Medical Coding Market
Medical coding is the conversion of diagnoses, treatments, procedures, and equipment into common medical alphanumeric codes. It has some similarities to translation. Coders translate medical reports from physicians into codes, which are an essential component of the medical claim. These reports may contain information about the patient’s health, the doctor’s diagnosis, a prescription, and operations carried out on the patient. For demographic analyses, accountability-based reimbursement systems, research of illness prevalence, outcomes, treatment, and medical coding is essential. Medical coding specialists now employ five main categorization systems for medical coding.
Market Statistics
By the end of 2022, the market for medical coding is anticipated to be worth US$ 18,421.63 million.
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Drivers
The need for streamlined hospital billing processes is anticipated to expand throughout the course of the forecast period, fueling the expansion of the worldwide medical coding market. For instance, Diagnoss created an artificial intelligence (AI)-based coding assistant in November 2020 to assist in automating the laborious process of medical coding and billing. The new AI medical coding engine employs machine learning to increase clinician accuracy and works as an add-on to electronic health records (EHRs). The application assists in reducing coding mistakes on claims and offers real-time feedback to medical practitioners throughout the administrative process.
Opportunities
Over the course of the forecast period, companies in the worldwide medical coding market could have considerable development possibilities due to expanding coding service demand and the growing need for a universal language in healthcare. For instance, medical coding connects service providers and insurance to ensure quick processing, making contemporary healthcare viable. In the healthcare industry, for instance, there are several descriptions, names, acronyms, and eponyms for each disease, gadget, and treatment. Medical coding standardises the language and presentation of all these foundational terms.
Restraints
The expansion of the worldwide medical coding industry is anticipated to be constrained by high installation and maintenance costs as well as strict rules governing medical coding. Every healthcare facility and provider must have a compliance strategy in place. To regulate medical coding, state and federal governments have established a variety of detailed regulations. These guidelines make sure that patients are handled properly, insurance companies are only invoiced for services provided, and doctors are paid accurately and on time. Errors in medical coding might result in hundreds of thousands or more in lost income for emergency medicine practises.
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Impact
The World Health Organization (WHO) reports that emergency codes for COVID-19 were activated in February 2020 for the verified diagnosis of COVID-19 as well as for epidemiological or clinical diagnoses of COVID-19 (probable or suspected). Additionally, new codes have been developed to simplify the testing of novel coronaviruses. In addition, the WHO created the U07.1 COVID-19 ICD-10-CM code for the disease. The Centers for Disease Control and Prevention (CDC) also adopted these codes in March 2020. Additionally, the Centers for Medicare and Medicaid Services (CMS) have created more than 20 ICD-10-PCS codes for COVID-19 treatments and vaccinations as of April 2020. This is thus anticipated to support the expansion of the worldwide market for medical coding.
Key Takeaways
The market for medical coding was estimated at US$ 16,885.09 Mn in 2021 and is expected to expand at a CAGR of 9.6% from 2022 to 2028 attending US$ 31,870.82 Mn.
The international classification of diseases (ICD) sector maintained a dominant position in the worldwide medical billing and coding market in 2021, representing 62.1%share in terms of value. Growing segment growth is anticipated during the forecast period as a result of new product launches and growing segment approval.
Market Trends
The worldwide medical coding industry is predicted to develop as computer-assisted coding is increasingly used in healthcare. For instance, Abeo (Trusted i10, LLC) and athenahealth collaborated to offer computer-assisted coding (CAC) in November 2019 in order to improve compliance and reimbursement accuracy.
The worldwide medical coding industry is anticipated to increase as a result of the introduction of unique solutions by market competitors. For instance, athenahealth declared the launch of their brand-new athenaOne Medical Coding system in March 2021. Providers and personnel would no longer have to spend time on coding-related tasks, which makes claim submissions take longer.
Competitive Landscape
Maxim Health Information Services, The Coding Network, nThrive (Precyse Solutions LLC), L.L.C., MRA Health Information Services, Talix, Aviacode Inc., Oracle Corporation, Dolbey Systems Inc., Optum Inc., and Nuance Communications Inc. are a few of the major companies competing in the global medical coding market.
Recent Developments
Aidéo Technologies released Gemini AutoCode, an AI-enabled medical coding engine, free of charge to healthcare organisations and revenue cycle management firms beginning in April 2020 in response to COVID-19.
At the 2020 annual meeting of the Louisiana Health Information Management Association, Aviacode gave a session on cardiac medical coding in February of that year.
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Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Medical Coding, By Classification System
- Market Medical Coding, By component
- Market Medical Coding, By End User
- Market Medical Coding, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Increasing demand for coding services
- Changing regulations related to medical coding
- Increasing demand to streamline hospital procedures
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Medical Coding Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
- Medical Coding Market, By Classification System, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- International Classification of Diseases (ICD)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Healthcare Common Procedure Code System (HCPCS)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
- Medical Coding Market, By Component, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- In-house
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Outsourced
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
- Medical Coding Market, By End User, 2017-2028, (US$ Mn)
- Introduction
- Market Share Analysis, 2022 and 2028 (%)
- Y-o-Y Growth Analysis, 2017 – 2028
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Diagnostic Centers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Other End Users
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2017-2028,(US$ Mn)
- Introduction
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