Global Medical Billing Software Market Size, Share & Growth Forecast 2025 to 2030: Expanding at ~10% CAGR
The medical billing software market is expected to grow by a CAGR of ~10% during the forecast period. The main drivers for growth are the growing use of digital health solutions; the rise in telemedicine and remote health services; the increasing emphasis on billing that is patient-centric; the stringency of regulations and compliance regulations; the growing adoption of cloud-based solutions, the growing network of clinics, hospitals and other outpatient services; as well as the increasing demands for billing solutions that are automated.
Medical billing software is a computer tool that is designed to streamline healthcare billing and improve the management of business processes. It allows medical and billing practices to streamline their reimbursement processes and efficiently manage patient data and maximize revenue optimization. Medical billing software seamlessly integrates into EHRs and PMS to ensure accuracy in billing and patient information exchange, reducing duplicate data, and improving interoperability across health IT systems.
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Cloud-based solutions for medical billing software accelerates the growth of the market
The use of medical billing software that is cloud-based is increasing due to its major advantages over conventional on-premise systems. Cloud technology allows healthcare providers billing companies, billing firms, and hospitals to improve revenue cycle management, while ensuring security, scalability and compliance with regulations. By removing the need for expensive infrastructure and hardware cloud-based solutions cut down on initial capital expenditures and are based on subscription-based (SaaS) model making them more accessible for mid-sized and small-sized healthcare providers.
They offer seamless scaling to handle increasing patient volumes which makes them perfect for expanding healthcare institutions. Cloud-based billing software allows health professionals and billing departments to access the system remotely through an internet connection. This is particularly useful for remote billing teams and practices that are multi-location. The growing focus on value-based healthcare drives the demand for effective technology-driven billing which is further driving cloud adoption. New technologies like blockchain to secure transactions as well as AI-driven automation are improving the features of cloud-based software for billing. As the demand for cost-effective, AI-powered and interoperable billing systems rises cloud technology will continue revolutionizing the revenue cycle for healthcare for organizations that are of any size.
Digital change in software for medical billing is driving market growth
With the advancements in cloud computing artificial intelligence (AI) automation, and interoperability, health providers and billing organizations are moving towards digital platforms in order to streamline operations and improve financial performance. A few of the digital innovations for medical billing software are:
- Automation and Efficiency: Digital medical billing software automatizes reimbursement procedures and bill-paying procedures and improves efficiency of operations. This software streamlines everyday tasks, which saves time and cuts down on the chance of human errors. This includes the creation of claims as well as payment posting invoices, thereby streamlining the entire billing process effectively. For instance,
- In January 2024, Microsoft Corporation unveiled its AI tool the DAX Copilot that will automate the process of drafting clinical notes within Epic's health record software. Integrated into Epic's Haiku mobile application the tool can create notes from the clinician for immediate review, with a goal to speed up the tedious note-taking process that is a frequent problem in healthcare systems.
- The adoption of AI & Machine Learning: AI-driven billing systems can detect mistakes in coding, predict claim denials and suggest changes prior to submission. AI-powered analytics aid in the detection of fraud, predictive revenue forecasting as well as claims optimization. Additionally, it improves decision-making by providing information-driven insight for healthcare professionals. For instance,
- In August 2024, MediPortal PTY LTD. (MediPortal) has launched an AI-powered medical platform designed for general doctors within Australia as well as New Zealand. Apart from medical billing, the platform also offers medical transcription using speech and an health plan generator that is powered by AI
- Conformity with Regulatory & Security Standards: Medical billing software allows practices to more efficiently adhere to applicable regulations, such as HIPPA and ICD-10 Coding standards. Additionally regular updates will ensure compliance with latest regulations with no extra effort from staff, while minimizing the risk of mistakes in billing or penalties for non-compliance.
Competitive Landscape Analysis
The global medical billing software market is marked by the presence of established and emerging market players such as Kareo Inc. (tebra Company); WebPT, Inc.; Athenahealth; ADT; Cognizant; Epic Systems Corporation.; DrChrono (EverHealth Solutions Inc.); Greenway Health; eClinicalWorks; AGS Health; CompuGroup Medical; NextGen Healthcare; Cerner Corporation; AdvancedMD, Inc.; Digitech Computer LLC; Compulink Advantage; and Medusind among others. Some of the key strategies adopted by market players include new product development, strategic partnerships and collaborations, and investments.
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Market Segmentation
This report by Medi-Tech Insights provides the size of the global medical billing software market at the regional- and country-level from 2023 to 2030. The report further segments the market based on billing type, deployment mode, and end user.
- Market Size & Forecast (2023-2030), By Billing Type, USD Million
- Professional Billing
- Institutional Billing
- Others
- Market Size & Forecast (2023-2030), By Deployment Mode, USD Million
- On-Premise
- Web-Based
- Cloud-Based
- Market Size & Forecast (2023-2030), By End User, USD Million
- Healthcare Providers
- Healthcare Payers
- Others
- Market Size & Forecast (2023-2030), By Region, USD Million
- US
- Canada
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- China
- India
- Japan
- Rest of Asia Pacific
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
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