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

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Dec 13, 2021, 15:00 ET

CHICAGO, Dec. 13, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this U.S. medical billing services market report.

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

Key Insights:

According to the New England Journal of Medicine, the US Healthcare System wastes up to USD 0.24 of every dollar on administrative and billing costs, or more than USD 6 billion annually.
Due to the COVID-19 pandemic, the revenue generation of healthcare practices fell, and emergency department (ED) volumes drastically declined in the country in 2020 and 2021.
The Centers for Medicare and Medicaid Services (CMS) also projected that US healthcare spending will grow 5.4% annually on average from 2021 through 2028, reaching USD 6.2 trillion by 2028.
The prominent vendors in the market are Kareo, athenahealth, Practice Fusion, CareCloud, and eCLinicalWorks.
The open medical billing segment accounted for a share of 55.26% in 2020.
The medical billing process needs to adapt value-based payment through advanced medical billing solutions. The payers and healthcare organizations are forced to adopt medical billing solutions that are geared to comply with value-based payment healthcare systems.

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 prominent vendors

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U.S. Medical Billing Service Market – Segmentation

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
Others

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

U.S. Medical Billing Service Market – Vendor Landscape

Vendors are coming up with integrated technology platforms, high-quality provider networks, and other sophisticated consumer engagement strategies. They are trying to create a strong brand image, establishing a strong relationship with clients to become leading medical billing solutions providers in the US. There are various key technological advancements that have revolutionized the medical billing platforms in the US. The introduction of automation in the medical billing process, cloud-based platforms, and integration of more user-friendly software that automatically detects the errors in the claims and corrects are some examples. In addition, vendors are focused on consumer engagement strategies like implementing sophisticated behavioral analytics and providing more customized solutions to understand their end-users to drive better engagement. These predictive models allow vendors to identify members most likely to use their solution and thereby improve outcomes.

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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

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

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