The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The medical billing software market has experienced significant growth in recent years, driven by various factors impacting the healthcare industry.

Recent Market Size and Growth Rate

• 2023 Market Size: $17.02 billion
• 2024 Market Size: $9.38 billion
• CAGR (2023-2024): 13.9%

The rapid growth in the historic period is due to several factors:

• Rising costs of healthcare services
• Increasing population
• Rise in chronic diseases
• Expansion of remote monitoring services and telemedicine consultations
• Growth in healthcare consumerism
• Emphasis on population health management

Future Market Projections

• 2028 Market Size: $32.77 billion
• CAGR (2024-2028): 14%

Projected growth is attributed to:

• Increasing number of patients
• Growing demand for revenue management solutions
• Need for efficient claim management
• Increasing digitalization in healthcare
• Rising demand for professional and institutional billing services

View More On The Medical Billing Software Market Report 2024 – https://www.thebusinessresearchcompany.com/report/medical-billing-software-global-market-report

Major Trends Driving the Market
Key trends expected to shape the market include:

• Patient-centric billing solutions
• AI-powered automation
• Cloud-based solutions
• Predictive analytics for revenue optimization
• Blockchain technology for security and transparency
• Value-based payment support

Increasing Digitalization in Healthcare
Digitalization in healthcare is a significant driver for the medical billing software market. Key benefits include:

• Improved efficiency and accessibility of care
• Better care coordination
• Reduced medical errors

For example, in 2022, 96% of non-federal acute care hospitals in the US had implemented a certified electronic health record (EHR) system, up from 86% three years prior.

Leading Companies in the Market
Major players in the medical billing software market include:

• Accenture plc
• Oracle Corporation
• Tata Consultancy Services Limited
• Cognizant Technology Solutions Corporation
• GE HealthCare Technologies
• HCL Technologies Limited
• Experian Information Solutions
• Athenahealth
• Flatworld Solutions Pvt. Ltd.
• EverCommerce Inc.
• Zoll Medical Corporation
• Azalea Health Innovations Inc.
• Glorium Technologies

AI-Driven Medical Billing Platforms
AI-driven platforms are revolutionizing healthcare revenue management by enhancing accuracy and efficiency. Benefits include:

• Automation of repetitive tasks (data entry, coding, claims processing)
• Reduction in manual intervention
• Speeding up the billing process

Example: In August 2023, FareMD, a US-based health tech startup, launched an AI-driven platform to streamline medical billing, addressing billing inefficiencies that cost the nation $300 billion annually.

eCommerce Expands Health Services Suite
In November 2021, EverCommerce Inc. acquired DrChrono for $180 million, expanding its suite of health services solutions with a mobile-first platform for independent practices.

Market Segmentation
The medical billing software market can be segmented by:

1. Type: Claims Scrubbing, Code and Charge Entry, Compliance Tracking, Professional Billing, Institutional Billing
2. Deployment: On-Premise, Cloud-Based
3. Pricing Option: One-Time, Annual, Monthly
4. Function: Patient Pre-Registration, Claims Management, Billing and Collection, Accounting and Financial Management, Other Functions
5. End-User: Multi-Specialty Hospitals, Super Specialty Hospitals, Clinics, Pharma and Medical

Regional Insights
North America was the largest region in the medical billing software market in 2023, driven by advanced healthcare infrastructure and high adoption of digital health solutions.

The medical billing software market is poised for continued growth, driven by technological advancements, increasing healthcare demands, and the ongoing digital transformation in the healthcare sector.

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