Chicago, July 26, 2024 (GLOBE NEWSWIRE) -- The "Medical Billing Market Size, Share & Trends by Product (Software, Service), Application (RCM, EHR, Practice Management), Type (Account receivable, Claim, Coding, Analytics), Service (Managed, Professional), End User (Hospital, Speciality), & Region- Global Forecast to 2029" report highlights substantial growth projections. It anticipates the market to escalate from $16.8 billion in 2024 to $27.7 billion by 2029, at a notable CAGR of 10.5%. The global medical billing market is experiencing significant growth, driven by increasing patient numbers, the rising complexity of medical billing and coding procedures, expanding healthcare insurance coverage, and growing healthcare expenditure. The need for regulatory compliance and the shift towards electronic health records (EHR) integration and digitalization also contribute to this growth. Outsourcing medical billing services for better revenue cycle management and adopting advanced technologies such as AI, cloud solutions, and automation further propel market expansion. The growing geriatric population and prevalence of chronic diseases increase the number of insurance claims, driving the demand for medical billing solutions. However, the high cost of deployment, including maintenance, software updates, and training, poses a restraint, particularly for small healthcare facilities. Opportunities in the market include the rising demand for AI and cloud-based deployment to optimize billing processes and reduce errors. Data security concerns and the risk of breaches remain significant challenges. The market is segmented by component, facility size, end users, and region, with North America holding the largest share in 2023. Key players in the market include Oracle, McKesson Corporation, Veradigm LLC, and others.
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Oracle: Leader in Medical Billing Solutions
Oracle, based in the US, is a top supplier of medical billing solutions, offering a comprehensive range of products and services to meet the complex needs of billing companies and healthcare providers. Utilizing its robust database management systems and cloud architecture, Oracle enhances operational efficiencies, streamlines billing processes, and ensures compliance with legal requirements. Oracle's platform facilitates seamless integration between billing systems and electronic health records (EHR), ensuring accurate coding and timely claims submission. Its advanced analytics capabilities enable healthcare providers to better manage finances, optimize revenue cycles, and extract valuable insights from billing data.
Veradigm LLC: Innovator in Revenue Cycle Management
Veradigm LLC, a prominent US-based player in the medical billing market, provides a variety of services aimed at enhancing operational efficiency and optimizing revenue cycle management. The company assists providers with payment management, claim submission, and accurate coding procedures. By integrating advanced analytics with billing processes, Veradigm helps healthcare firms improve financial performance, reduce risks, and identify trends. Their products and services streamline administrative procedures, minimize billing errors, and ensure regulatory compliance, enabling healthcare providers to achieve financial success and focus more on delivering high-quality patient care.
Athenahealth, Inc.: Pioneer in Cloud-Based Healthcare Solutions
Athenahealth, Inc., a US-based company, is renowned for its cloud-based services that streamline various aspects of healthcare operations, including medical billing. The company offers a comprehensive suite of solutions that integrate medical billing, EHR, and practice administration into a single, user-friendly platform. This integration allows healthcare providers to optimize revenue cycle management and manage patient records efficiently. Athenahealth's billing services automate coding, reimbursement, and claims filing processes, helping to reduce billing errors and accelerate payment cycles.
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Cloud-Based Segment Grows Rapidly in Medical Billing Market
Based on deployment, the medical billing market is divided into three segments: cloud-based, on-premise, and SaaS-based approaches. In 2023, the on-premise segment retained the biggest market share due to healthcare institutions' strong emphasis on data security and customization capabilities. On-premise solutions are preferred by healthcare providers, especially larger facilities, because they allow for direct control over sensitive patient data and effective interaction with existing systems like EHRs.
Hospitals Lead End User Segment in Medical Billing Market
By end user, the medical billing market is segmented into hospitals, specialty clinics, ambulatory surgery centers, and other end users. In 2023, hospitals dominated the market. Hospitals manage a large number and variety of medical operations and treatments, resulting in a significant volume of billing transactions. Their extensive range of services and large patient base necessitate reliable billing systems that can handle complex billing codes and insurance claims.
North America Holds Largest Regional Share in Medical Billing Market
By region, the medical billing market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. In 2023, North America accounted for the highest portion of the medical billing market due to the region's advanced medical facilities, highly developed healthcare infrastructure, and high adoption rate of healthcare IT systems. Additionally, the diverse range of healthcare payers in North America, including self-paying individuals, public insurance companies, and government programs like Medicare and Medicaid, requires sophisticated medical billing techniques to ensure timely payments and navigate reimbursement processes.
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