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United States Medical Billing Service Market Report 2021: Market was Valued at $4.64 Billion in 2020 and is Expected to Reach $8 Billion by 2026, Growing at a CAGR of 9.52% by 2026

Research and Markets
·5-min read

Dublin, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The "U.S. Medical Billing Service Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

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 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.

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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.

KEY HIGHLIGHTS

  • 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 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

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).

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

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview

8 Market Opportunities & Trends
8.1 Introduction Of Cloud-Based Medical Billing
8.2 Encouraging Automation In Medical Billing
8.3 Introduction Of Telemedicine Billing

9 Market Growth Enablers
9.1 Increased Outsourcing Of Medical Billing
9.2 Increased Healthcare Consolidation
9.3 Shift To Value-Based Medical Billing

10 Market Restraints
10.1 Rising Prevalence Of Medical Billing Errors
10.2 Change In Government Compliance & Shift To Value-Based Reimbursement
10.3 Lack Of Medical Billing Transparency

11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis

12 Service
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Light Service
12.4 Full Service
12.5 Boutique Service

13 System
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Open System
13.4 Closed System
13.5 Isolated System

14 End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Hospital & Health Systems
14.4 Physician Groups
14.5 Home Health Providers
14.6 Telemedicine Providers
14.7 Hospice Providers
14.8 OTHERS

15 Competitive Landscape
15.1 Competition Overview
15.2 Market Share Analysis

For more information about this report visit https://www.researchandmarkets.com/r/gkfwqe

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900