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Medical Billing Market Size, Share & Trends by Product (Software, Service), Application (RCM, EHR, Practice Management), Type (Account Receivable, Claim, Coding, Analytics), Service (Managed, Professional), End User (Hospital, Speciality), & Region - Forecast to 2029

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    Report

  • 506 Pages
  • July 2024
  • Region: Global
  • Markets and Markets
  • ID: 5988290
The global Medical Billing market is projected to reach USD 27.7 billion by 2029 from USD 16.8 billion in 2024, at a CAGR of 10.5% from 2024 to 2029. The market is growing because of factors like rising healthcare costs worldwide, improvements in healthcare IT, such as electronic health records and billing software, stricter laws like HIPAA, a rise in the number of people receiving health insurance, and an increasing focus on revenue cycle management optimization. The aforementioned causes propel the need for effective billing solutions that optimize workflows, boost precision, guarantee adherence, and bolster financial outcomes for healthcare providers.

Service segment by component to witness the highest CAGR during the forecast period.

Based on component type, the medical billing market is divided into software and services segments. Over the course of the forecast period, the service segment is anticipated to post the highest CAGR rate. the expanding need for specialized outside solutions among healthcare practitioners. These services offer comprehensive billing process management, including coding, claim filing, revenue cycle management, and denial management. By boosting revenue collection, decreasing administrative expenses, streamlining procedures, and reducing billing errors, outsourcing helps healthcare organizations perform financially better.

On-premise model held the largest market share in the Medical Billing Market .

The medical billing market is divided into three segments based on deployment: on-premise, cloud-based, and SaaS-based approaches. In 2023, the on-premise deployment mode accounted for most of the market. The on-premise solution has dominated the medical billing market because it can meet strict data security requirements and give healthcare companies more control over their sensitive patient information. Healthcare providers who maintain patient data on their physical premises can better comply with legislation such as HIPAA, which requires stringent requirements for patient data protection, and apply tailored security measures.

RCM segment to register the highest CAGR in the Medical Billing market during the forecast period.

The medical billing industry is divided into RCM, practice management software, patient engagement software, EHR, and other categories based on application. Over the projection period, the Medical Billing market in RCM is anticipated to grow at the fastest rate. Modern healthcare IT systems streamline and automate billing processes, reducing errors and increasing revenue collection. These solutions can be integrated with electronic health records (EHR) and billing systems.

APAC is estimated to register the highest CAGR during the forecast period.

In this report, the Medical Billing market is segmented into segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East, and Africa. APAC's medical billing market is anticipated to grow at the fastest rate possible throughout the forecast period. The growing use of cloud-based billing systems and electronic health records in the Asia Pacific promotes scalability and improves operational efficiency. Efficient billing processes are in high demand due to the expanding middle-class population seeking healthcare services and expanding health insurance coverage.

Breakdown of supply-side primary interviews by company type, designation, and region:

  • By Company Type: Tier 1 (40%), Tier 2 (35%), and Tier 3 (25%)
  • By Designation: C-level (35%), Director-level (45%), and Others (20%)
  • By Region: North America (55%), Europe (20%), Asia Pacific (15%), Latin America (5%) and Middle East Africa (5%)

List of Companies Profiled in the Report

  • 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)

Research Coverage

This report studies the Medical Billing market based on component, facility size, end user, and region. The report also analyses factors affecting market growth (drivers, opportunities, and challenges)¬. It evaluates the market's opportunities and challenges for stakeholders and details the competitive landscape for market leaders. The report also studies micro markets with respect to their growth trends, prospects, and contributions to the Medical Billing market. The report forecasts the revenue of the market segments with respect to five major regions.

Reasons to Buy the Report

This report also includes.

  • Analysis of key drivers (growing regulatory environment and government initiatives, growth in health insurance and increasing healthcare expenditure), restrain (IT infrastructural constraints in emerging economies, high deployment costs), challenges (billing errors and denials, resistance towards transitioning from traditional approaches), opportunities (rise in AI demand, cloud-based solutions to represent high-growth opportunities) are contributing the growth of the Medical Billing Market.
  • Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the Medical Billing Market.
  • Market Development: Comprehensive information on lucrative emerging markets, components, facility size, end-users, and regions.
  • Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, and investments in the Medical Billing Market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global Medical Billing Market.

