Medical Billing Market Forecast Covering Growth Inclinations Until 2023 | Leading Players - TCS, Accenture, Cognizant Technology Solutions, Genpact Etc.

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.

Those raising concerns include increasing cases of fraud billings, disputes, and prolonged reimbursement processes. Simultaneously, there is a huge demand to control those concerns to enhance patients’ experience and thus their quality of life by offering them some peace over these disruptive environments. The cumulative effect of these two factors is supporting the growth of the medical billing market. Furthermore, the advancement in Information technology is escalating the market on the ascending levels on the global platform.

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.

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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.

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.

Industry/Innovation/Related News:

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.

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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.

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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