What is Medical Billing Software Market?
Healthcare companies are nowadays making use of applications which can record patient information, payment as well as billing information and can also send claims automatically so as to process insurance follow-ups. These applications are known as Medical Billing Software. The process includes a healthcare provider submitting, as well as following up on, claims with health insurance companies so as to receive payment for services rendered like treatments as well as investigations. Many insurance companies use the same process for, whether they are private companies or government sponsored programs. Medical coding give information about what the diagnosis and treatment were, & prices are applied consequently. Several software companies has been providing medical billing software to this predominantly lucrative market. Many companies also provide full portal solutions over their own web-interfaces. The global medical billing software market is expected to grow enormously over the coming years. With the rapidly changing requirements by United States health insurance companies, numerous aspects of medical billing as well as medical office management have formed the necessity for specialized training. The increasing demand for on cloud and on premise medical billing software among hospitals and clinics around the globe is likely to boost growth of the market over the forecast period.
The market study is being classified by Type (Claims Scrubbing, Code & Charge Entry and Compliance Tracking), by Application (Hospitals, Clinics and Other) and major geographies with country level break-up.
Nextech Systems, LLC (United States), Meditab Software (United States), TotalMD (United States), CollaborateMD (United States), PayStand Inc. (United States), AllegianceMD Software, Inc.(United States), American Medical Software(United States) and BFLOW SOLUTIONS, INC. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Kareo, Inc. (United States).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Medical Billing Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Medical Billing Software market by Type, Application and Region.
On the basis of geography, the market of Medical Billing Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Demand among Healthcare Providers
- Advantages of Medical Billing Software
Market Trend
- Emergence of Cloud-based Billing Services
Restraints
- High Cost of Medical Billing Software
Opportunities
Market Leaders and some development strategies
Merger and acquisition strategies are being utilized by the key players so as to accommodate large market share. In July, 2018, AdvancedMD, the creator of Rhythm, an end-to-end cloud platform that automates all aspects of clinical and business workflow for independent physician practices and medical billing services, has announced its aqusition of Nuesoft Technologies (“NueMD”).
Key Target Audience
Products manufacturers/Service Providers, Raw material suppliers, Technology, equipment, and solution providers, Private utility players, Government and Research organizations, Distribution consultancies and End users (hospital industry and others)