Market Overview:
The global medical coding and billing market is expected to grow at a CAGR of 9.5% from 2018 to 2030. The growth in the market can be attributed to the increasing demand for medical coding and billing services from hospitals, clinics, and nursing centers across the globe. Additionally, the growing adoption of advanced technologies in medical coding and billing is also contributing to the growth of this market. However, lack of skilled professionals is restraining the growth of this market. On the basis of type, medical coding services accounted for a larger share than medical billing services in 2017. This can be attributed to increased demand for accurate and timely reimbursement claims by healthcare providers across the globe.
Product Definition:
Medical coding and billing is the process of transforming healthcare services into codes, which are used to track spending and measure performance. The importance of medical coding and billing is that it allows for the efficient tracking of healthcare spending, as well as providing a method for measuring quality of care.
Medical Billing Services:
Medical billing services are the services rendered by medical billers to process claims for insurance companies, third party payers and patients. The medical billing service is used in the healthcare industry for two purposes, firstly it's used to generate revenue from one or more insurance providers and secondly it's used by physicians as a tool to track their practice expenses.
Medical Coding Services:
Medical coding and billing is a process that is done by healthcare professionals to convert medical documents into legible terms for reimbursement purposes. The medical coder or billing specialist has knowledge of insurance company rules and regulations. They are also well-versed with the technicalities associated with insurance procedures. Medical coders/billing specialists work in an office environment, hospital environment, or independently; it depends on their specialty.
Application Insights:
Based on application, the global medical coding and billing market is segmented into hospital, clinic, and others. The hospital segment dominated the market in 2017 owing to factors such as increasing prevalence of chronic diseases such as cancer and heart disease that require frequent visits to hospitals for diagnosis and treatment. In addition, an increase in investments by governments for developing infrastructure at hospitals is expected to drive the growth of this segment over the forecast period.
The growth of clinics over hospitals can be attributed to various factors including ease of access due to availability of transport facilities; cost-effectiveness due to reduction in number of visits; flexibility offered by these centers regarding timings; patient comfort owing to more relaxed environment; improved hygiene conditions since most clinics are located near shopping malls or markets where patients prefer visiting them instead spending time at remote locations away from home which further reduces healthcare costs thereby making them more attractive than hospitals. However, with growing preference towards outpatient treatment across developed nations like U.S.
Regional Analysis:
North America dominated the global market in 2017. The presence of a large number of insurance providers, coupled with high awareness regarding the benefits offered by these companies, is one of the major factors contributing to this dominance. In addition, increasing demand for medical billing services due to rising healthcare costs and growing need for accurate accounting records is also expected to drive regional growth over the forecast period.
Asia Pacific region accounted for a revenue share of 23% in 2017 owing to an increase in demand from developing countries such as India and China. This can be attributed to an increase in healthcare expenditure along with rising patient pool suffering from chronic diseases such as diabetes and cardiac disorders requiring hospitalization at times.
Growth Factors:
- Increasing demand for medical coding and billing services from healthcare providers to improve their efficiency and accuracy in revenue cycle management.
- Growing need for standardization of medical coding and billing processes across the globe to ensure compliance with regulatory requirements.
- Proliferation of new technologies such as cloud-based solutions, big data analytics, and mobile apps that are helping to streamline medical coding and billing operations.
- Rising incidence of chronic diseases requiring specialized treatments that is driving up the demand for diagnostic procedures and related services covered by medical codes.
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Coding and Billing Market Research Report
By Type
Medical Billing Services, Medical Coding Services
By Application
Hospital, Clinic, Nursing Center
By Companies
Medical Billers and Coders (MBC), CHRM Billing, Sybrid Md, Inospirehealth, 5 Star Billing Services, GeBBS Healthcare Solutions, QWAY HEALTH, Quest National Services, CureMD, Nation-Wide, MedConverge, Outsource Strategies International, Flatworld
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
212
Number of Tables & Figures
149
Customization Available
Yes, the report can be customized as per your need.
