Market Overview:
The global medical collection services 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 medical collection services from medical practices with many delinquent accounts and independent medical practices. Additionally, the growth of the cloud-based segment is expected to drive the market during the forecast period. However, lack of awareness about these services among healthcare providers may restrain market growth during the forecast period. The global medical collection services market by type is segmented into cloud-based and on-premises segments. The cloud-based segment is projected to grow at a higher CAGR than on-premises during the forecast period owing to its advantages such as scalability, flexibility, and cost efficiency over on-premises solutions. The global medical collection services by application is segmented into two categories:medical practices with many delinquent accounts and independent medical practices .Medical Practices with Many Delinquent Accounts are those that have more than 30 days past due invoices as compared to Independent Medical Practices which generally have less than 30 days past due invoices .Independent Medical Practices are anticipated witness faster adoption rates owing declining reimbursements rates across developed markets such as North America and Europe ,and also rising healthcare costs in developing countries such as Asia Pacific .
Product Definition:
Medical Collection Services is defined as a professional service that helps to ensure the timely and accurate payment of medical claims. The importance of Medical Collection Services is that it can help to improve cash flow for healthcare providers and ensure that patients receive the care they need.
Cloud-based:
Cloud-based medical collection services are used by healthcare providers to manage patient accounts and bills. The service is provided through software applications or websites that allow healthcare professionals to send a patient's medical information directly to the insurance company, pharmacy, laboratory or other vendor. It also helps in managing the claims process and payment processing for patients as well as doctors.
On-premises:
On-premises is a term used for the software and hardware systems that are present within the organization's premise for processing patient data. The on-premises system can be a stand-alone computer system or part of a larger information technology network.
(1) receiving payment electronically from insurance companies; or (2) billing insurance companies directly for services rendered by healthcare providers.
Application Insights:
Based on the application, the global medical collection services market is segmented into independent medical practices, group practices and hospital based clinics. The independent medical practices held the largest share of over 70% in 2017. This can be attributed to an increase in number of new start-ups by various players across the world. For instance, as per a study published by Truven Health Analytics, Inc., around 1,200 new companies were formed between 2010 and 2015 in U.S.
The hospital based clinics held a significant share owing to their easy access.
Regional Analysis:
North America dominated the global market in 2017. The presence of a large number of medical collection agencies, high healthcare expenditure, and favorable government initiatives are some factors contributing to its growth. For instance, in 2014-2015, around 29% of total health spending was outsourced to third parties such as debt collectors and billing processors.
Asia Pacific is expected to grow at a lucrative rate during the forecast period owing to increasing outsourcing activities by various organizations coupled with rising demand for cost-cutting measures taken by them.
The Middle East & Africa region offers tremendous potential for industry expansion due to growing population along with increasing incidence rates of chronic diseases such as diabetes.
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 will create opportunities for medical collection services providers.
- Rising healthcare expenditure: Governments and private healthcare providers are investing in healthcare infrastructure and increasing their spending on health care, which is fueling the growth of the medical collection services market.
- Growth in e-commerce: The growth of e-commerce has led to an increase in online payments for medical procedures, creating opportunities for medical collection service providers.
- Expansion of insurance coverage: Insurance coverage is expanding globally, providing more people with access to affordable health care, which will drive the demand for medical collection services.
Scope Of The Report
Report Attributes
Report Details
Report Title
Medical Collection Services Market Research Report
By Type
Cloud-based, On-premises
By Application
Medical Practices with Many Delinquent Accounts, Independent Medical Practices
By Companies
Clearwave, NextStep, Aura, Collectly, MD Charts, Mendable, CWX, MediYeti, Graphium Health, precyse, HCI, Pioneer Collections, CCI Collections, AvadyneHealth, TSI, IV Medical, The Pre-Op Tool
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
238
Number of Tables & Figures
167
Customization Available
Yes, the report can be customized as per your need.
Global Medical Collection Services Market Report Segments:
The global Medical Collection Services market is segmented on the basis of:
Types
Cloud-based, On-premises
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
Medical Practices with Many Delinquent Accounts, Independent Medical Practices
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:
- Clearwave
- NextStep
- Aura
- Collectly
- MD Charts
- Mendable
- CWX
- MediYeti
- Graphium Health
- precyse
- HCI
- Pioneer Collections
- CCI Collections
- AvadyneHealth
- TSI
- IV Medical
- The Pre-Op Tool
Highlights of The Medical Collection Services 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:
- Cloud-based
- On-premises
- By Application:
- Medical Practices with Many Delinquent Accounts
- Independent Medical Practices
- 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 Collection Services 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 Collection Services is a company that provides medical collections and transportation services. They help hospitals, clinics, and other healthcare providers collect unpaid bills from patients. Medical Collection Services also transports the bills to their rightful owner or collection agency.
Some of the major players in the medical collection services market are Clearwave, NextStep, Aura, Collectly, MD Charts, Mendable, CWX, MediYeti, Graphium Health, precyse, HCI, Pioneer Collections, CCI Collections, AvadyneHealth, TSI, IV Medical, The Pre-Op Tool.
The medical collection services 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 Collection Services 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 Collection Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medical Collection Services 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 Collection Services 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 Collection Services Market Size & Forecast, 2018-2028
4.5.1 Medical Collection Services Market Size and Y-o-Y Growth
4.5.2 Medical Collection Services Market Absolute $ Opportunity
Chapter 5 Global Medical Collection Services 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 Collection Services Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 On-premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medical Collection Services 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 Collection Services Market Size Forecast by Applications
6.2.1 Medical Practices with Many Delinquent Accounts
6.2.2 Independent Medical Practices
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medical Collection Services 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 Collection Services 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 Collection Services Analysis and Forecast
9.1 Introduction
9.2 North America Medical Collection Services 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 Collection Services Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 On-premises
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 Collection Services Market Size Forecast by Applications
9.10.1 Medical Practices with Many Delinquent Accounts
9.10.2 Independent Medical Practices
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 Collection Services Analysis and Forecast
10.1 Introduction
10.2 Europe Medical Collection Services 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 Collection Services Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 On-premises
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 Collection Services Market Size Forecast by Applications
10.10.1 Medical Practices with Many Delinquent Accounts
10.10.2 Independent Medical Practices
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 Collection Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medical Collection Services 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 Collection Services Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 On-premises
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 Collection Services Market Size Forecast by Applications
11.10.1 Medical Practices with Many Delinquent Accounts
11.10.2 Independent Medical Practices
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 Collection Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Medical Collection Services 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 Collection Services Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 On-premises
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 Collection Services Market Size Forecast by Applications
12.10.1 Medical Practices with Many Delinquent Accounts
12.10.2 Independent Medical Practices
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 Collection Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medical Collection Services 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 Collection Services Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 On-premises
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 Collection Services Market Size Forecast by Applications
13.10.1 Medical Practices with Many Delinquent Accounts
13.10.2 Independent Medical Practices
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 Collection Services Market: Competitive Dashboard
14.2 Global Medical Collection Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Clearwave
14.3.2 NextStep
14.3.3 Aura
14.3.4 Collectly
14.3.5 MD Charts
14.3.6 Mendable
14.3.7 CWX
14.3.8 MediYeti
14.3.9 Graphium Health
14.3.10 precyse
14.3.11 HCI
14.3.12 Pioneer Collections
14.3.13 CCI Collections
14.3.14 AvadyneHealth
14.3.15 TSI
14.3.16 IV Medical
14.3.17 The Pre-Op Tool
