Le Lézard
Classified in: Health, Business, Covid-19 virus
Subject: MRR

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


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.

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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:

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U.S. Medical Billing Service Market ? Segmentation

U.S. Medical Billing Service Market by Service Type

U.S. Medical Billing Service Market by  System Type

U.S. Medical Billing Service Market by  End User

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:

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Major Vendors

Other Prominent Vendors

Explore our healthcare & lifesciences profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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SOURCE Arizton Advisory & Intelligence


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