In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this US Medical Billing Services Market Report
The US medical billing services market was valued at USD 4.64 billion in 2020 and is expected to reach USD 8 billion by 2026, growing at a CAGR of 9.52% by 2026.
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
The medical billing services are used to process, submit, and follow up on health insurance claims to save the staff time. The medical practices were introduced with the new pandemic realities in 2020, in which they had to adjust to the new billing and payment tracking updates. At the same time, the practices were forced to provide the treatments due to the country’s shortage of resources as the number of COVID-19 cases surged in the industry. This caused the surge in demand in the medical billing market in the U.S.Medical billing company serves more than 65 EMS agencies with varied call volumes across New York and PA. For instance, MedEx established itself as a leader in Emergency Medical Service (EMS) billing.
• Cloud-based solutions are revolutionizing the US medical billing industry. • There are many benefits of cloud-based billing services or medical billing software, such as improves efficiency, cost amortization, and easy access. • The evolving needs of the end-users in the industry are driving the demand for medical billing services. • The shift towards value-based solutions in the industry is driving healthcare companies to shift towards the latest medical billing techniques.
The study considers a detailed scenario of the present medical billing services market in the US and its market dynamics for the period 2021?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
U.S. MEDICAL BILLING SERVICES MARKET SEGMENTATION This research report includes a detailed segmentation by
• Service Type • End User • System Type
U.S. MEDICAL BILLING SERVICE MARKET SEGMENTS
• In 2020, the light service medical billing segment accounted for 65.56% of the US medical billing service market. The light service companies majorly perform the work of reviewing rather than maintaining the entire process first-hand. They have skilled professionals in place to handle the billing process. • The open system is largely preferred, as they are accessible by the healthcare providers and can be shared with other third-party companies to process the cases file for claims. Many physician groups, many hospitals prefer using this as they usually outsource their medical billing process as it is more user-friendly. • Hospitals and healthcare systems are the biggest end users in the medical billing service market in the US. The evolving needs of the hospitals and health systems drive the constant demand.
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
VENDOR ANALYSIS • The key companies in the industry are Kareo, Athenahealth, Practice Fusion, CareCloud, and eClinicalWorks • Vendors are coming up with an integrated technology platform, a high-quality provider network, and sophisticated consumer engagement strategies. • The shift towards value-based solutions in the medical billing outsourcing market is driving healthcare companies to shift towards the latest medical billing techniques. • MedEx established itself as a leader in Emergency Medical Service billing (EMS billing).
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
KEY QUESTIONS ANSWERED: 1. How big is the U.S. medical billing service market? 2. How many medical billing vendors are there in the US? 3. Who are the key players in the U.S. medical billing service market? 4. What market segments are covered in the medical billing service research report? 5. What is the impact of COVID-19 on the US medical billing service market? 6. Who is the leading Vendor in Emergency Medical Services (EMS) Billing market in the U.S.?
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By Euromonitor International
• Sep 2021
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