Product Code: GVR-4-68040-449-9
Medical Billing Software Market Growth & Trends:
The global medical billing software market size is anticipated to reach USD 32.18 billion by 2030 and is anticipated to grow at a CAGR of 10.2% during the forecast period, according to a new report by Grand View Research, Inc. Rising prevalence of chronic diseases, growing geriatric population, and the need for regulatory compliant sophisticated healthcare management solutions powered with advanced technologies are factors driving market growth. Moreover, the growing demand for telemedicine services is expected to fuel market growth further.
The shift from fee-for-service to value-based care models is a significant factor driving the growth of the market. As healthcare organizations increasingly prioritize patient outcomes over the quantity of services provided, there is a growing need for advanced billing solutions to handle complex reimbursement arrangements. This shift encourages software developers to continuously innovate, enhancing functionalities to meet value-based care requirements. For instance, in February 2024, companies like Anatomy Financial, a medical billing service provider, announced the launch of artificial intelligence (AI) powered solutions for medical, dental, digital health, and healthcare billing companies.
In addition, medical billing software plays a crucial role in the healthcare industry, specifically in revenue cycle management (RCM). RCM encompasses the process of managing claims, payments, and revenue generation for healthcare providers. The software automates various tasks such as patient registration, insurance verification, coding, billing, and payment processing. By streamlining these processes, medical billing software helps reduce errors and improve efficiency. For instance, in August 2022, Revesolv, a dental and medical RCM company, launched a medical accounting and reporting software for the U.S. market. Moreover, the adoption of AI and machine learning (ML) is anticipated to enhance predictive analytics capabilities within RCM processes.
Medical Billing Software Market Report Highlights:
- Based on billing type, the institutional billing segment dominated the market in 2023, owing to the regulatory changes mandating transparency in pricing.
- Based on deployment mode, the web-based segment dominated the market with the largest revenue share of in 2023 due to enhanced accessibility and cost-effectiveness.
- The cloud-based segment is expected to register growth at the fastest CAGR over the forecast period as cloud solutions often come with built-in compliance features that reduce the burden on healthcare providers.
- Based on end use, the healthcare providers segment dominated the market with the largest share in 2023, attributed to the growing adoption of advanced billing solutions to streamline the revenue cycle management processes.
- North America region held the largest market share in 2023, owing to the presence of major market players, widespread adoption of medical billing software, and technological advancements.
- In April 2024, XpertDox collaborated with Positive Results Billing to launch XpertCoding, an AI-powered medical coding platform, to enhance RCM efficiency.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Segment Definitions
- 1.2.1. Billing Type
- 1.2.2. Deployment Mode
- 1.2.3. End Use
- 1.3. Estimates and Forecast Timeline
- 1.4. Research Methodology
- 1.5. Information Procurement
- 1.5.1. Purchased Database
- 1.5.2. GVR's Internal Database
- 1.5.3. Secondary Sources
- 1.5.4. Primary Research
- 1.6. Information Analysis
- 1.6.1. Data Analysis Models
- 1.7. Market Formulation & Data Visualization
- 1.8. Model Details
- 1.8.1. Commodity Flow Analysis
- 1.9. List of Secondary Sources
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.1.1. Increasing patient volumes and health insurance
- 3.2.1.2. Technological advancement
- 3.2.1.3. Growing demand for regulatory compliance
- 3.2.2. Market Restraint Analysis
- 3.2.2.1. High implementation costs and integration complexity with existing healthcare systems
- 3.2.2.2. Data security and privacy concerns
- 3.2.3. Market Opportunity Analysis
- 3.2.4. Market Threat Analysis
- 3.3. Business Environment Analysis
- 3.3.1. Industry Analysis - Porter's Five Forces Analysis
- 3.3.1.1. Supplier power
- 3.3.1.2. Buyer power
- 3.3.1.3. Substitution threat
- 3.3.1.4. Threat of new entrant
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTLE Analysis
Chapter 4. Billing Type Business Analysis
- 4.1. Billing Type Market Share, 2023 & 2030
- 4.2. Billing Type Segment Dashboard
- 4.3. Market Size & Forecasts and Trend Analysis, by Billing Type, 2018 to 2030 (USD Million)
- 4.4. Professional Billing
- 4.4.1. Professional billing market, 2018 - 2030 (USD Million)
- 4.5. Institutional billing
- 4.5.1. Institutional billing market, 2018 - 2030 (USD Million)
Chapter 5. Deployment Mode Business Analysis
- 5.1. Deployment Mode Market Share, 2023 & 2030
- 5.2. Deployment Mode Segment Dashboard
- 5.3. Market Size & Forecasts and Trend Analysis, by Deployment Mode, 2018 to 2030 (USD Million)
- 5.4. On-Premises
- 5.4.1. On-premises market, 2018 - 2030 (USD Million)
- 5.5. Web-Based
- 5.5.1. Web-based market, 2018 - 2030 (USD Million)
- 5.6. Cloud-Based
- 5.6.1. Cloud-based market, 2018 - 2030 (USD Million)
Chapter 6. End Use Business Analysis
- 6.1. End Use Market Share, 2023 & 2030
- 6.2. End Use Segment Dashboard
- 6.3. Market Size & Forecasts and Trend Analysis, by End Use, 2018 to 2030 (USD Million)
- 6.4. Healthcare Providers
- 6.4.1. Healthcare providers market, 2018 - 2030 (USD Million)
- 6.5. Healthcare Payers
- 6.5.1. Healthcare payers market, 2018 - 2030 (USD Million)
- 6.6. Others
- 6.6.1. Others market, 2018 - 2030 (USD Million)
Chapter 7. Regional Estimates & Trend Analysis by Component
- 7.1. Regional Market Share Analysis, 2023 & 2030
- 7.2. Regional Market Dashboard
- 7.3. Market Size, & Forecasts Trend Analysis, 2018 to 2030:
- 7.4. North America
- 7.4.1. North America medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.2. U.S.
