Author: Himanshu Patni
19 November 2022
The medical coding market is expected to witness a CAGR of around 11% during the forecast period. Medical coding is the transformation of medical services, clinical benefits, procedures, and equipment into universal clinical alphanumeric codes. The analyses and procedure codes are taken from clinical record documentation, like records of physician’s notes, research centers, laboratories, radiologic results, etc. Moreover, the prominence of errors in billings, insurance fraud, and misinterpretations of medical documents result in large losses, and the increasing emphasis of government on the adoption of electronic health records (EHR) and digitalization is creating an opportunity for the medical coding market to grow. For instance, as per the United States Bureau of Labor Statistics, the number of positions for medical records and health information specialists, including medical coders, will increase to 37,000, i.e., 9% between 2020 and 2030.
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Based on classification System, the medical coding market is segmented into the healthcare common procedure code system (HCPCS), international classification of diseases (ICD), and current procedural terminology (CPT). In 2020, the current procedural terminology (CPT) category is anticipated to witness a significant growth rate during the forecast period. In addition, ICD 11 which was effective from January 2022, is accurate, flexible, and easy to use. The international classification of diseases allows health information to be utilized for multiple applications such as enhancement in patient outcomes, delivery of health care services, safety, integrated care, strategic planning, population health reporting, and quality analysis. These factors are the major reason for the growth of this segment. For instance, according to Forbes Media LLC., the number of codes in the WHO version of IDC-11 given that the US version also includes treatment codes and has previously included a larger number of diagnostic codes as well. ICD-11 has over 55,000 diagnostic codes, four times the number of diagnostic codes contained in the WHO’s ICD-10.
Based on component, the medical coding market is segmented into outsourced and in-house. In 2020, the outsourced category is anticipated to witness a significant growth rate during the forecast period. this is mainly due to hospitals can save on salaries, training, and other benefits such as reduced billing errors, more focus on patient care, cost efficiency, and accelerated cash flows. Because of these factors hospitals outsource their project to a third-party coding company instead of completing them in-house that’s why many outsource companies provide the medical coding facility. For instance, in October 2021, Blue Shield of California (U.S.) collaborated with Google Cloud to evolve medical billing by integrating technologies such as AI to offer real-time reimbursement information and reduce the administrative burden for providers and patients.
For a detailed analysis of the Medical Coding Market browse through – https://univdatos.com/report/medical-coding-market/
Based on end-user, the medical coding market is categorized into hospitals, diagnostic centers, and others. The hospitals’ category is anticipated to witness a significant growth rate during the forecast period. The increasing number of patients, a large number of documentations, and the adoption of new developments in the hospitals are some reasons for the growth of this segment. For instance, as per the American Hospital Association (AHA) Hospital Statistics 2021 report, around 36,241,815 admissions were reported in all the hospitals in the United States in 2020. There is a high demand for medical billers and coders in the market studied.
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. This is mainly due to the higher per capita income and healthcare spending in the U.S. is rapidly growing. Moreover, hospital administration costs are the highest in the U.S. coupled with the Increasing integration of electronic health records and electronic medical record software across the region. For instance, in October 2021, Blue Shield of California (US) collaborated with Google Cloud to evolve medical billing by integrating technologies such as AI to offer real-time reimbursement information and reduce the administrative burden for providers and patients.
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Some of the major companies operating in the medical coding market include 3M Company, Aviacode Inc., Maxim Health Information Services, Optum Inc., Oracle Corporation, Talix, The Coding Network LLC, Precyse Solutions LLC, Episource Pvt Ltd, OMH HealthEdge Holdings Inc.
Medical Coding Market Segmentation
Market Insight, By Classification System
Market Insight, By Component
Market Insight, By End-User
Market Insight, By Region
Top Company Profiles
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