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

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Oct 28, 2021, 10:01 ET

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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