The Medical Billing Market size is projected to increase further at 6.5% CAGR during the assessment period (2017-2023). The medical billing market has been witnessing tremendous traction on the global front, mainly due to the advances in the HRCM technology that is making quite a stride, off late. Besides, medical billing industry trends, such as the broad uptake of HRCM technology across the healthcare sector, escalate the medical billing market further on a global platform.
The burgeoning healthcare IT sector and rapid advancements in the related technology are the major driving forces behind the success of the medical billing market. Medical billing or healthcare revenue cycle management (HRCM) is the most crucial aspect of the healthcare industry. It is a payment practice, which aids in receiving payments, bill submission, and payment follow-up. Implementation of HRCM in healthcare settings helps the care providers to allocate resources and manage revenues effectively with an analytical approach and improve their cash flow while reducing claim denials.
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Additionally, factors such as the growing geriatric population that creates the demand for medical billing via Medicare and the proliferation of healthcare insurance substantiate market growth. Besides, favorable healthcare service reforms across the countries in the world are expected to allow the medical billing market to perceive a substantial increase over the next six years.
The healthcare sector is booming currently, perceiving quadrupling per capita expenses, worldwide. And, along with the healthcare revenues are growing billing and reimbursement concerns that promote the dire need for HRCM. At the same, some other issues, such as the increasing fraudulent billing cases, disputes, and pending reimbursement processes, are dictating a huge market demand. These two factors cumulatively support the growth of the healthcare revenue cycle management market. Also, the advantages of implementing HRCM solutions increase its adoption further.
On the other hand, the high costs of the HRCM technology and reluctance among healthcare providers to help third-party vendors with patient records are some of the factors expected to impede market growth. Nevertheless, increasing government requirements and bad debt & uncollectible accounts would support the growth of the market throughout the review period, leading to increased preference for medical billing outsourcing among several healthcare providers.
Furthermore, factors expected to impact the medical billing market growth positively, include massive uptake of healthcare IT platforms and the demand to curtail in-house processing costs and compliance of federal mandates implementing the digital record-keeping among healthcare providers. Changing healthcare regulations are projected to act as a major growth propelling factor. Increasing healthcare expenditures, the proliferation of the Internet, increased demand for risk & compliance management, and rising digitalization in the healthcare industry are other key factors accelerating the market demand.
Medical Billing Market Regional Analysis
The North American region accounts for the dominating medical billing market for Countries like Canada and the US play an important role in the growth of this market. Major factors such as the augmenting demand to curtail medical bills that are skyrocketing currently, high per capita health care expenditures, and rising R&D funds invested into the development of new technologies, are contributing to the growth of the regional market. Furthermore, the extensive growth of healthcare IT is acting as a tailwind driving the growth of the market.
The European region is the second-largest market for medical billing, which is estimated to witness extensive growth throughout the forecast period. Growing emphasis on transparent billing methods and the financial support from the governments for research and development activities drive the market growth in the region.
The medical billing market in the Asia Pacific region is emerging as one of the lucrative markets, globally. Growing prevalence of chronic diseases alongside the increasing incidences of billing frauds are some of the major forces behind the growth of the medical billing market in the region.
Medical Billing Market Segmentation
By Types, the medical billing market is segmented into Professional Billing, Institutional Billing, and others.
By Application, the medical billing market is segmented into Financial, Infrastructure, Database Management, Operational, and others.
By Process, the medical billing market is segmented into Electronic Billing, Payment, Medical Billing Services, and others.
Medical Billing Market Key Players:
Players leading the global medical billing market include TCS (India), AGS Health (India), Accenture (US), GeBBS Healthcare (US), Genpact (US), Cognizant Technology Solutions (US), INFINIT Healthcare, Medusind (India), and HCL Technologies (India).
Medical Billing Market Competitive Landscape
The medical billing market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive advantage to medical billing market, players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch try. These players invest substantially to meet their goals of innovation and increase the footprints.
Players streamline their offerings, concentrating on key areas that can lead to cost increment. Lucrative opportunities in the field of medical claims processing services have attracted new entrants to the industry. Many healthcare providers are outsourcing firms to manage their billing processes end-to-end.
In the view of financial benefits offered by the outsourcing firms, HC providers are increasingly relying on these billing service providers that can handle high-volume transactions and maximize their operating margins.
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