Summary
The global Medical Billing Service Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Medical billing service is a technologically advanced solution that ensures long-term and sustained operations for the healthcare provider. Medical billing is a process of following up on claims with health insurance to receive the payment for services rendered by a healthcare provider such as treatments, testing, and procedures. Basically, medical billing service converts healthcare services into a billing claim. Medical billing service is an efficient billing process as it reduces the in-house processing costs. Medical billing services can be classified into front-end and back end. Medical billing service simplifies the small and mid-sized practices and also increase the reimbursements and reduce the concern regarding collections.
The rising need for risk management and make the billing process efficient is expected to foster the market growth of the medical billing service. Moreover, the rising focus of providers to launch innovation in billing process service is further expected to propel the market growth of medical billing service over the forecast period. For instance, in November 2019, OODA Health has announced the introduction of a new product that it contends will take the pain out of medical billing for payers, providers, and patients.
From the geographical perspective, North America is expected to gain significant growth over the forecast period and this can be attributed to the presence of a well-established healthcare sector. According to the U.S. Centers for Medicare & Medicaid Services., U.S. health care spending grew 4.6 percent in 2018, reaching $3.6 trillion or $11,172 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
Key Developments:
- In November 2019, FDS, Inc., the provider of population health and financial analytics for community pharmacies, announced the launch of FDS MedBill, an affordable and comprehensive medical billing solution. FDS MedBill opens a new revenue stream for independent pharmacies. It enables and optimizes reimbursements for any medical services they provide, including durable medical equipment, supplies, diabetes management, diagnostic testing, and more.
- In November 2018, Kareo, the leading provider of cloud-based clinical and business management software for independent medical practices and medical billing companies, announced the sale of its revenue cycle management (RCM) services business unit to a leading independent supplier of outsourced medical billing services, Health Prime International
- In June 2016, Medsphere Systems, a hospital EHR developer, announced that it is merging with ChartLogic to expands Medsphere’s IT products and services, which will now include ChartLogic’s ambulatory EHR, practice management, and medical billing technology.
The Medical Billing Service Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Medical Billing Service Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- DrChrono
- CareCloud
- AdvancedMD
- ClaimCare
- Kareo
- BillingParadise
- Auctus Group
- Clinical Info Solutions
- Human Medical Billing
- InSync Healthcare Solutions
- Iris Medical
- ChartLogic
- CRT Medical Systems
- Nuesoft Technologies
- GroupOne
By the Product Type, the market is primarily segmented into:
By Applications, the market is segmented into:
- Clinical
- Operations
- Pharmacy
- Other
The report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Medical Billing Service Market Report:
- To assess the size of the market by value and volume
- Analyze the Medical Billing Service Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine the share of the Medical Billing Service Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of-the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Medical Billing Service Market
The Medical Billing Service Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Medical Billing Service Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type, and application, 2019 are considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into the specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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