U.S. Medical Billing Service Market Size to Reach Revenues of USD 8 Billion by 2026 - Arizton

CHICAGO, Oct. 28, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. medical billing service market report.

The U.S. medical billing service market is expected to grow at a CAGR of over 9.52% during the period 2020−2026.

Key Highlights Offered in the Report:  

1.  COVID-19 has immense effect on the medical billing, there were many new codes which was introduced for various treatments during the pandemic; this increased the dependency on medical billing service providers from the healthcare settings. This is further accelerating the adoption of medical billing services even among the smaller clinics.

2.  Light services dominated the service type segment in the market. There is an increase in demand for the boutique type service providers, which provide unique services as per the requirement of their client. It is expected to grow at a faster rate compared to other segments.

3.  Open system dominates the market, as their unique features helps to share the patient details to other physicians as well, which is not the same with other system types. The adoption of open system among the medical billing service providers are high.

4.  Hospitals and health systems dominates the end-user segment, however new platforms such as telehealth are largely accepted among the healthcare settings. Telehealth segment is expected to grow at a faster rate.

5.  Automation in medical billing has reduced the medical billing errors largely. This also reduce the processing time, as well as better claims management through automation feature. Increased digitalization in the healthcare segment, has increased adoption of the automation in the medical billing process. Automation in medical billing is seen as a key factor for future service providers.

Key Offerings:

• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by service type, end user, and system type
• Competitive Landscape – 5 key vendors and 50 other vendors

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U.S. Medical Billing Service Market – Segmentation

• In 2020, the light service medical billing segment accounted for a share of 65.56% in the US medical billing service market. A majority of the light service medical billing companies are software vendors. Their services majorly include handling of work rejections and coding validation due to authorizations, eligibility, and other patient demographic details.
• Large healthcare facilities or small independent healthcare companies prefer using the closed type billing system, where only the concerned parties have access to the details and cannot be shared with other companies for any processing. This type of system is still followed to store some of the sensitive/highly secretive medical treatment records.
• Medical billing in this scenario is mostly outsourced to revenue management companies to process the claims and receive faster reimbursement. Most of the hospitals either use the software from the medical billing companies to process the claims or they directly have the in-house teams to process and share patient details with the medical billing companies.

U.S. Medical Billing Service Market by Service Type

• Light Service
• Full Service
• Boutique Service

U.S. Medical Billing Service Market by  System Type

• Open
• Closed
• Isolated

U.S. Medical Billing Service Market by  End User

• Hospital & Health Systems
• Physician Groups
• Home Healthcare Providers
• Telemedicine Providers
• Hospice Providers
• Others

U.S. Medical Billing Service Market – Dynamics

Due to the increased adoption of telehealth in the US during the pandemic, there was a huge demand for telemedicine billing during 2020 and 2021. Receiving reimbursements for telehealth procedures can be a tricky process involving CPT code modifiers. To streamline the workflow, many practitioners are turning to electronic management services to provide an electronic health record, or EHR, for each patient. Using the EHR software, they can gather a substantial amount of data that is necessary to perform analysis on their telehealth billed services. This gave rise to a number of telemedicine billing service providers in the market. For instance, ClaimCare, a medical billing firm, specializes in working with physicians who are new to telemedicine. Similarly, key vendors such as Kareo and CareCloud also help in telemedicine medical billing procedures. Companies such as Med USA are some of the significant players in the telehealth billing service segment.

Key Drivers and Trends fueling Market Growth:

• Introduction of Cloud-Based Medical Billing
• Encouraging Automation in Medical Billing
• Increased Outsourcing of Medical Billing
• Shift to Value-based Medical Billing

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Major 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 

Explore our healthcare & lifesciences profile to know more about the industry.

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