Global Medical Billing Software Market, By Type (Claims Scrubbing, Code and Charge Entry, Compliance Tracking, Professional Billing, Institutional Billing), Component (Solution, Services), Application (Hospitals, Clinics, Other), Pricing Option (One-Time, Annual, Monthly, Others), Deployment (Cloud, On-Premise), End-User (Pharma and Medical) – Industry Trends and Forecast to 2029.
Medical Billing Software Market Analysis and Size
Medical billing software is used by the coders and medical billers to deliver administrative services and file medical claims. The medical billers use medical billing software to provide administrative services and submit medical claims. Additionally, organisations and professionals utilise the software to manage clinical charting, patient intake, invoicing, and revenue cycle. Healthcare professionals are using medical billing software that may automatically handle patient-hospital follow-ups by monitoring patient information, payment, billing information, and claim filing. Through the web interfaces, several businesses also provide full portal information’s.
Data Bridge Market Research analyses that the medical billing software market which is expected to undergo a CAGR of 12% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Medical Billing Software Market Scope and Segmentation
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Report Metric |
Details |
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Forecast Period |
2022 to 2029 |
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Base Year |
2021 |
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Historic Years |
2020 (Customizable to 2014 - 2019) |
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Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
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Segments Covered |
Type (Claims Scrubbing, Code and Charge Entry, Compliance Tracking), Application (Hospitals, Clinics, Other), Pricing Option (One-Time, Annual, Monthly, Others), Deployment (Cloud, On-Premise), End-User (Pharma and Medical) |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
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Market Players Covered |
Kareo Inc. (U.S.), WebPT (U.S.), ChiroTouch (U.S.), NXGN Management, LLC. (U.S.), Practice Fusion Inc. (U.S.), Brightree LLC (U.S.), General Electric (U.S.), CentralReach, LLC (U.S.), EZ Claim (U.S.), AdvancedMD Inc. (U.S.), PointClickCare (Canada), DrChrono Inc. (U.S.), Phreesia (U.S.) |
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Market Opportunities |
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Market Definition
Medical billing is a method of payment for services, such as tests, treatments, and operations, a healthcare professional must submit and appeal claims with health insurance companies. Invoicing and payment collection are specifically automated by medical billing software. This comprises creating invoices for orders, creating templates for various types of invoices, billing clients electronically, and streamlining the claims procedure.
Global Medical Billing Software Market Dynamics
Drivers
- Digitization of software
Healthcare providers and medical offices adopted digitization at a rapid rate. A lot of information about the patients who receive services each day is being gathered. An effective system is required for health services to efficiently organise, manage, and carry out plans. The ‘Administrative Errors: Technical Series on Safer Primary Care 2016’ report published by the World Health Organization (WHO) estimated that about 5–50% of medical errors in primary care are administrative errors, further prompting the need for digitization. As a result, there is a growing need for medical billing software.
- Medical billing software use in hospitals
Medical billing software can be used by hospitals, clinics, and other healthcare-related businesses to streamline their invoicing and payment-related workflows and handle insurance claims. Medical billing software is used in hospitals as there is no loss of bills and data, secure and safe reporting system and there is a financial dashboard that tracks the practice health efficiently. A medical billing app also creates reports that give precise insights into the income your business makes. These all are the factors which helps to grow the market.
Opportunities
- Rising duplicate insurance claims
The use of software facilitates communication across various domains and subdomains of hospitals. The programme uses cutting-edge approaches to ensure seamless interoperability between insurance companies and hospitals while managing patient data and information about their treatment. The identical claims and a lack of transparency, the insurance firms reportedly reject about one out of every five claims. Thus, the use of advanced methodologies and interoperability between these domains of hospitals will aid in reducing the number of fraudulent claims, further boosting the market growth.
Restraints/Challenges
- Threat of cyber crimes
Concerns over the privacy of the patient's medical history and other personal information have grown as a result of the rise in cybercrime over the past few years. The Indiana Attorney General reported in 2015 that a cyberattack on the Indiana-based company Medical Informatics Engineering compromised the data of more than four million patients from 230 institutions (MIE). Malware, phishing, Man in the Middle attacks, Trojans, and other rising cyber threats are among those limiting market expansion to some extent.
- High cost
On the other hand, the high price of medical billing software is expected will obstruct the market's growth rate. The lack of healthcare infrastructure in developing economies will challenge the medical billing software market.
This medical billing software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical billing software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In November 2021, A cloud-based emergency medical services software and billing startup, MP Cloud Technologies/MTech, announced its product to establish a division in Spartanburg County, Columbia. Throughout the United States, MP Cloud Technologies/MTech supports hundreds of private and municipal emergency medical care providers by offering cloud-based software solutions and revenue cycle management (RCM).
- In June 2022, Health iPASS, a Sphere company, entered into a strategic partnership with Atlus Neighbors Emergency Centers (NEC), a group of hospital-affiliated urgent care centres serving the Houston, TX area. The partnership is based on the use of Health iPASS's Advanced eBilling product.
Global Medical Billing Software Market Scope
The medical billing software market is segmented on the basis of type, application, component, pricing option and deployment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Claims Scrubbing
- Code and Charge Entry
- Compliance Tracking
- Professional Billing
- Institutional Billing
Component
- Solution
- Revenue cycle management
- Practice management
- Claims management
- Services
- Professional services
- Managed services
Application
- Hospitals
- Clinics
- Other
Pricing Option
- One-Time
- Annual
- Monthly
- Others
Deployment
- Cloud
- On-Premise
End-User
- Pharma
- Medical
Medical Billing Software Market Regional Analysis/Insights
The medical billing software market is analysed and market size insights and trends are provided by country, type, application, component, pricing option and deployment as referenced above.
The countries covered in the medical billing software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the medical billing software market due to government investments in the healthcare sector are growing and technology is being adopted quickly.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to expanding investments and favourable governmental policies.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The medical billing software market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical billing software market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical billing software market. The data is available for historic period 2010-2020.
Competitive Landscape and Medical Billing Software Market Share Analysis
The medical billing software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical billing software market.
Some of the major players operating in the medical billing software market are:
- Kareo Inc. (U.S.)
- WebPT (U.S.)
- ChiroTouch (U.S.)
- NXGN Management, LLC. (U.S.)
- Practice Fusion Inc. (U.S.)
- Brightree LLC (U.S.)
- General Electric (U.S.)
- CentralReach, LLC (U.S.)
- EZ Claim (U.S.)
- AdvancedMD Inc. (U.S.)
- PointClickCare (Canada)
- DrChrono Inc. (U.S.)
- Phreesia (U.S.)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
