Market Overview:
The global medical billing market is expected to grow at a CAGR of 7.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for healthcare services, rising awareness about medical billing and insurance, and the growing number of private healthcare providers. The global medical billing market is segmented by type into professional billing and institutional billing. Professional billing is further sub-segmented into physician’s office, dental office, and other professional offices. Institutional billing is further sub-segmented into hospital, clinics, and others. The hospitals segment accounted for the largest share of the global medical billing market in 2017 owing to the increasing demand for healthcare services worldwide. Geographically, the global medical billing market is segmented into North America, Latin America, Europe Asia Pacific ,and Middle East & Africa .
Product Definition:
Medical billing is the process of submitting and following up on claims with health insurance providers in order to receive payment for services rendered by a healthcare provider. Medical billing is important because it helps ensure that healthcare providers are fairly compensated for the services they provide, and it also helps ensure that patients receive timely reimbursement for their medical expenses.
Professional Billing:
Professional billing is a service that allows healthcare professionals to bill insurance for services provided to patients. It includes the process of determining insurance eligibility, processing claims, and remittance advice. The factors that propel the growth of professional billing in medical billing market include increasing complexity in reimbursement policies and rising need for value-based care delivery system which results into increased revenue generation by providers.
Institutional Billing:
Institutional billing is the process of charging insurance companies for services provided by hospitals, clinics, and other healthcare facilities. It includes procedures such as inpatient (patient admission) billing, outpatient (service) billing and procedure/product documentation. Institutional Billing & Coding is a part of hospital operations where professionals with specialized training perform routine tasks that help improve patient care while reducing costs to the organization.
Application Insights:
The others application segment accounted for the largest revenue share in 2017 and is anticipated to grow at a lucrative rate over the forecast period. This can be attributed to an increase in demand for medical billing services from non-clinical staff, such as finance, information technology, human resources and administrative support. The need for accurate financial management of healthcare costs has increased with an increasing number of hospitals and other healthcare facilities. In addition, rising penetration of EHRs is expected to drive the market growth over the forecast period.
Hospital was estimated as the largest billing application in 2017 owing to factors such as high volume of care provided by hospitals coupled with increasing government funding towards improving hospital infrastructure across various regions worldwide. For instance, according to WHO data published on October 2016, investment worth USD 8 billion was made by governments around the world towards building or expanding more than 100 new hospital beds every day since 2010 (USD 60 million per year on average).
Regional Analysis:
North America dominated the global market in 2017. The presence of a large number of medical billing companies and high adoption rate for advanced technologies are some factors driving the regional market. In addition, favorable reimbursement policies in U.S., such as Medicare and Medicaid, are also expected to drive demand for medical billing services over the forecast period.
Asia Pacific is expected to be one of the fastest-growing regions during the forecast period owing to increasing healthcare spending by governments and rising awareness about insurance plans among people living in developing countries like India and China. Moreover, an increase in government initiatives aimed at improving public health system is anticipated to fuel growth over next eight years or so. For instance, Government of India launched National Health Policy 2016 which aims at ensuring sustainable development through effective management of resources related to health; promoting healthy lifestyles; creating a safe environment; providing quality care through efficient systems based on clinical need (HCI International Billing Services Pvt Ltd., 2017).
Growth Factors:
- Increasing demand for medical services: The global population is aging and the prevalence of chronic diseases is increasing, which is driving the demand for medical services. This, in turn, is fueling the growth of the medical billing market.
- Technological advancements: The medical billing market is benefiting from technological advancements such as cloud-based solutions and big data analytics that are helping to improve efficiency and accuracy in billing processes.
- Regulatory changes: Governments around the world are implementing new regulations to improve healthcare affordability and increase transparency in healthcare spending. These regulatory changes are benefiting the medical billing market by encouraging providers to adopt more efficient billing processes.
- Rising awareness about health insurance: There has been a growing awareness about health insurance among consumers in recent years, which has led to an increase in demand for healthcare services that are covered by insurance plans. This trend is benefiting the medical billing market by encouraging providers to adopt more efficient billing processes.. 5
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Billing Market Research Report
By Type
Professional Billing, Institutional Billing
By Application
Hospital, Clinics, Others
By Companies
Accenture, TCS, AGS Health, Cognizant Technology Solutions, GeBBS Healthcare, Genpact, HCL Technologies, Infinit Healthcare, Medusind
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
161
Number of Tables & Figures
113
Customization Available
Yes, the report can be customized as per your need.
Global Medical Billing Market Report Segments:
The global Medical Billing market is segmented on the basis of:
Types
Professional Billing, Institutional Billing
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospital, Clinics, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Accenture
- TCS
- AGS Health
- Cognizant Technology Solutions
- GeBBS Healthcare
- Genpact
- HCL Technologies
- Infinit Healthcare
- Medusind
Highlights of The Medical Billing Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Professional Billing
- Institutional Billing
- By Application:
- Hospital
- Clinics
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Medical Billing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Medical billing is the process of documenting, classifying, and charging for medical services rendered to patients. Medical billing can be done in a variety of ways, including using paper or electronic records.
Some of the key players operating in the medical billing market are Accenture, TCS, AGS Health, Cognizant Technology Solutions, GeBBS Healthcare, Genpact, HCL Technologies, Infinit Healthcare, Medusind.
The medical billing market is expected to grow at a compound annual growth rate of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Billing Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Medical Billing Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Billing Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Medical Billing Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Medical Billing Market Size & Forecast, 2018-2028
4.5.1 Medical Billing Market Size and Y-o-Y Growth
4.5.2 Medical Billing Market Absolute $ Opportunity
Chapter 5 Global Medical Billing Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Medical Billing Market Size Forecast by Type
5.2.1 Professional Billing
5.2.2 Institutional Billing
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Billing Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Medical Billing Market Size Forecast by Applications
6.2.1 Hospital
6.2.2 Clinics
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Billing Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Medical Billing Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Medical Billing Analysis and Forecast
9.1 Introduction
9.2 North America Medical Billing Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Medical Billing Market Size Forecast by Type
9.6.1 Professional Billing
9.6.2 Institutional Billing
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Medical Billing Market Size Forecast by Applications
9.10.1 Hospital
9.10.2 Clinics
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Medical Billing Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Billing Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Medical Billing Market Size Forecast by Type
10.6.1 Professional Billing
10.6.2 Institutional Billing
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Medical Billing Market Size Forecast by Applications
10.10.1 Hospital
10.10.2 Clinics
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Medical Billing Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Billing Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Medical Billing Market Size Forecast by Type
11.6.1 Professional Billing
11.6.2 Institutional Billing
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Medical Billing Market Size Forecast by Applications
11.10.1 Hospital
11.10.2 Clinics
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Medical Billing Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Billing Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Medical Billing Market Size Forecast by Type
12.6.1 Professional Billing
12.6.2 Institutional Billing
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Medical Billing Market Size Forecast by Applications
12.10.1 Hospital
12.10.2 Clinics
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Medical Billing Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Billing Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Medical Billing Market Size Forecast by Type
13.6.1 Professional Billing
13.6.2 Institutional Billing
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Medical Billing Market Size Forecast by Applications
13.10.1 Hospital
13.10.2 Clinics
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Medical Billing Market: Competitive Dashboard
14.2 Global Medical Billing Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Accenture
14.3.2 TCS
14.3.3 AGS Health
14.3.4 Cognizant Technology Solutions
14.3.5 GeBBS Healthcare
14.3.6 Genpact
14.3.7 HCL Technologies
14.3.8 Infinit Healthcare
14.3.9 Medusind