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Segmentation
1.3.3 Years Considered for the Study
1.4 Currency Considered
1.5 Stakeholders
1.6 Recession Impact

2 Research Methodology
2.1 Research Data
2.2 Research Approach
2.2.1 Secondary Data
2.2.1.1 Key Data from Secondary Sources
2.2.2 Primary Data
2.2.2.1 Primary Sources
2.2.2.1.1 Key Data from Primary Sources
2.2.2.1.2 Key Industry Insights
2.2.2.1.3 Breakdown of Primaries
2.3 Market Size Estimation
2.4 Market Breakdown and Data Triangulation
2.5 Assumptions for the Study
2.6 Risk Assessment
2.7 Limitations
2.7.1 Methedology-Related Limitations
2.7.2 Scope Related Limitations
2.8 Impact of Recession on Medical Billing Market

3 Executive Summary4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.2 Market Restraints
5.2.3 Market Opportunities
5.2.4 Market Challenges
5.3 Key Industry Trends
5.4 Technology Analysis
5.4.1 Key Technologies
5.4.1.1 Artificial Intelligence (AI) & Machine Learning (ML)
5.4.1.2 Computer-Assisted Coding (Cac)
5.4.2 Complimentary Technologies
5.4.2.1 Blockchain
5.4.3 Adjacent Technologies
5.5 Ecosystem Analysis
5.6 Value/ Supply Chain Analysis
5.7 Porter's Five Forces Analysis
5.7.1 Threat of New Entrants
5.7.2 Threat of Substitutes
5.7.3 Bargaining Power of Buyers
5.7.4 Bargaining Power of Suppliers
5.7.5 Intensity of Competitive Rivalry
5.8 Patent Analysis
5.8.1 Patent Publication Trends for Medical Billing
5.8.2 Jurisdiction Analysis: Top Applicant Countries
5.8.3 Major Patents
5.8.4 Patent Filed
5.9 Regulatory Landscape
5.9.1 Regulatory Bodies, Government Agencies and Other Organizations
5.9.2 Regulatory Analysis
5.9.2.1 North America
5.9.2.2 Europe
5.9.2.3 Asia-Pacific
5.9.2.4 Latin America
5.9.2.5 Middle East and Africa
5.10 Pricing Analysis
5.10.1 Average Selling Price Trend, by Region
5.10.2 Average Selling Price Trend of Key Players, by Product Type
5.11 Key Conferences & Events in 2024-2025
5.12 Key Stakeholders & Buying Criteria
5.12.1 Key Stakeholders in the Buying Process
5.12.2 Buying Criteria
5.13 Case Studies
5.14 Unmet Needs
5.14.1 End-user Expectations
5.15 Business Model Analysis
5.16 Reimbursement Scenario Analysis
5.17 Trends/Disruptions Impacting Customers’ Businesses
5.18 Investment & Funding Scenario

6 Medical Billing Market, by Component, (USD Million: 2018-2029)
6.1 Introduction
6.2 Software
6.2.1 By Type
6.2.1.1 Integrated Medical Billing Software
6.2.1.2 Standalone Medical Billing Software
6.2.2 By Application
6.2.2.1 Rcm
6.2.2.2 Practice Management Software
6.2.2.3 Patient Engagement Software
6.2.2.4 Ehr
6.2.2.5 Others
6.2.3 By Deployment
6.2.3.1 On-Premises Model
6.2.3.2 Cloud-based Model
6.2.3.3 SaaS Based
6.3 Services
6.3.1 Managed Services
6.3.1.1 Medical Coding
6.3.1.2 Claim Submission and Management
6.3.1.3 Payment Posting and Collection
6.3.1.4 Reporting and Analytics
6.3.1.5 Denial Management
6.3.1.6 Others
6.3.1.7 Account Receivable/ Aging Claims
6.3.2 Professional Services
6.3.2.1 Implementation and Training
6.3.2.2 Technical Support
6.3.2.3 Others