- 7.4.2.1. Key country dynamic
- 7.4.2.2. Regulatory framework
- 7.4.2.3. Competitive insights
- 7.4.2.4. U.S. medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Canada
- 7.4.3.1. Key country dynamic
- 7.4.3.2. Regulatory framework
- 7.4.3.3. Competitive insights
- 7.4.3.4. Canada medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.4. Mexico
- 7.4.4.1. Key country dynamic
- 7.4.4.2. Regulatory framework
- 7.4.4.3. Competitive insights
- 7.4.4.4. Mexico medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5. Europe
- 7.5.1. Europe medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.2. UK
- 7.5.2.1. Key country dynamic
- 7.5.2.2. Regulatory framework
- 7.5.2.3. Competitive insights
- 7.5.2.4. UK medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.3. Germany
- 7.5.3.1. Key country dynamic
- 7.5.3.2. Regulatory framework
- 7.5.3.3. Competitive insights
- 7.5.3.4. Germany medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.4. France
- 7.5.4.1. Key country dynamic
- 7.5.4.2. Regulatory framework
- 7.5.4.3. Competitive insights
- 7.5.4.4. France medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.5. Italy
- 7.5.5.1. Key country dynamic
- 7.5.5.2. Regulatory framework
- 7.5.5.3. Competitive insights
- 7.5.5.4. Italy medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.6. Spain
- 7.5.6.1. Key country dynamic
- 7.5.6.2. Regulatory framework
- 7.5.6.3. Competitive insights
- 7.5.6.4. Spain medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.7. Norway
- 7.5.7.1. Key country dynamic
- 7.5.7.2. Regulatory framework
- 7.5.7.3. Competitive insights
- 7.5.7.4. Norway medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.8. Denmark
- 7.5.8.1. Key country dynamic
- 7.5.8.2. Regulatory framework
- 7.5.8.3. Competitive insights
- 7.5.8.4. Denmark medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.9. Sweden
- 7.5.9.1. Key country dynamic
- 7.5.9.2. Regulatory framework
- 7.5.9.3. Competitive insights
- 7.5.9.4. Sweden medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6. Asia Pacific
- 7.6.1. Asia Pacific medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Japan
- 7.6.2.1. Key country dynamic
- 7.6.2.2. Regulatory framework
- 7.6.2.3. Competitive insights
- 7.6.2.4. Japan medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.3. China
- 7.6.3.1. Key country dynamic
- 7.6.3.2. Regulatory framework
- 7.6.3.3. Competitive insights
- 7.6.3.4. China medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.4. India
- 7.6.4.1. Key country dynamic
- 7.6.4.2. Regulatory framework
- 7.6.4.3. Competitive insights
- 7.6.4.4. India medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.5. South Korea
- 7.6.5.1. Key country dynamic
- 7.6.5.2. Regulatory framework
- 7.6.5.3. Competitive insights
- 7.6.5.4. South Korea medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.6. Australia
- 7.6.6.1. Key country dynamic
- 7.6.6.2. Regulatory framework
- 7.6.6.3. Competitive insights
- 7.6.6.4. Australia medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.7. Thailand
- 7.6.7.1. Key country dynamic
- 7.6.7.2. Regulatory framework
- 7.6.7.3. Competitive insights
- 7.6.7.4. Thailand medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7. Latin America
- 7.7.1. Latin America medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7.2. Brazil
- 7.7.2.1. Key country dynamic
- 7.7.2.2. Regulatory framework
- 7.7.2.3. Competitive insights
