North America Medical Billing Software Market Size, Share & Trends Analysis Report By Billing Type (Institutional Billing, and Professional Billing), By Deployment (Cloud-Based, Web-Based, and On-Premises), By End-user, By Country and Growth Forecast, 2024 - 2031
The North America Medical Billing Software Market would witness market growth of 9.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Medical Billing Software Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8,662.9 Million by 2031. Canada market is experiencing a CAGR of 11.3% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 10.7% during (2024 - 2031).
Medical billing software plays a crucial role in modern healthcare systems, offering a range of applications that enhance the efficiency and accuracy of billing processes. Its diverse applications address various needs within healthcare organizations, from streamlining administrative tasks to ensuring regulatory compliance.
Additionally, this automates the creation, submitting, and tracking of insurance claims. It generates electronic claims based on patient encounters and coding data, reducing the need for manual data entry. The software tracks the status of claims in real time, providing alerts for resubmissions or follow-ups if claims are denied or require additional information.
The growing investment in Canada’s healthcare sector significantly influences the medical billing software market. As the Canadian government and private entities increase funding and support for healthcare initiatives, several key impacts are shaping the medical billing software landscape in the country. As per the Government of Canada, the government announced an investment of $196.1 billion over ten years, including $46.2 billion in new funding, for territories and provinces to enhance healthcare services for citizens.
Based on Billing Type, the market is segmented into Institutional Billing, and Professional Billing. Based on Deployment, the market is segmented into Cloud-Based, Web-Based, and On-Premises. Based on End-user, the market is segmented into Healthcare Providers, Healthcare Payers, and Other End-user. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Kareo, Inc.
- GE HealthCare Technologies, Inc.
- Athenahealth, Inc.
- Quest Diagnostics Incorporated
- Epic Systems Corporation
- Oracle Corporation
- Cognizant Technology Solutions Corporation
- SAP SE
- NEXTGEN HEALTHCARE, INC.
- Microsoft Corporation
By Billing Type
- Institutional Billing
- Professional Billing
- Cloud-Based
- Web-Based
- On-Premises
- Healthcare Providers
- Healthcare Payers
- Other End-user
- US
- Canada
- Mexico
- Rest of North America
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Medical Billing Software Market, by Billing Type
- 1.4.2 North America Medical Billing Software Market, by Deployment
- 1.4.3 North America Medical Billing Software Market, by End-user
- 1.4.4 North America Medical Billing Software Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Market Share Analysis, 2023
- 4.4 Top Winning Strategies
- 4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.5 Porter Five Forces Analysis
- Chapter 5. North America Medical Billing Software Market by Billing Type
- 5.1 North America Institutional Billing Market by Region
- 5.2 North America Professional Billing Market by Region
- Chapter 6. North America Medical Billing Software Market by Deployment
- 6.1 North America Cloud-Based Market by Country
- 6.2 North America Web-Based Market by Country
- 6.3 North America On-Premises Market by Country
- Chapter 7. North America Medical Billing Software Market by End-user
- 7.1 North America Healthcare Providers Market by Country
- 7.2 North America Healthcare Payers Market by Country
- 7.3 North America Other End-user Market by Country
- Chapter 8. North America Medical Billing Software Market by Country
- 8.1 US Medical Billing Software Market
- 8.1.1 US Medical Billing Software Market by Billing Type
- 8.1.2 US Medical Billing Software Market by Deployment
- 8.1.3 US Medical Billing Software Market by End-user
- 8.2 Canada Medical Billing Software Market
- 8.2.1 Canada Medical Billing Software Market by Billing Type
- 8.2.2 Canada Medical Billing Software Market by Deployment
- 8.2.3 Canada Medical Billing Software Market by End-user
- 8.3 Mexico Medical Billing Software Market
- 8.3.1 Mexico Medical Billing Software Market by Billing Type
- 8.3.2 Mexico Medical Billing Software Market by Deployment
- 8.3.3 Mexico Medical Billing Software Market by End-user
- 8.4 Rest of North America Medical Billing Software Market
- 8.4.1 Rest of North America Medical Billing Software Market by Billing Type
- 8.4.2 Rest of North America Medical Billing Software Market by Deployment
- 8.4.3 Rest of North America Medical Billing Software Market by End-user
- Chapter 9. Company Profiles
- 9.1 Kareo, Inc.
- 9.1.1 Company Overview
- 9.1.2 Recent strategies and developments:
- 9.1.2.1 Product Launches and Product Expansions:
- 9.1.2.2 Acquisition and Mergers:
- 9.2 GE HealthCare Technologies, Inc.
- 9.2.1 Company Overview
- 9.2.2 Financial Analysis
- 9.2.3 Segmental and Regional Analysis
- 9.2.4 Research & Development Expenses
- 9.2.5 SWOT Analysis
- 9.3 Athenahealth, Inc.
- 9.3.1 Company overview
- 9.3.2 Recent strategies and developments:
- 9.3.2.1 Partnerships, Collaborations, and Agreements:
- 9.3.2.2 Product Launches and Product Expansions:
- 9.4 Quest Diagnostics Incorporated
- 9.4.1 Company Overview
- 9.4.2 Financial Analysis
- 9.4.3 Segmental Analysis
- 9.4.4 SWOT Analysis
- 9.5 Epic Systems Corporation
- 9.5.1 Company Overview
- 9.5.2 Recent strategies and developments:
- 9.5.2.1 Product Launches and Product Expansions:
- 9.5.3 SWOT Analysis
- 9.6 Oracle Corporation
- 9.6.1 Company Overview
- 9.6.2 Financial Analysis
- 9.6.3 Segmental and Regional Analysis
- 9.6.4 Research & Development Expense
- 9.6.5 SWOT Analysis
- 9.7 Cognizant Technology Solutions Corporation
- 9.7.1 Company overview
- 9.7.2 Financial Analysis
- 9.7.3 Segmental and Regional Analysis
- 9.7.4 Recent strategies and developments:
- 9.7.4.1 Partnerships, Collaborations, and Agreements:
- 9.7.5 SWOT Analysis
- 9.8 SAP SE
- 9.8.1 Company Overview
- 9.8.2 Financial Analysis
- 9.8.3 Regional Analysis
- 9.8.4 Research & Development Expense
- 9.8.5 Recent strategies and developments:
- 9.8.5.1 Product Launches and Product Expansions:
- 9.8.6 SWOT Analysis
- 9.9 Nextgen healthcare, inc.
- 9.9.1 Company Overview
- 9.9.2 SWOT Analysis
- 9.10. Microsoft Corporation
- 9.10.1 Company Overview
- 9.10.2 Financial Analysis
- 9.10.3 Segmental and Regional Analysis
- 9.10.4 Research & Development Expenses
- 9.10.5 Recent strategies and developments:
- 9.10.5.1 Product Launches and Product Expansions:
- 9.10.6 SWOT Analysis
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook