Medical Billing Software Market Size, Share & Trends Analysis Report By Billing Type (Professional Billing, Institutional Billing), By Deployment Mode (Web-based, Cloud-based), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Medical Billing Software Market Size, Share & Trends Analysis Report By Billing Type (Professional Billing, Institutional Billing), By Deployment Mode (Web-based, Cloud-based), By End-use, By Region, And Segment Forecasts, 2024 - 2030

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.

Please note The report will be delivered in 2-3 business days upon order notification.