Medical Billing Market worth $27.7 billion by 2029

(IT-NEWSWIRE.COM, August 15, 2024 ) The report "Medical Billing Market by Product (Software, Service), Application (RCM, EHR, Practice Management), Type (Account receivable, Claim, Coding, Analytics), Service (Managed, Professional), End User (Hospital, Speciality), & Region- Global Forecast to 2029", is projected to reach USD 27.7 billion by 2029 from USD 16.8 billion in 2024, at a CAGR of 10.5%.

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The growth in the Medical Billing market is fueled by rising healthcare costs globally, technological advancements in healthcare IT, stringent regulatory requirements like HIPAA, and expanding healthcare insurance coverage. Additionally, the shift towards value-based care and the need for efficient management of billing and coding processes contribute to market expansion. The growing demand for outsourced billing services owing to cost reduction also fuels growth. High costs of implementation, and data security concerns hamper market growth.

The service segment accounted for the largest market share in 2023 the global Medical Billing market.

The Medical Billing market is segmented into software and service segments based on component type. The service segment accounted for the largest share of the component type segment in 2023. Healthcare providers mostly prefer outsourcing their medical billing processes to specialized service providers. These companies offer expertise in navigating complex billing codes, handling insurance claims, and ensuring compliance with regulatory requirements, which can be challenging for in-house teams.

Software by type: The Integrated Medical Billing Software segment accounted for the largest market share in 2023.

Based on software by type, the Medical Billing market is segmented into Integrated Medical Billing Software and Standalone Medical Billing Software. The Integrated Medical Billing Software segment held the largest market in 2023 as it provides multiple functionalities such as electronic health records (EHR), practice management, and billing into a unified platform. This integration streamlines workflows, helps reduce duplication of efforts and enhances overall operational efficiency. Integrated billing software improves accuracy and reduces errors by automatically linking clinical data with billing codes and claims submissions.

RCM holds the largest share of the application of medical billing software in the market.

The Medical Billing Software market is segmented by application into RCM, practice management software, patient engagement software, EHR, and others. RCM held the largest share among the applications in 2023 as it covers all dynamics of the financial lifecycle of healthcare services, including patient registration, appointment scheduling, claims processing, payment collection, and revenue creation. By combining several administrative and billing facets into a unified system, RCM ensures that healthcare providers maximize their financial performance.

North America dominates the global Medical Billing market.

The Medical Billing market is segmented into five major regional segments: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2023, North America accounted for the largest share of the Medical Billing market. This region’s dominance is due to highly developed healthcare infrastructure with advanced medical facilities and widespread adoption of EHR and integrated billing systems. This technological readiness allows healthcare providers to manage and streamline billing processes efficiently.

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Key Players

Prominent players in the Medical Billing market include Oracle (US), Mckesson Corporation (US), Veradigm LLC (US), Athenahealth, Inc. (US), Quest Diagnostics Incorporated (US), eClinicalWorks (US), CureMD (US), DrChrono (US), NextGen Healthcare, Inc. (US), CareCloud, Inc. (US), AdvancedMD, Inc. (US), Kareo, Inc. (US), TherapyNotes LLC. (US), RXNT (US), WebPT (US), CentralReach LLC (US), Epic Systems Corporation (US), CollaborateMD Inc. (US), Advanced Data Systems Corporation (US), ChartLogic (US), Meditab (US), EZClaim (US), RevenueXL Inc. (US), Ambula Health (US), AllStars Medical Billing (US), Apero Health, Inc. (US), TotalMD (US), Proclaim Billing Services (US).

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Medical Billing Market worth $27.7 billion by 2029