Market Overview:
The global market for Medicare billing software is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The growth of this market is mainly driven by the increasing demand for cloud-based and web-based Medicare billing software solutions, owing to their advantages such as low cost, easy deployment, and scalability. In addition, the growing adoption of healthcare IT solutions by hospitals and pharmacies is also contributing to the growth of this market. However, lack of awareness about these solutions among end users is restraining the growth of this market to some extent. On the basis of type, the global Medicare billing software market can be segmented into on-premise, cloud-based, and web-based solutions. The on-premise segment dominated this market in 2017 and is expected to continue its dominance during the forecast period as well. This segment accounted for more than two thirds share of this market in 2017 due to its advantages such as security & privacy features and customizability options offered by it over other types of solutions available in the market.
Product Definition:
Billing software for Medicare is used to submit and track claims for services rendered to Medicare beneficiaries. This software is important because it helps providers get paid for the services they provide by submitting accurate and timely claims.
On-premise:
On-premise software is a type of cloud computing software that is installed and used on the end user's own server or workstation. The data entered by employees, doctors, patients, etc. Is directly saved to the local drive without going through any third-party servers making it more secure than other forms of cloud computing which makes it popular among large organizations with stringent data security requirements.
Cloud-based:
Cloud-based software is a type of software that runs on the internet. It is an umbrella term used to describe any system or application that utilizes web-based technology and can be accessed from multiple locations.
The concept of cloud computing in healthcare refers to sharing data across multiple systems, especially electronic health records (EHRs), patient information, and other vital statistics over the internet.
Application Insights:
The others application segment accounted for the largest revenue share in 2017 and is expected to grow at a significant rate over the forecast period. Other applications include dental clinics, diagnostic centers, home care services, and veterinary clinics. The growth of these segments can be attributed to increasing penetration of online medical services by providers as well as patients.
On-premise software dominates the market owing to its ease of use and features such as patient history tracking along with billing capabilities that allow multiple users access to different parts of an application from a single computer terminal or laptop device.
Regional Analysis:
The Asia Pacific dominated the global market in 2017. This can be attributed to increasing government initiatives and investments for improving healthcare infrastructure coupled with rising demand for advanced medical services. Furthermore, an increase in the number of hospitals and pharmacies is expected to drive growth over the forecast period. The presence of a large patient pool is also anticipated to fuel regional growth during the forecast period.
In addition, favorable government policies such as tax benefits on software implementation are expected to propel revenue generation from billing systems over the next eight years in North America region which accounted for more than 25% share of global revenue in 2017 owing to high penetration rates of these systems among physicians offices, clinics, and other ambulatory settings that account Medicare reimbursement processes associated with them thereby driving overall market growth rate globally during this period.
Growth Factors:
- Increasing demand for accuracy and efficiency in billing and payments across the healthcare industry
- Rising need to curtail healthcare costs and improve patient care outcomes
- The Affordable Care Act's focus on value-based care reimbursement models
- Growth of health information technology (HIT) in the healthcare sector
- Proliferation of mobile devices and apps used by physicians, patients, and other stakeholders
Scope Of The Report
Report Attributes
Report Details
Report Title
Medicare Billing Software Market Research Report
By Type
On-premise, Cloud-based, Web-based
By Application
Hospitals, Pharmacies, Others
By Companies
TransactRx, Romexsoft, Healthpac, FreshBooks, Navicure, MPN Software Systems, NexTech Systems, Meditab Software, TotalMD, CollaborateMD
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
183
Number of Tables & Figures
129
Customization Available
Yes, the report can be customized as per your need.
Global Medicare Billing Software Market Report Segments:
The global Medicare Billing Software market is segmented on the basis of:
Types
On-premise, Cloud-based, Web-based
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
Hospitals, Pharmacies, 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:
- TransactRx
- Romexsoft
- Healthpac
- FreshBooks
- Navicure
- MPN Software Systems
- NexTech Systems
- Meditab Software
- TotalMD
- CollaborateMD
Highlights of The Medicare Billing Software 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:
- On-premise
- Cloud-based
- Web-based
- By Application:
- Hospitals
- Pharmacies
- 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 Medicare Billing Software 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?
Billing software is a computer application that helps healthcare providers bill Medicare for services rendered. It automates the process of submitting claims, tracking payments, and generating reports.
Some of the major players in the medicare billing software market are TransactRx, Romexsoft, Healthpac, FreshBooks, Navicure, MPN Software Systems, NexTech Systems, Meditab Software, TotalMD, CollaborateMD.
The medicare billing software 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 Medicare Billing Software 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 Medicare Billing Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Medicare Billing Software 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 Medicare Billing Software 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 Medicare Billing Software Market Size & Forecast, 2018-2028
4.5.1 Medicare Billing Software Market Size and Y-o-Y Growth
4.5.2 Medicare Billing Software Market Absolute $ Opportunity
Chapter 5 Global Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Type
5.2.1 On-premise
5.2.2 Cloud-based
5.2.3 Web-based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Applications
6.2.1 Hospitals
6.2.2 Pharmacies
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Medicare Billing Software 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 Medicare Billing Software 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 Medicare Billing Software Analysis and Forecast
9.1 Introduction
9.2 North America Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Type
9.6.1 On-premise
9.6.2 Cloud-based
9.6.3 Web-based
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 Medicare Billing Software Market Size Forecast by Applications
9.10.1 Hospitals
9.10.2 Pharmacies
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 Medicare Billing Software Analysis and Forecast
10.1 Introduction
10.2 Europe Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Type
10.6.1 On-premise
10.6.2 Cloud-based
10.6.3 Web-based
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 Medicare Billing Software Market Size Forecast by Applications
10.10.1 Hospitals
10.10.2 Pharmacies
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 Medicare Billing Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Type
11.6.1 On-premise
11.6.2 Cloud-based
11.6.3 Web-based
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 Medicare Billing Software Market Size Forecast by Applications
11.10.1 Hospitals
11.10.2 Pharmacies
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 Medicare Billing Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Medicare Billing Software 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 Medicare Billing Software Market Size Forecast by Type
12.6.1 On-premise
12.6.2 Cloud-based
12.6.3 Web-based
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 Medicare Billing Software Market Size Forecast by Applications
12.10.1 Hospitals
12.10.2 Pharmacies
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) Medicare Billing Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Medicare Billing Software 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) Medicare Billing Software Market Size Forecast by Type
13.6.1 On-premise
13.6.2 Cloud-based
13.6.3 Web-based
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) Medicare Billing Software Market Size Forecast by Applications
13.10.1 Hospitals
13.10.2 Pharmacies
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 Medicare Billing Software Market: Competitive Dashboard
14.2 Global Medicare Billing Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 TransactRx
14.3.2 Romexsoft
14.3.3 Healthpac
14.3.4 FreshBooks
14.3.5 Navicure
14.3.6 MPN Software Systems
14.3.7 NexTech Systems
14.3.8 Meditab Software
14.3.9 TotalMD
14.3.10 CollaborateMD
