THE U.S. MEDICAL BILLING SERVICES MARKET SIZE WAS VALUED AT USD 4.64 BILLION IN 2020 AND IS EXPECTED TO REACH USD 8 BILLION BY 2026, VALUED AT A CAGR OF 9.52%

The U.S. Medical Billing Services Market Share, Size & Trends Analysis Report By Service Type (Light Service, Full Service, and Boutique Service), By System Type (Open, Closed, & Isolated), By End User (Hospital & Health Systems, Physician Groups, Home Health Providers, Telemedicine Providers, Hospice Providers, and Others) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021–2026

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159 Pages

66 Tables

59 Charts

1 Regions

1 Countries

55 Companies

3 Market Segment

U.S. MEDICAL BILLING SERVICES MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 8 BILLION (2026)
CAGR 9.52% (2021-2026)
BASE YEAR 2020
FORECAST YEAR 2021-2026
MARKET SEGMENTS Service Type (Light Service, Full Service, and Boutique), System Type (Open, Closed, & Isolated) End User (Hospital & Health Systems, Physician Groups, Home Health Providers, Telemedicine Providers, and Hospice Providers)

MARKET OVERVIEW

The U.S. medical billing services market was valued at USD 4.64 billion in 2020 and is expected to reach USD 8.00 billion by 2026, growing at a CAGR of 9.52%. The medical billing services are used to process, submit, and follow up on health insurance claims to save the staff time. The medical practices were introduced with the new pandemic realities in 2020, in which they had to adjust to the new billing and payment tracking updates. At the same time, the practices were forced to provide the treatments due to the country's shortage of resources as the number of COVID-19 cases surged in the industry.  This caused the surge in demand in the medical billing market in the U.S.Medical billing company serves more than 65 EMS agencies with varied call volumes across New York and PA. For instance, MedEx established itself as a leader in Emergency Medical Service (EMS) billing.

KEY HIGHLIGHTS

  • Cloud-based solutions are revolutionizing the US medical billing industry.
  • There are many benefits of cloud-based billing services or medical billing software, such as improves efficiency, cost amortization, and easy access.
  • The evolving needs of the end-users in the industry are driving the demand for medical billing services.
  • The shift towards value-based solutions in the industry is driving healthcare companies to shift towards the latest medical billing techniques.

U.S. MEDICAL BILLING SERVICES MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Service Type
  • End User
  • System Type

U.S. MEDICAL BILLING SERVICE MARKET SEGMENTS

  • In 2020, the light service medical billing segment accounted for 65.56% of the US medical billing service market. The light service companies majorly perform the work of reviewing rather than maintaining the entire process first-hand. They have skilled professionals in place to handle the billing process. The full-service companies provide services that include formulating the repeatable processes to the realization of the actual revenue for the practice
  • The open system is largely preferred, as they are accessible by the healthcare providers and can be shared with other third-party companies to process the cases file for claims. Many physician groups, many hospitals prefer using this as they usually outsource their medical billing process as it is more user-friendly.
  • Hospitals and healthcare systems are the biggest end users in the medical billing service market in the US. The evolving needs of the hospitals and health systems drive the constant demand. There are many advancements introduced in the services and the products that are used and in the products in the developing stage. These trends will fuel the industry for the next few years.

VENDOR ANALYSIS

  • The key companies in the industry are Kareo, Athenahealth, Practice Fusion, CareCloud, and eClinicalWorks
  • Vendors are coming up with an integrated technology platform, a high-quality provider network, and sophisticated consumer engagement strategies.
  • The shift towards value-based solutions in the medical billing outsourcing market is driving healthcare companies to shift towards the latest medical billing techniques.
  • MedEx established itself as a leader in Emergency Medical Service billing (EMS billing).

The medical billing service report in the US includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

Segmentation by Service Type

  • Light Service
  • Full Service
  • Boutique Service

Segmentation By System Type

  • Open
  • Closed
  • Isolated

Segmentation By End User

  • Hospital & Health Systems
  • Physician Groups
  • Home Healthcare Providers
  • Telemedicine Providers
  • Hospice Providers
  • Others

Frequently Asked Questions

The U.S. medical billing service market was valued at USD 4.64 billion in 2020 and is expected to reach USD 8 billion by 2026
There are 5 key vendors and 50 other prominent vendors in the medical billing service market in the US
The key players are Kareo, Athenahealth, Practice Fusion, CareCloud, and eClinicalWorks
The segments covered in the U.S. medical billing service market report are service type, system type, and end user
The U.S. medical billing service saw a surge in demand after the COVID-19 impact
MedEx is the leader in the Emergency Medical Services (EMS) Billing market in the U.S.
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