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 share 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.
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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.
OODAPay functions by shifting the burden of payment collection from the providers to the payers and thus enables providers to focus on care delivery. The method has been proven to lead to higher payment collections and improved the overall patient billing experience.
Some of the key players in the medical billing market include TCS, Accenture, AGS Health, GeBBS Healthcare, Cognizant Technology Solutions, Genpact, INFINIT Healthcare, HCL Technologies and Medusind.
Medical billing market segmentation includes classification by type, process and application.
By type, medical billing market is subdivided in the basis of professional billing and institutional billing.
By process, medical billing market segmentation includes electronic billing, medical billing services and payment.
By Application-wise, medical billing market is divided into financial, database management, infrastructure, operational.
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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The medical billing market, beside the launch of new products that streamline the billing system, has also witnessed mergers and acquisitions as well as collaborations between various companies which has in turn augmented medical billing market growth. For instance, Kareo, a company that provides clinical management software for medical billing companies recently sold its Kareo Managed Billing to Health Prime International, a supplier of outsourced medical billing services. The shift will enable Kareo to offer revenue cycle management services through the 1,500 medical billing companies that it partners with. Kareo is apparently underlining the fact that billing companies are in the best position to provide outsourced billing services to medical practices.