Global Medical Coding and Billing Market Report Segments:
The global Medical Coding and Billing market is segmented on the basis of:
Types
Medical Billing Services, Medical Coding Services
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, Clinic, Nursing Center
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:
- Medical Billers and Coders (MBC)
- CHRM Billing
- Sybrid Md
- Inospirehealth
- 5 Star Billing Services
- GeBBS Healthcare Solutions
- QWAY HEALTH
- Quest National Services
- CureMD
- Nation-Wide
- MedConverge
- Outsource Strategies International
- Flatworld
Highlights of The Medical Coding and 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:
- Medical Billing Services
- Medical Coding Services
- By Application:
- Hospital
- Clinic
- Nursing Center
- 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 Coding and 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:
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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 coding and billing is the process of assigning a unique medical code to each patient encounter, and then tracking that code through the healthcare system. This allows for accurate billing, as well as better communication between providers and insurers.
Some of the major companies in the medical coding and billing market are Medical Billers and Coders (MBC), CHRM Billing, Sybrid Md, Inospirehealth, 5 Star Billing Services, GeBBS Healthcare Solutions, QWAY HEALTH, Quest National Services, CureMD, Nation-Wide, MedConverge, Outsource Strategies International, Flatworld.
The medical coding and billing market is expected to grow at a compound annual growth rate of 9.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Medical Coding and 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 Coding and Billing Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Coding and 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 Coding and 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 Coding and Billing Market Size & Forecast, 2018-2028
4.5.1 Medical Coding and Billing Market Size and Y-o-Y Growth
4.5.2 Medical Coding and Billing Market Absolute $ Opportunity
Chapter 5 Global Medical Coding and 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 Coding and Billing Market Size Forecast by Type
5.2.1 Medical Billing Services
5.2.2 Medical Coding Services
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Coding and 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 Coding and Billing Market Size Forecast by Applications
6.2.1 Hospital
6.2.2 Clinic
6.2.3 Nursing Center
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Coding and 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 Coding and 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 Coding and Billing Analysis and Forecast
9.1 Introduction
9.2 North America Medical Coding and 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 Coding and Billing Market Size Forecast by Type
9.6.1 Medical Billing Services
9.6.2 Medical Coding Services
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 Coding and Billing Market Size Forecast by Applications
9.10.1 Hospital
9.10.2 Clinic
9.10.3 Nursing Center
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 Coding and Billing Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Coding and 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 Coding and Billing Market Size Forecast by Type
10.6.1 Medical Billing Services
10.6.2 Medical Coding Services
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 Coding and Billing Market Size Forecast by Applications
10.10.1 Hospital
10.10.2 Clinic
10.10.3 Nursing Center
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 Coding and Billing Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Coding and 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 Coding and Billing Market Size Forecast by Type
11.6.1 Medical Billing Services
11.6.2 Medical Coding Services
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 Coding and Billing Market Size Forecast by Applications
11.10.1 Hospital
11.10.2 Clinic
11.10.3 Nursing Center
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 Coding and Billing Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Coding and 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 Coding and Billing Market Size Forecast by Type
12.6.1 Medical Billing Services
12.6.2 Medical Coding Services
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 Coding and Billing Market Size Forecast by Applications
12.10.1 Hospital
12.10.2 Clinic
12.10.3 Nursing Center
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 Coding and Billing Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Coding and 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 Coding and Billing Market Size Forecast by Type
13.6.1 Medical Billing Services
13.6.2 Medical Coding Services
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 Coding and Billing Market Size Forecast by Applications
13.10.1 Hospital
13.10.2 Clinic
13.10.3 Nursing Center
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 Coding and Billing Market: Competitive Dashboard
14.2 Global Medical Coding and Billing Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Medical Billers and Coders (MBC)
14.3.2 CHRM Billing
14.3.3 Sybrid Md
14.3.4 Inospirehealth
14.3.5 5 Star Billing Services
14.3.6 GeBBS Healthcare Solutions
14.3.7 QWAY HEALTH
14.3.8 Quest National Services
14.3.9 CureMD
14.3.10 Nation-Wide
14.3.11 MedConverge
14.3.12 Outsource Strategies International
14.3.13 Flatworld