7 Medical Billing Market, by Facility Size, (USD Million: 2018-2029)
7.1 Introduction
7.2 Large
7.3 Medium
7.4 Small

8 Medical Billing Market, by End-user (USD Million: 2018-2029)
8.1 Introduction
8.2 Hospitals
8.3 Specialty Centers
8.3.1 Orthopedic
8.3.2 Cardiology
8.3.3 Radiology & Imaging Centers
8.3.4 Oncology
8.3.5 Others
8.4 Ambulatory Surgical Centers
8.5 Other End-users

9 Medical Billing Market, by Region, (USD Million: 2018-2029)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 North America: Impact of Economic Recession
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Italy
9.3.5 Spain
9.3.6 Rest of Europe
9.3.7 Europe: Impact of Economic Recession
9.4 Asia-Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Rest of Asia-Pacific
9.4.5 Asia-Pacific: Impact of Economic Recession
9.5 Latam
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Rest of Latin America
9.5.4 Latin America: Impact of Economic Recession
9.6 Middle East and Africa
9.6.1 Gcc Countries
9.6.2 Rest of Middle East and Africa
9.6.3 Middle East & Africa: Impact of Economic Recession

10 Competitive Landscape
10.1 Overview
10.2 Strategies Adopted by Key Players
10.3 Revenue Share Analysis of Top Market Players (2023)
10.4 Market Share Analysis (2023)
10.5 Company Evaluation Matrix: Key Players, 2023
10.5.1 Stars
10.5.2 Emerging Leaders
10.5.3 Pervasive Players
10.5.4 Participants
10.5.5 Company Footprint: Key Players, 2023
10.5.5.1 Company Footprint
10.5.5.2 Region Footprint
10.5.5.3 Component Footprint
10.5.5.4 Facility Size Footprint
10.5.5.5 End-user Footprint
10.6 Company Evaluation Matrix: Startups/SMEs, 2023
10.6.1 Progressive Companies
10.6.2 Responsive Comapnies
10.6.3 Dynamic Companies
10.6.4 Starting Blocks
10.6.5 Competitive Benchmarking: Startups/ SMEs, 2023
10.6.5.1 Detailed List of Key Startups/SMEs
10.6.5.2 Competitive Benchmarking of Key Startups/SMEs
10.7 Valuation and Financial Metrics of Medical Billing Vendors
10.8 Brand Comparative Analysis
10.9 Competitive Scenario and Trends
10.9.1 Medical Billing Market: Product Launches
10.9.2 Medical Billing Market: Deals
10.9.3 Medical Billing Market: Other Developments

11 Company Profiles
11.1 Key Players
11.1.1 Veradigm LLC
11.1.2 Oracle
11.1.3 Mckesson Corporation
11.1.4 Quest Diagnostics Incorporated
11.1.5 Advancedmd
11.1.6 Curemd
11.1.7 Drchrono
11.1.8 Kareo
11.1.9 Nextgen Healthcare Inc.
11.1.10 Carecloud Inc.
11.1.11 Eclinicalworks
11.1.12 Athenahealth
11.1.13 Epic Systems Corporation
11.1.14 Therapynotes LLC
11.1.15 Advanced Data System Corporation
11.1.16 Rxnt
11.1.17 Webpt
11.1.18 Centralreach
11.1.19 Collaboratemd
11.1.20 Chartlogic
11.2 Other Players
11.2.1 Meditab
11.2.2 Ezclaims
11.2.3 Revenuexl
11.2.4 Proclaim Billing Services
11.2.5 Totalmd

12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: The Subscription Portal
12.4 Customization Options

Companies Mentioned

  • Advanced Data System Corporation
  • Advancedmd
  • Athenahealth
  • Carecloud Inc.
  • Centralreach
  • Chartlogic
  • Collaboratemd
  • Curemd
  • Drchrono
  • Eclinicalworks
  • Epic Systems Corporation
  • Ezclaims
  • Kareo
  • Mckesson Corporation
  • Meditab
  • Nextgen Healthcare Inc.
  • Oracle
  • Proclaim Billing Services
  • Quest Diagnostics Incorporated
  • Revenuexl
  • Rxnt
  • Therapynotes LLC
  • Totalmd
  • Veradigm LLC
  • Webpt

Table Information