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Medical Billing Software Global Market Report 2024 - By Size, Share, Report, Demand And Trends, Forecast To 2033
Medical Billing Software Market
As per the report, the medical billing software market size has grown rapidly in recent years. It will grow from $17.02 billion in 2023 to $9.38 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The medical billing software market size is expected to see rapid growth in the next few years. It will grow to $32.77 billion in 2028 at a compound annual growth rate (CAGR) of 14%.
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Increasing Digitalization In Healthcare Growth In Medical Billing Software
The increasing digitalization in healthcare is expected to propel the growth of the medical billing software market going forward. Digitalization in healthcare refers to the integration of digital technologies into various aspects of healthcare delivery, management, and administration to improve efficiency, accessibility, and quality of care. Digitalization in healthcare is driven by the ability to share patient information quickly and securely, regardless of location, facilitating better care coordination and reducing medical errors. Digitalization in medical billing software improves operational efficiency, accuracy, compliance, and patient engagement, ultimately leading to better financial outcomes for healthcare organizations. For instance, in 2022, according to the Office of the National Coordinator for Health Information Technology, a US-based government agency, 96% of non-federal acute care hospitals in the US had implemented a certified electronic health record (EHR) system. This marked a significant increase from 86% over the past three years. Therefore, increasing digitalization in healthcare is driving the medical billing software market.
AI-Driven Medical Billing Platforms Revolutionize Healthcare Revenue Management
Major companies operating in the medical billing software market are developing AI-driven platforms to enhance accuracy, efficiency, and revenue cycle management. AI can automate repetitive tasks such as data entry, coding, and claims processing, reducing the need for manual intervention and speeding up the billing process. For instance, in August 2023, FareMD, a US-based health tech startup, launched an AI-driven platform to streamline medical billing in the US. The platform uses automation and artificial intelligence to combat billing inefficiencies that cost the nation $300 billion annually. FareMD's platform represents a paradigm shift in healthcare billing, automating the conversion of visit notes and reducing denied claims to ensure hospitals operate more efficiently.
The medical billing software market covered in this report is segmented -
1) By Type: Claims Scrubbing, Code And Charge Entry, Compliance Tracking, Professional Billing, Institutional Billing
2) By Deployment: On-Premise, Cloud-Based
3) By Pricing Option: One-Time, Annual, Monthly
4) By Function: Patient Pre-Registration, Claims Management, Billing And Collection, Accounting And Financial Management, Other Functions
5) By End-User: Multi-Specialty Hospitals, Super Specialty Hospitals, Clinics, Pharma And Medical
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Major companies operating in the medical billing software market are Accenture* plc, Oracle Corporation, Tata Consultancy Services Limited, Cognizant Technology Solutions Corporation, GE HealthCare Technologies, HCL Technologies Limited, Experian Information Solutions, GeBBS Healthcare Solutions, eClinicalWorks, Athenahealth, Flatworld Solutions Pvt. Ltd., EverCommerce Inc., Zoll Medical Corporation, Phreesia Inc., WebPT, AGS Health, CareCloud Inc., TherapyNotes LLC, Kareo Inc., Medusind, CentralReach, Elico Healthcare Services, DrChrono, AdvancedMD, Elation Health, Practice Fusion Inc., ImageTrend, Brightree LLC, Digitech Computer LLC, Azalea Health Innovations Inc., Glorium Technologies
Contents of the report:
1. Executive Summary
2. Medical Billing Software Market Report Structure
3. Medical Billing Software Market Trends And Strategies
4. Medical Billing Software Market - Macro Economic Scenario
5. Medical Billing Software Market Size And Growth
…..
27. Medical Billing Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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