Research Nester has released a report titled “United States (U.S.) Medical Coding Market – Demand Analysis & Opportunity Outlook 2028″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The National Health Care Anti-Fraud Association (NHCAA), in one of tis statistics, stated that USD 3.6 trillion was spent on health care in the United States, in the year 2018. It was further estimated that financial losses caused due to healthcare fraud was recorded to around 3% of the total health care expenditure.
The statistics portray the growing number of healthcare frauds in the United States. This can be attributed to the increasing number of false claims and misrepresented facts being submitted to insurance companies to receive payment. Medical coding helps healthcare organizations to optimize their revenue cycle management. With the frequent updates and revision of the classification systems used in medical coding, the probability of healthcare frauds is projected to lower down in a significant manner, which in turn is anticipated to drive the market growth. Additionally, increasing involvement of the government pertaining to the healthcare reimbursement services for Medicaid and Medicare patients, along with the increasing use of IT technology in the healthcare sector and the growing adoption of internet of medical things (IoMT) is further projected to drive the market growth in the coming years.
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The United States (U.S.) medical coding market is forecasted to grow with a CAGR of 8.8% during the forecast period, i.e., 2020-2028, backed by the growing utilization of data analytics, and the advent in data enrichment tools, such as mobile health or mHealth and electronic health records (EHRs), among others. Further, the market is projected to cross USD 4500 million by the end of 2021 from a recorded value of USD 4050.4 million in the year 2019.
The United States (U.S.) medical coding market is segmented by classification into international classification of diseases (ICD), healthcare common procedure code system (HCPCS), current procedural terminology (CPT), international classification of functioning, disability & health (ICF), and diagnostic-related groups (DRGs). Out of these segments, the international classification of diseases (ICD) segment with respect to diagnostic centers is projected to register the largest share of 67.85% of the market in the year 2021. The World Health Organization (WHO), recently announced (May 2019) the latest version of the ICD-11, which would come into effect on the 1st of January 2022.
However, concerns regarding data security and privacy of information of the patients, along with the rising number of cybercrimes are some of the additional factors anticipated to limit the growth of the United States (U.S.) medical coding market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the United States (U.S.) medical coding market, which includes company profiling of3M (NYSE: MMM), Conifer Health Solutions, LLC, Coding Network, Maxim Healthcare Group, Aviacode Inc., Managed Outsource Solutions, and I-conic Solutions.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “United States (U.S.) Medical Coding Market – Demand Analysis & Opportunity Outlook 2028″, analyses the overall United States (U.S.) medical coding industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the United States (U.S.) medical coding market in the near future.
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