Medical Billing: Improving healthcare infrastructure and increasing use of internet in healthcare industries has led to growth of the market at a CAGR of 11.9%

Pune, India, June 6, 2023 /MRFR Press Release/- Market Research Future published a Half-Cooked research report on Global Medical Billing Market.

Market Highlights

The Global Medical Billing Market is expected to grow at a CAGR of 11.9% during forecasted period 2023-2030 and is projected to reaach USD 31.19 billion by 2030.

Medical billing is one of the most effective ways of keeping records and history of the patient. Increasing use of internet and more and more information going online is creating an easy way for medical billing. Increasing small and mid-sized healthcare firms will directly increase the growth of the market. Educating and creating initiatives for digitalization in medical billing results in the increase in the growth of the market. Initial cost of billing software is low, which will also contribute to the growth of the market. Increasing demand for IT departments in healthcare industry will increase the growth of the market. Although, data accessibility through online platforms may hinder the growth of the market.  

Segmentation:

Global medical billing is segmented by its type, by applications and by basis of process. On the basis of type, it is segmented in to professional billing and institutional billing. On the basis of applications, it is segmented into database management, financial, infrastructure, operational. And on the basis of process, it is segmented into electronic billing, payment and medical billing services

Regional Analysis

On regional basis, global medical billing market is segmented into America, Europe, Asia Pacific and Middle East & Africa. America dominates the major share of the market due to government backing for more research and development in information technology sector. Recent advances in IT and its uses in healthcare domain has boosted the growth of this market. Europe accounts for the second largest market as people being encouraged for research and development and well-established healthcare sector. Asia Pacific is the fastest growing market due to presence of huge opportunities in the market and continuously increasing demand. However, Middle East & Africa has the least market share due to less development in healthcare industry.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Medical Billing Market Research Report

The top key players in global medical billing market are Accenture (US), TCS (India), AGS Health (India), Cognizant Technology Solutions (US), GeBBS Healthcare (US), Genpact (US), HCL Technologies (India), INFINIT Healthcare, Medusind (India) and others.

 Accenture is one of the leading health care solution providers. This provides health insights, healthcare data management and analysis. Additionally, the company operates in three major domain: digital health, operational transformation, health consumerism. Accenture developed robotics process automation to realize operational improvements for health insurance domain.

 AGS health is one of the leading in providing medical billing, medical coding and business analytics services to leading healthcare. Moreover, it has tie ups with blue chip users which includes large health systems and hospital corporations, physician groups, academic medical centers, billing companies, revenue cycle management companies, coding companies and providers of other healthcare services.