The Global Medical Billing Market is expected to grow at a CAGR of 6.5% during forecasted period 2017-2023.
Medical billing is payment practice which involves receiving payments, submitting bills and following up for payments. Factors that influence the growth of medical billing are, increasing expenditure in healthcare, increasing use of internet, increased need for risk and compliance management, increasing digitalization in healthcare industry and many more. Increasing use of Information technology in maximum sectors will also boost the growth of this market. Increasing patient population due to various diseases, payment process involved in medical billing will be more efficient which in turn will boost the growth of the market and medical billing improves cash flow resulting increase in the growth of the market. On the other hand, privacy concerns are the major factor which may hinder the growth of the market.
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Key Players for Medical Billing Market:
Accenture (US), TCS (India), AGS Health (India), Cognizant Technology Solutions (US), GeBBS Healthcare (US), Genpact (US), HCL Technologies (India), INFINIT Healthcare, Medusind (India) and others.
Global medical billing is segmented by its type, by applications and by process. On the basis of type, it is segmented into professional billing and institutional billing. On the basis of applications, it is segmented into database management, financial, infrastructure, operational. And on the basis of process, it is segmented into electronic billing, payment and medical billing services
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On regional basis, the market is segmented into America, Europe, Asia Pacific and Middle East & Africa. America commands the largest market due to extensive growth of the information technology industry. Increasing industrialization and increase in healthcare industry, are factors driving the growth of the market.
Europe is the second largest market for medical billing market followed by Asia Pacific. Owing to the availability of funds for research and development activities and growing emphasis on transparent billing methods.
Asia Pacific shows the fastest growth in this market due to an increase in prevalence of communicable diseases resulting increase in patient population. Particularly, India and China are expected to be emerging and the fastest growing market.
Middle East & Africa has the lowest market for medical billing due to lack of technical knowledge and poor medical facilities.
Table of Contents:
1 Report Prologue
2 Market Introduction
2.2 Scope of Study
2.3 Research Objective
2.4 Assumptions & Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
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