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Pharmacy Billing Software Market

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Pharmacy Billing Software Market
Pharmacy Billing Software Market –
Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 –
2023
Pharmacy billing is the most vital part of every healthcare organization, where a medical service is
translated into a billing claim and is submitted to a healthcare insurance company for reimbursement. It
is a complex set of procedures which demands a lot of time by skilled professionals. A patient’s medical
record is maintained throughout the treatment and after the patient provides the full insurance details
to the hospital, the pharmacy billing procedure starts, also referred to as revenue cycle management.
Before the pharmacy bill is submitted to an insurance company, the medical treatments or services are
allotted a certain alphanumeric code according to a standardized system after which the insurance
company decides which part of the claims will and will not be paid. The whole procedure of pharmacy
billing is facilitated by a billing software, called pharmacy billing software. There are a number of
advantages which a pharmacy billing software offers, which are as follows:

Quick and easy entry of data without much repetition

Reduces claim denials

Tracks and analyzes financial performance
The pharmacy billing software market can be categorized into two major segments, which are as
follows:
Electronic health records (EHR) or electronic medical records (EMR) software:

It is a systematic collection of medical treatment data of an individual patient or a group of
patients. The patient data includes demographics, personal statistics such as age, weight, test
results, medical history etc.
Revenue cycle management (RCM):

RCM software ensures reimbursement and reimbursement compliance effectively from start to
finish. It provides better access management, improved consumer self-service, streamlined
billing process, and an efficient monitoring of insurance companies.
The main driving factors for the growth of pharmacy billing software market are better management of
patient’s clinical information and patient’s accounting documentation, processing of insurance claims
for a faster reimbursement, and smooth functioning between the healthcare organization and the
insurance company (payer). Without pharmacy billing, the hospitals would result in a chaotic
environment with disorganized patient information and lack of communication amongst individuals.
Geographically, North America holds a leading position in the pharmacy billing software market
followed by the European market. Major factors responsible for the growth of this market in these
regions are maintenance of up-to-date and proactive medical service, elimination of billing errors, and
the growing need of individuals to access faster reimbursement procedure from the concerned
insurance company. Asia-Pacific is one of the most developing regions globally and is emerging out to be
a lucrative region for the growth of pharmacy billing software market. The prime factors which will drive
the growth of this market in Asia-Pacific regions are increasing need of the population to maximize their
insurance payments by proper processing of the provider’s claims, growing demand of individuals to
receive the best patient care with regards to medical and pharmacy services, efficient and effective
business operations by the healthcare provider, and better denials prevention and management.
Moreover, proper maintenance of track of bills and payments for the right information to be recorded
will also augment the growth of pharmacy billing software market in the near future.
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Some of the major players operating in the pharmacy billing software market are Healthpac Computer
Systems, CareCloud Corporation, Kareo, AllegianceMD, Accumedic Computer Systems, NextGen
Healthcare Information Systems, LLC, AthenaHealth, McKesson Corporation and many others.
Author
Mayurideore
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Business and Leadership
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