Overview and Scope
Medical billing software is a specialized tool designed to streamline and automate the process of healthcare billing and coding. This software streamlines billing processes, reduces errors, and enhances financial management by automating tasks such claim generation, insurance claims management, patient payments, and reporting.
Sizing and Forecast
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 growth in the historic period can be attributed to rising costs of healthcare services, increasing population, the rise in chronic diseases, rising remote monitoring services and telemedicine consultations, rise in healthcare consumerism, and the growing emphasis on population health management.
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%. The growth in the forecast period can be attributed to growing number of patients, increasing demand for revenue management, demand for efficient claim management solutions, increasing digitalization in healthcare, increasing demand for professional billing services, and growing need for institutional billing services. Major trends in the forecast period include patient-centric billing solutions, AI-powered automation, cloud-based solutions, predictive analytics for revenue optimization, blockchain technology for security and transparency, value-based payment support, artificial intelligence (AI), and automation technologies.
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Segmentation & Regional Insights
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
North America was the largest region in the medical billing software market in 2023. The regions covered in the medical billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The medical billing software market report table of contents includes:
1. Executive Summary
2. Medical Billing Software Market Characteristics
3. Medical Billing Software Market Trends And Strategies
4. Medical Billing Software Market – Macro Economic Scenario
5. Global Medical Billing Software Market Size and Growth
…
32. Global Medical Billing Software Market Competitive Benchmarking
33. Global Medical Billing Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Medical Billing Software Market
35.Medical Billing Software Market Future Outlook and Potential Analysis
36. Appendix
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