Medical bills are a major pain point for most patients as many struggle to understand, track, manage and pay medical bills. Medical expense providers also have to shoulder much of the burden of the flawed system which has led to poor repayment rates, uncoordinated communications, and patient confusion. High-deductible health plans have been known to aggravate the problem. Medical billing market is expanding as the demand for streamlined billing experience is on the rise.
Healthcare bill payments are being made more manageable by medical billing services that use business management software and other technologies to making medical billing a better experience for everyone. Considering that 72% of patients are confused by their EOB or explanation of benefits and 70% of patients are confused by their medical bills, medical billing market is expected to witness an expanded growth scope as managing healthcare costs is a priority for patients, payers as well as the government.
That the medical billing market is growing is apparent through instances like the launch of new products to the market. For instance, OODA Health, a technology company that provides real-time healthcare payments services, recently launched the OODAPay which is a cloud-based platform that makes medical billing easier for both healthcare providers and payers.
Competitive Landscape:
Some of the key players in the medical billing market companies include TCS, Accenture, AGS Health, GeBBS Healthcare, Cognizant Technology Solutions, Genpact, INFINIT Healthcare, HCL Technologies and Medusind.
Segmentation:
Medical billing market segmentation includes classification by type, process and application.
By Type
- Professional Billing
- Institutional Billing
By Process
- Electronic Billing
- Medical Billing Services and payment
By Application
- Financial
- Database Management
- Infrastructure
- Operational
Regional Analysis:
Geographically, the medical billing market is subdivided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
North America medical billing market has been expanding due to countries like U.S. and Canada. Demand to curtail the rising medical bills combined with higher per capita healthcare income and increased R&D funding to develop new technologies are the factors that will be driving the medical billing market in the region. Advancement in information technology and increasing adoption of the same in North America healthcare industry will potentially augment medical billing market over the coming years.
Healthcare industry trends in Europe are quite similar to that of North America. Increasing financial support from the government support for R&D and demand for transparent billing methods are factors that would be driving medical billing market growth in the region.
Asia Pacific medical billing market is also expected to demonstrate encouraging trends over the coming years as the region is witnessing increasing expenditure in the healthcare industry due to rising incidence of chronic diseases. Increased expenditure has caused various cases of billing frauds to surface which has in turn augmented the growth of medical billing market.
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