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Medical Billing Market Size, Trend, Share, News and Industry Analysis During Forecast Period 2019-2023

Considering the phenomenal growth prospect demonstrated by the market, Market Research Future (MRFR) in its recently published study report mentions that the market is expected to be a prominent space, in the years to come. Further MRFR also asserts that the global medical billing market will rise to witness a spectacular growth by 2023, growing at a CAGR of 6.5% during the review period 2017-2023.

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.

The market is expected to perceive a steady growth over the next five years, as the growing geriatric population creates demand via Medicare. Furthermore, the number of insured people will rise in line with healthcare reform, as people with pre-existing conditions can receive insurance. The growing senior population will keep driving demand for the medical services over the next five years, helping the revenue to blossom.

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.

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Industry/Innovation/Related News:

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).

July 16, 2018 – Medici (US), a leading global medical communications company announced the acquisition DocbookMD (US), a medical communication company facilitating clinician-to-clinician messaging. Medici, on the other hand, has been focusing on provider-to-patient communication and also offers in-app billing, e-prescribing prescriptions, and e-referrals, according to a statement released by the company. The acquisition is set to give Medici control over DocbookMD’s technical assets and customer contracts.

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 – Segmentations

MRFR has segmented its analysis into four key dynamics for the convenience of understanding;

By Types: Comprises Professional Billing, and Institutional Billing, others.

By Applications: Financial, Database Management, Infrastructure, Operational and others.

By Processes: Payment, Electronic Billing, Medical Billing Services and others.

By Regions: Europe, North America, APAC, and Rest-of-the-World (RoW).

Global Medical Billing Market – 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.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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