Medical Billing Service Owners

The Centers for Medicare & Medicaid Services (CMS) administers Medicare, Medicaid, and the Children's Health Insurance Program, provides health insurance for more than 100 million Americans. In June 2024, CMS reported that national health expenditures increased 7.5 percent in 2023, outpacing GDP growth by 1.3 percent. This reflected an uptick in utilization by the insured portion of the population, which reached a record 93.1 percent that year. At 91.2 million people, Medicare enrollment also set a new record in 2023.

However, CMS indicated that changes were in the forecast, stating: “Over 2024-26, enrollment shifts occur and by 2032 the insured share falls to 90.7%. The expiration of the continuous enrollment requirement is projected to reduce Medicaid enrollment to 81.0M in 2024 and 79.4M by 2025.”

The U.S. Department of Labor (DOL) predicts 9 percent employment growth, much faster than average, for medical records specialists through 2033. While health expenditures are increasing and an aging population equates to increased demand for medical services, technology also could have a negative impact on job growth, according to the DOL, which explains: “The increase in adoption of Artificial Intelligence (AI)-powered solutions that make the medical coding process more efficient may affect the demand for these workers.”