Medical Billing Market to Witness Stellar Revenue Growth Across Top Regional by 2027
Medical bills are a major pain point for most patients as many struggle to understand, track, manage and pay medical bills. Medical expense providers also have to shoulder much of the burden of the flawed system which has led to poor repayment rates, uncoordinated communications, and patient confusion. High-deductible health plans have been known to aggravate the problem. Medical billing market trends is expanding as the demand for streamlined billing experience is on the rise.
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That the medical billing market is growing is apparent through instances like the launch of new products to the market. For instance, OODA Health, a technology company that provides real-time healthcare payments services, recently launched the OODA Pay which is a cloud-based platform that makes medical billing easier for both healthcare providers and payers.
Healthcare bill payments are being made more manageable by medical billing services that use business management software and other technologies to making medical billing a better experience for everyone. Considering that 72% of patients are confused by their EOB or explanation of benefits and 70% of patients are confused by their medical bills, medical billing market is expected to witness an expanded growth scope as managing healthcare costs is a priority for patients, payers as well as the government.
