According to a new Medical Market Research report, the global medical management market is expected to reach around USD 527 million by 2019. By application, the medical documentation management market is categorized into four segments:
- Medical billing systems
- Medical record management
- Patient admission registration
- Medical document scanning or medical document imaging management
The shift from paper-based transactions shifting to electronic mediums is driving the growth of the medical document management market, and the report predicts high growth for the cloud-based segment.
The study found that the U.S. represents the largest market for healthcare, worldwide. In the U.S., outsourcing of medical document scanning to HIPAA-compliant service providers is also growing rapidly with electronic health record (EHR) adoption. These companies scan paper records of patient histories, patient insurance information and patient notes and forms, and provide indexing and storage solutions. This allows physicians’ offices to access medical records easily when required, while meeting all compliances and security regulations.
In addition to hospitals, care centers and specialty homes, healthcare insurance providers are key end-users of medical document scanning services and document management software.
The report forecasts that the need to streamline billing will drive the market for medical billing software. With the substantial increase in the number of hospitals and clinics, the need to track all treatment-related expenses of patients has become a key priority for the healthcare sector. These positive trends will significantly increase the demand for medical billing services and systems over the next four years.
Many medical billing companies work with their own software or use the health care provider’s system to provide end-to-end revenue management services. Outsourcing allows physician practices and hospitals to focus on their core tasks while the service provider takes care of everything from medical appointment scheduling and enrollment to payment collection.