutions (US), and AGS Health (India).
Industry Updates
- 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).
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