This report was recently updated on April 18 2024 with the latest and most recent
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Global Medical Billing Software Market Size, Trends, and Analysis- Forecasts To 2026 By Type (Compliance Tracking, Claims Scrubbing, Code & Change Entry), By Application (Clinics, Hospitals, Others), By Pricing Option (Monthly, One-Time, Annual, Others), By Deployment Model (On-Premise, Cloud), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Healthcare professionals are currently adopting and using software that can monitor patient details, payment, billing information, and claim submission automatically to manage efficient patient-hospital follow-ups. Several tech firms have been offering medical billing software to this increasingly lucrative market. Many companies also offer complete portal solutions through their web interfaces. Over the forecast timeframe, rising demand for cloud and on-site medical billing software among clinics and hospitals across the globe is likely to fuel market growth. Furthermore, the introduction of new technological solutions and software, supportive government regulations, and rising concerns regarding debt and uncollectable accounting errors is leading to rising preference by many healthcare providers for medical billing software in the market.
The three distinct forms of the software are compliance monitoring, claims scrubbing, and code & change entry. The claims scrubbing segment is the largest market shareholder in terms of revenue generation, over the projected timeframe. Claim scrubbing is a service provided to healthcare providers by third parties. Its primary function is to identify and remove errors in billing codes, minimizing the amount of refused or declined claims by medical insurers. It is simply a way for claims to be audited before they are presented to insurers.
By type of deployment, the market for medical billing software is bifurcated into a cloud-based and on-site-based segment. The on-premise segment will occupy the largest market share and generate huge revenue from 2021-2026. On-premise application systems are installed on the user's computer or workstation. The growing concentration of major companies on providing best-in-class pricing and billing management processes, on-site would thus increase its penetration, increasing the growth of this segment.
The two distinct types of applications on the market are clinics and hospitals. The market is expected to have the hospital segment’s dominance over the expected timeline. The increasing adoption of medical billing outsourcing for better patient care management is driving the growth of this segment. Hospital restructuring also increases the difficulty of the procedures for billing and reimbursement. Therefore, the segmental growth for hospitals is higher than the latter.
The dominant market segment is held by the North American region in terms of revenue growth. This is attributed to the rising geriatric patient population, the increasing availability of advanced healthcare facilities, and the rise in investment in research and development for advanced and healthcare based software. With the rising requirements of health insurance providers in the United States, various facets of medical billing and medical office management have created the need for advanced training. On the other hand, due to the high penetration of digital services in healthcare and the growing awareness of healthcare IT integration, the Asia Pacific region will report a high growth rate. Furthermore, proper monitoring of bills and payments for the correct information to be reported will also improve the development of the market for medical billing software in the coming years.
Navicure, AGC Health, Meditab, Therabill LLC, PayStand, AllegianceMD, Nextech Systems, American Medical Software, HCL Technology, AdvancedMD, CollaborateMD, TotalMD, Brightree LLC, among others are the major players competing in the Medical Billing Software market.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2018, Nuesoft Technologies was successfully acquired by AdvancedMD, for enhancing its product segment namely the medical billing services software.
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The Global Medical Billing Software Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Medical Billing Software Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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