What Has Been the Progress and Growth of the Medical Billing Software Market in Recent Years?
The medical billing software market has seen considerable growth due to a variety of factors.
• The medical billing software market has seen rapid growth in recent years. It will grow from $19.38 billion in 2024 to $22.15 billion in 2025, at a CAGR of 14.3%.
Growth has been driven by rising healthcare service costs, an increasing population, the prevalence of chronic diseases, the growth of remote monitoring and telemedicine, healthcare consumerism, and an increased focus on population health management.
What Is The Expected Growth In The Medical Billing Software Market Size Evolve over the Forecast Period?
The medical billing software market is expected to maintain its strong growth trajectory in upcoming years.
• The medical billing software market is expected to reach $37.29 billion by 2029 at a CAGR of 13.9%.
Growth is driven by a growing number of patients, demand for revenue management, efficient claim management solutions, digitalization in healthcare, and a need for professional and institutional billing services. Key trends include AI-powered automation, cloud-based solutions, predictive analytics for revenue optimization, blockchain for security, and value-based payment support.
What Main Forces Are Fueling Expansion In The Medical Billing Software Market?
The growing digitalization of healthcare is expected to stimulate the medical billing software market. The integration of digital technologies into healthcare management and administration enhances care coordination, reduces errors, and improves financial outcomes. The use of medical billing software helps improve operational efficiency and patient engagement. In 2022, the Office of the National Coordinator for Health Information Technology reported that 96% of U.S. hospitals had implemented certified electronic health record systems, highlighting the increasing digitalization that supports the medical billing software market.
What Are The Primary Segments In The Global Medical Billing Software Market?
The medical billing software market covered in this report is segmented –
1) By Type: Claims Scrubbing, Code And Charge Entry, Compliance Tracking, Professional Billing, Institutional Billing
2) By Deployment: On-Premise, Cloud-Based
3) By Pricing Option: One-Time, Annual, Monthly
4) By Function: Patient Pre-Registration, Claims Management, Billing And Collection, Accounting And Financial Management, Other Functions
5) By End-User: Multi-Specialty Hospitals, Super Specialty Hospitals, Clinics, Pharma And Medical
Subsegments:
1) By Claims Scrubbing: Pre-Submission Error Detection, Claim Validation And Verification, Denial Management Tools, Automated Claim Review And Editing
2) By Code And Charge Entry: Automated Coding Systems, Charge Capture Solutions, Code Lookup And Validation Tools, EHR Integration For Charge Entry
3) By Compliance Tracking: Regulatory Compliance Monitoring (HIPAA, CMS), Auditing And Reporting Tools, Fraud Prevention And Detection, Compliance Management Dashboards
4) By Professional Billing: Physician And Provider Billing Solutions, Fee Schedule Management, Patient Billing And Payment Solutions, Insurance And Payer Billing Management
5) By Institutional Billing: Hospital Billing Systems, Ambulatory And Outpatient Billing Solutions, Facility Charge Capture, Payment Posting For Institutions
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What Trends Are Shaping The Medical Billing Software Market?
Leading firms in the medical billing software market are pioneering AI-focused platforms to boost precision, productivity, and the management of revenue cycles. AI can mechanize monotonous tasks such as data insertion, coding, and claims management, thereby diminishing the requirement for manual interference and hastening the overall billing process. For example, in August 2023, a health tech startup from the USA, FareMD, unveiled an AI-centred platform to simplify medical billing across the nation. The platform employs automation and AI technology to tackle billing inefficiencies estimated to cost $300 billion annually. This initiative of FareMD signifies a major shift in healthcare billing by automating the conversion of visit notes and minimizing rejected claims to ensure optimal functionality of hospitals.
Who Are the Key Players In The Medical Billing Software Market?
Major companies operating in the medical billing software market are:
• Accenture plc
• Oracle Corporation
• Tata Consultancy Services Limited
• Cognizant Technology Solutions Corporation
• GE HealthCare Technologies
• HCL Technologies Limited
• Experian Information Solutions
• GeBBS Healthcare Solutions
• eClinicalWorks
• Athenahealth
• Flatworld Solutions Pvt. Ltd.
• EverCommerce Inc.
• Zoll Medical Corporation
• Phreesia Inc.
• WebPT
• AGS Health
• CareCloud Inc.
• TherapyNotes LLC
• Kareo Inc.
• Medusind
• CentralReach
• Elico Healthcare Services
• DrChrono
• AdvancedMD
• Elation Health
• Practice Fusion Inc.
• ImageTrend
• Brightree LLC
• Digitech Computer LLC
• Azalea Health Innovations Inc.
• Glorium Technologies
What Is The Most Dominant Region In The Medical Billing Software Market?
North America was the largest region in the medical billing software market in 2024. The regions covered in the medical billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
