U.S. Medical Billing Service Market Size to Reach Revenues of USD 8 Billion by 2026 - Arizton
CHICAGO, Dec. 13, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. medical billing services market report.
The U.S. medical billing services market is expected to grow at a CAGR of over 9.52% during the period 2020−2026.
Key Insights:
- According to the New England Journal of Medicine, the US Healthcare System wastes up to USD 0.24 of every dollar on administrative and billing costs, or more than USD 6 billion annually.
- Due to the COVID-19 pandemic, the revenue generation of healthcare practices fell, and emergency department (ED) volumes drastically declined in the country in 2020 and 2021.
- The Centers for Medicare and Medicaid Services (CMS) also projected that US healthcare spending will grow 5.4% annually on average from 2021 through 2028, reaching USD 6.2 trillion by 2028.
- The prominent vendors in the market are Kareo, athenahealth, Practice Fusion, CareCloud, and eCLinicalWorks.
- The open medical billing segment accounted for a share of 55.26% in 2020.
- The medical billing process needs to adapt value-based payment through advanced medical billing solutions. The payers and healthcare organizations are forced to adopt medical billing solutions that are geared to comply with value-based payment healthcare systems.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by service type, end user, and system type
- Competitive Landscape – 5 key vendors and 50 other prominent vendors
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U.S. Medical Billing Service Market – Segmentation
Segmentation by Service Type
- Light Service
- Full Service
- Boutique Service
Segmentation By System Type
- Open
- Closed
- Isolated
Segmentation By End User
- Hospital & Health Systems
- Physician Groups
- Home Healthcare Providers
- Telemedicine Providers
- Hospice Providers
- Others
The following factors are going to contribute to the growth of the U.S. medical billing services market.
- Introduction of Cloud-Based Medical Billing
- Encouraging Automation in Medical Billing
- Introduction of Telemedicine Billing
- Increased Outsourcing of Medical Billing
- Increasing Healthcare Consolidation
- Shift Towards Value-based Medical Billing
U.S. Medical Billing Service Market – Vendor Landscape
Vendors are coming up with integrated technology platforms, high-quality provider networks, and other sophisticated consumer engagement strategies. They are trying to create a strong brand image, establishing a strong relationship with clients to become leading medical billing solutions providers in the US. There are various key technological advancements that have revolutionized the medical billing platforms in the US. The introduction of automation in the medical billing process, cloud-based platforms, and integration of more user-friendly software that automatically detects the errors in the claims and corrects are some examples. In addition, vendors are focused on consumer engagement strategies like implementing sophisticated behavioral analytics and providing more customized solutions to understand their end-users to drive better engagement. These predictive models allow vendors to identify members most likely to use their solution and thereby improve outcomes.
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Key Vendors
- Kareo
- Athenahealth
- Practice Fusion
- CareCloud
- eClinicalWorks
Other Prominent Vendors
- 3D Solutions
- 3Gen Consulting
- 4D Global
- 24/7 Medical Billing Services
- ACP Billing Services
- AdvancedMD
- Alaska Billing Services
- AdvantEdge Healthcare Solutions
- Allegro Billing
- AllMeds
- A-Stat Medical Billing Management
- Assist Practice Management Services
- Bay Medical Billing Services
- California Medical Billing Services
- ChartLogic
- Cigna
- Creosen DBA Medclaims Billing Services
- Cloud 9 Medical Solutions
- Coronis Health
- CureMD
- DNA Billing
- DrChrono
- EHealthSource
- GE Healthcare
- Golden West Medical Billing
- HealthQuist
- HSCPPA
- Index Billing
- MBCT
- Medmecs Billing Services
- Medical Billers and Coders
- MedEx
- McKesson
- NXGN Management
- OMS Partners
- Park Medical Billing
- Physicians Management Network (PMN) Inc
- Procure billing solutions
- Physicians' Professional Management Corporation
- Preferred Billing Solutions
- Promantra
- PUREDI
- Resolutions Billing & Consulting
- Right Medical Billing
- Superior Medical Management
- Twin Peaks Medical Billing
- TriMed Billing Services
- Valletta Group
- Vitruvian Medpro
- Waystar
Explore our healthcare and lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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