Medical Billing Market Applications, Growth Statistics, Size Value, Future Insights and COVID-19 Impact Analysis By 2023

Medical Billing Market Share, Trends and Growth Analysis By Type (Professional Billing, Institutional Billing), By Application (Database Management, Financial, Infrastructure, Operational) By Process (Electronic Billing, Payment And Medical Billing Services), Forecast Till 2023

The most crucial market driving factors for the global medical billing market growth are increasing expenditure in healthcare and increasing research & development (R&D) in the healthcare sector. Increased need for risk and compliance management is also pushing the market growth. Other factors contributing to the global medical billing market growth include increasing role of information technology (IT) in the healthcare sector, increasing the use of the internet, demand for more efficient payment process, increasing patient population due to various diseases, and increasing digitalization in healthcare industry.

However, privacy concerns among patients can hamper the market growth. Increasing cases of fraud billings, legal disputes, and prolonged reimbursement processes can also harm the market. Medical Billing Market share is projected grow at a 6.5% CAGR between 2017 and 2023, says Market Research Future (MRFR). Medical billing is defined as a payment practice that involves receiving payments, submitting bills, and following up for payments by medical institutions.

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Medical Billing Market Key Players

Big players in the global medical billing market Accenture (USA), AGS Health (India), Cognizant Technology Solutions (USA), GeBBS Healthcare (USA), Genpact (USA), HCL Technologies (India), Infinit Healthcare (Philippines), Medusind (India), and TCS (India).

Medical Billing Market Regional Outlook

A geographical outlining of the global medical billing market covers the Americas (North America & South America), Europe, Asia Pacific, and Rest of the World (RoW).

The Americas is the largest regional market as North America alone holds the potential of being a dominant market due to its strong economy and technological advancement. Due to technological advancements and availability of advanced medical facilities, North America is a bigger regional market segment than South America. North America is the leading regional market due to the presence of many important market players in the USA. USA and Canada play a vital role in the growth of this regional market. Other factors contributing to the market growth in North America include increasing demand to curtail the skyrocketing medical bills, extensive growth of the IT in the healthcare industry higher per capita healthcare expenditures, increasing industrialization, expanding healthcare industry, and rising R&D funding to develop new technologies.

Europe is the second-largest regional market followed by the Asia Pacific region. In this region, the medical billing market is surging due to the availability of funds for R&D activities and more emphasis on transparent billing methods. Due to the availability of advanced medical facilities, Western Europe is a bigger regional market than Eastern Europe. The most powerful country-specific markets in Europe are France, Germany, Italy, Spain, and the UK. An inspection of the remaining countries in Western Europe featured in this report speculate the huge contribution to market revenue from some other countries in this region with a sizable revenue from Eastern Europe too.

During the forecast period, the market in the Asia Pacific region shows the fastest growth due to high density of population, increasing incidences of billing frauds, demand for transparent billing systems, increasing occurrences of chronic diseases, increase in the prevalence of communicable diseases, and subsequent increase in the patient population. China and India are expected to be emerging as well as the fastest-growing market as both countries have a high population. Other principal country-specific markets in this region are Australia, Japan, and South Korea. An observation of the remaining countries in the Asia Pacific region featured in this report calculates the huge addition to market revenue from some other countries.

The RoW segment covers the countries in the Middle East & Africa (MEA) where the market is low due to lack of technical knowledge and poor medical facilities. Some countries with slightly better medical facilities can be good markets. These countries are Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. An estimation of the remaining countries in the MEA region featured in this report estimates a decent contribution to market revenue from some other countries.

Medical Billing Market Segmentation

The global medical billing market segmentation encompasses applications, process, and type. MRFR’s take on the market surveys various facets of the market in-depth.

The application-based segmentation of this market covers database management application, financial application, infrastructure application, and operational application. Based on process, the market has been segmented into electronic billing, payment & medical billing services, and others.

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By type, the market has been segmented into institutional billing, professional billing, and others. Institutional billing is the term used for describing the billing of claims generated for work performed by hospitals, skilled nursing facilities, and many other institutions for inpatient services as well as outpatient services. Such services include the use of laboratory services, equipment & supplies, radiology services, and other charges.

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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