Global Medicare Billing Software Industry Insights & Forecasts To 2025
Medicare Billing Software Market Insights
The Medicare billing software market is expected to grow at a significant CAGR over the coming years. The growing need to integrate functions of various stakeholders such as hospitals, pharmacies, insurance providers, and payers is expected to boost demand for well-integrated medicare billing software. Medicare billing involves the exchange of numerous codes between the provider/hospital and the insurance company. Rejected claims are transferred back and forth until all issues are resolved. This is a lengthy process which delays payments to a large extent.
Medicare Billing Software Market: Platform Insights
On the basis of the platform, the Medicare billing market is segmented into on-premise and cloud-based. The demand for cloud-based software is expected to grow at a high CAGR over the forecast period. Many small establishments are considering outsourcing billing activities as they are a budget-friendly. Therefore, the demand for cloud-based solutions is expected to increase as it offers remote access and easy communication with the outsourced firm.
Medicare Billing Software Market: Application Insights
On the basis of application, the Medicare billing software market is segmented into hospitals, pharmacies, and others. The hospital segment is anticipated to occupy a large share in the market on account of increasing spending in developing appropriate healthcare expenditure. The physician offices segment is projected to grow at a high CAGR over the forecast period. Medicare billing software in hospitals & physicians’ offices directly provide details regarding medical procedures conducted, approved drugs to the patient, and records the bill for insurance and other Medicare claim purposes.
Medicare Billing Software Market: Regional Insights
The demand for Medicare billing software is expected to register a high share in the North American region. The increasing demand observed for healthcare informatics, digitalization of health records, and integration of information across stakeholders is anticipated to boost demand for billing software in the U.S. and Canada.
The demand for Medicare billing software is projected to grow at the highest CAGR from 2017 to 2025. Increasing spending in developing healthcare infrastructure coupled with the growth in the medical tourism sector is projected to increase demand for Medicare billing solutions over the coming years.
Medicare Billing Software Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Medicare billing software over the coming years. Some leading consumers of this market are CVS Health, Walgreens, and Express Scripts among others.
Medicare Billing Software Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Medicare Billing Software Market Share & Competitor Analysis
Some of the key companies developing software for medical billing include TransactRx, Romexsoft, Healthpac, FreshBooks, Navicure, MPN Software Systems, NexTech Systems, Meditab Software, TotalMD, and CollaborateMD among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In December 2017, HealthiPASS developed software for patients to “check in” to a doctor’s appointment. The software already posses the patient’s payment information, estimates the cost of the visit, and includes relevant insurance benefit plan details. Cedar is also anticipated to launch billing solutions that will possess the patient’s medical history, insurance plan, and estimate the amount he would have to pay
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The global Medicare Billing Software Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. 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 Medicare 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 company and customer analytics.
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