Medical Billing Market Size is Projected to Reach USD 31.19 billion by 2030 at 11.9% CAGR | Accenture, TCS, Cognizant Technology Solutions
Research Reports
May 12, 2023
Medical Billing Market Share, Trends and Growth Analysis By Type (Professional Billing, Institutional Billing), Application (Database Management, Financial, Infrastructure, Operational) Process (Electronic Billing, Payment And Medical Billing Services) – Forecast Till 2030
Market Research Future Insights
The medical billing market Size was valued at USD 14.2 billion in 2022 and is projected to grow from USD 15.88 Billion in 2023 to USD 31.19 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.9% during the forecast period (2023 – 2030).
The global medical billing market refers to the industry that provides services related to the processing and management of medical claims and reimbursements for healthcare providers, including hospitals, clinics, and individual practitioners. Medical billing includes activities such as patient registration, insurance verification, coding, charge entry, claims submission, payment posting, and denial management. The global medical billing market is expected to continue to grow as healthcare providers seek to streamline their billing processes and maximize revenue while complying with ever-changing regulations and payer requirements.
The COVID-19 pandemic had a significant impact on the global medical billing market. One major impact has been an increase in telehealth services, as patients avoid in-person visits due to social distancing guidelines. This has resulted in a surge in virtual medical billing, as providers bill for telehealth services and insurers adjust their reimbursement policies to cover these services.
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Market Segmentation
The Global Medical Billing Market has been segmented into type, application and end-use.
Based on the type, the market has been segmented into professional billing and institutional billing.
Based on the application, the market has been segmented into database management, financial, infrastructure and operational.
Based on the end-use, the market has been segmented into electronic billing, payment and medical billing services.
Key Players
Accenture (US)
TCS (India)
AGS Health (India)
Cognizant Technology Solutions (US)
GeBBS Healthcare (US)
Genpact (US)
HCL Technologies (India)
INFINIT Healthcare
Medusind (India)
Regional Analysis
North America is currently the largest region of the global medical billing market in terms of revenue. The region has a well-established healthcare system and advanced technology infrastructure, which has enabled the adoption of electronic medical billing systems and efficient revenue cycle management practices.
Browse In-depth Market Research Report (80 Pages) on Medical Billing: https://www.marketresearchfuture.com/reports/medical-billing-market-1023
Other factors driving the growth of the medical billing market in North America include government initiatives to encourage the adoption of electronic health records and the increasing prevalence of chronic diseases that require ongoing medical care and billing.
However, the Asia Pacific region is also experiencing significant growth in the medical billing market due to increasing healthcare spending and the adoption of digital health technologies.
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