- 7.7.2.4. Brazil medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.7.3. Argentina
- 7.7.3.1. Key country dynamic
- 7.7.3.2. Regulatory framework
- 7.7.3.3. Competitive insights
- 7.7.3.4. Argentina medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.8. MEA
- 7.8.1. MEA medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.8.2. South Africa
- 7.8.2.1. Key country dynamic
- 7.8.2.2. Regulatory framework
- 7.8.2.3. Competitive insights
- 7.8.2.4. South Africa medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.8.3. Saudi Arabia
- 7.8.3.1. Key country dynamic
- 7.8.3.2. Regulatory framework
- 7.8.3.3. Competitive insights
- 7.8.3.4. Saudi Arabia medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.8.4. UAE
- 7.8.4.1. Key country dynamic
- 7.8.4.2. Regulatory framework
- 7.8.4.3. Competitive insights
- 7.8.4.4. UAE medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.8.5. Kuwait
- 7.8.5.1. Key country dynamic
- 7.8.5.2. Regulatory framework
- 7.8.5.3. Competitive insights
- 7.8.5.4. Kuwait medical billing software market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Participant Overview
- 8.2. Company Market Position Analysis
- 8.3. Company Categorization
- 8.4. Strategy Mapping
- 8.5. Company Profiles/Listing
- 8.5.1. Kareo, Inc.
- 8.5.1.1. Overview
- 8.5.1.2. Financial performance
- 8.5.1.3. Product benchmarking
- 8.5.1.4. Strategic initiatives
- 8.5.2. WebPT, Inc.
- 8.5.2.1. Overview
- 8.5.2.2. Financial performance
- 8.5.2.3. Product benchmarking
- 8.5.2.4. Strategic initiatives
- 8.5.3. athenahealth
- 8.5.3.1. Overview
- 8.5.3.2. Financial performance
- 8.5.3.3. Product benchmarking
- 8.5.3.4. Strategic initiatives
- 8.5.4. ADT
- 8.5.4.1. Overview
- 8.5.4.2. Financial performance
- 8.5.4.3. Product benchmarking
- 8.5.4.4. Strategic initiatives
- 8.5.5. Cognizant
- 8.5.5.1. Overview
- 8.5.5.2. Financial performance
- 8.5.5.3. Product benchmarking
- 8.5.5.4. Strategic initiatives
- 8.5.6. Epic Systems Corporation.
- 8.5.6.1. Overview
- 8.5.6.2. Financial performance
- 8.5.6.3. Product benchmarking
- 8.5.6.4. Strategic initiatives
- 8.5.7. GeBBS
- 8.5.7.1. Overview
- 8.5.7.2. Financial performance
- 8.5.7.3. Product benchmarking
- 8.5.7.4. Strategic initiatives
- 8.5.8. Healthray
- 8.5.8.1. Overview
- 8.5.8.2. Financial performance
- 8.5.8.3. Product benchmarking
- 8.5.8.4. Strategic initiatives
- 8.5.9. DrChrono (EverHealth Solutions Inc.)
- 8.5.9.1. Overview
- 8.5.9.2. Financial performance
- 8.5.9.3. Product benchmarking
- 8.5.9.4. Strategic initiatives
- 8.5.10. AGS Health
- 8.5.10.1. Overview
- 8.5.10.2. Financial performance
- 8.5.10.3. Product benchmarking
- 8.5.10.4. Strategic initiatives
- 8.5.11. CompuGroup Medical
- 8.5.11.1. Overview
- 8.5.11.2. Financial performance
- 8.5.11.3. Product benchmarking
- 8.5.11.4. Strategic initiatives
- 8.5.12. AdvancedMD, Inc.
- 8.5.12.1. Overview
- 8.5.12.2. Financial performance
- 8.5.12.3. Product benchmarking
- 8.5.12.4. Strategic initiatives
- 8.5.13. Digitech Computer LLC
- 8.5.13.1. Overview
- 8.5.13.2. Financial performance
- 8.5.13.3. Product benchmarking
- 8.5.13.4. Strategic initiatives
- 8.5.14. Compulink Advantage
- 8.5.14.1. Overview
- 8.5.14.2. Financial performance
- 8.5.14.3. Product benchmarking
- 8.5.14.4. Strategic initiatives
- 8.5.15. Medusind
- 8.5.15.1. Overview
- 8.5.15.2. Financial performance
- 8.5.15.3. Product benchmarking
- 8.5.15.4. Strategic initiatives