Market Overview:
The Global Medical Billing Software Market size is expected to grow from USD 98.06 million in 2022 to USD 234.26 million by 2030, at a CAGR of 11.5% during the forecast period (2023-2030).
Customer payments are the fuel that keeps any firm running. Healthcare providers are no exception; yet, getting paid is a lengthy multi-step process with multiple regulations and players involved. While hospitals cannot make this journey any shorter, they may make it more efficient by automating billing operations. Medical billingis an important aspect of the healthcare revenue cycle since it involves getting paid for the services provided by a healthcare provider. This procedure begins before the services are even provided and includes numerous important steps.
Top Key Players in Medical Billing Software Market:
AdvancedMD, Inc., Kareo, WebPT, CareCloud, PracticeSuit, Docpulse, CentralReach, AllMeds, GE Centricity, McKesson, CureMD, EverCommerce Inc., and Other Major Players.
Market Dynamics and Factors for Medical Billing Software Market:
Drivers:
Reduction in Paperwork, And Time-Effectiveness
All billing processes that were previously done, sent, and processed on paper can now be completed electronically. As a result, there are fewer errors and less rework. Furthermore, medical billing software significantly streamlines treatment and medication operations since most solutions allow for the filing and processing of hundreds of claims through a single interface. Switching to electronic transactions has been calculated to save healthcare providers around 1.1 million work hours each week. Purchasing and implementing medical billing software might be expensive, but the investment is worthwhile. A manual transaction costs a medical provider $6 more than an electronic transaction.
Opportunities:
Medical Billing and EHR Software Becoming Interoperable
The integration of medical billing with electronic health records (EHR) is the latest trend that offers plenty of Steelcase state care providers of all sizes. One of the main advantages is that data entry requires much less time. Manually entering data into electronic systems is both time-consuming and tedious, but when medical billing and EHR software become interoperable, users can reduce this work by eliminating the need to double-enter patient data. Higher reimbursement rates are another advantage, as it allows users to enhance their first-pass claim rate. When the data entry burden and the potential for typographic errors are reduced, errors that can lead to costly denials are reduced.
Segmentation Analysis of the Medical Billing Software Market:
By System Type, the open segment is expected to lead the growth of the medical billing software market in the projected period. Unlike the closed system, an open medical billing system demonstrates the importance of a synergetic design. The patient's complete health data is transferred to more than one practice via Electronic Health Records (EHRs).
By End Users, the hospital segment is forecasted to dominate in the projected period. During the forecast period, the segment is expected to maintain its dominance. This is primarily due to the growing demand for hospital finance services. Furthermore, hospital consolidation affects the reimbursement and billing process.
Regional Analysis of the Medical Billing Software Market:
The North American region is anticipated to lead the development of the medical billing software market over the forecasted timeframe. The dominance of this region is attributed to the presence of prominent key players, such as Kareo, TheraBill - WebPT, TherapyNotes, LLC, Athena Health, and Practice Fusion. Several studies conducted over the last two decades have found that administrative expenses account for approximately 15% to 25% of total the United States health care expenditures, an amount that represents an estimated $600 billion to $1 trillion per year of total national health expenditures of $3.8 trillion in 2019.
Key Industry Development:
In May 2022, Populus Media announced the expansion of its Virtual Care Media Network in collaboration with CureMD. Populus Media will be able to extend the reach of their Virtual Care Media Network to CureMD's physicians as well as patients for a variety of outreach and engagement programs as a result of the partnership.
In November 2021, EverCommerce Inc. announced the completion of its acquisition of DrChrono Inc. DrChrono has joined the EverCommerce suite of integrated SaaS solutions covering business management, payment acceptance, marketing technology, and customer interaction to assist service-based enterprises in accelerating growth, streamlining operations, and increasing retention.
