Major players in the medical coding market are 3M Company, AcerHealth Inc, Alpha Coding Experts LLC, Aveanna Healthcare LLC, EqualizeRCM Services, IBM Corporation, iMedX Inc, Infinx Healthcare, Nuance Communications Inc, Omega Healthcare Management Services Private Limited, Optum360, Oracle Corporation, Precyse Solutions LLC, QWay Health LLC, Vee Technologies Private Limited, Aviacode Inc, Maxim Health Information Services, MRA Health Information Services, Thrive Inc, Conifer Health Solutions, Humana, and Access Healthcare.
The global medical coding market is expected to grow from $14.33 billion in 2021 to $15.85 billion in 2022 at a compound annual growth rate (CAGR) of 10.61%. The medical coding market is expected to reach $23.73 billion in 2026 at a CAGR of 10.62%.
The medical coding market consists of sales of medical coding by entities (organizations, sole traders, and partnerships) that refer software solutions and services used to the convert medical records into universal medical alphanumeric codes.The medical information includes procedures, healthcare diagnostics, equipment, and medical services.
The consequent summarizing, data-friendly codes help with the reduction of time-consuming medical reports. This method involves extracting information from documentation, applying the codes, and creating a claim for payment by insurance carriers.
The components of medical coding include in-house and outsourced.The in-house medical coding refers to the entire process of medical coding done in-house or within the company through coding software’s.
In-house results in lower costs and is always effective to keep the coding under the same roof as resolving issues is faster when billing and coding problems come up.The classification systems used in medical coding includes international classification of diseases (ICDs), healthcare common procedure coding system (HCPCS), and current procedural terminology (CPT).
These medical coding solutions are services are used in diagnostic centres and hospital & care providers.
North America was the largest region in the medical coding market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the medical coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising need for a universal language in medical documents is expected to propel the growth of the medical coding market.The medical industry creates huge data that is difficult to organize manually without proper universal labels/names and difficult to refer back to if there is a need to check the history of the patient.
The process of conversion of medical records into universal medical alphanumeric codes to streamline hospital billing procedures is expected to aid in keeping medical data organized and for accurate billing reimbursement while also tracking the patient’s health for future complaints or treatment.This will automatically create demand for medical codes that help to organize medical data and streamline the processes reducing inefficiencies involved in recording data manually without universal codes.
For instance, the International Classification of Diseases (ICD) maintained by the World Health Organization is used for information on human disease and death worldwide using the data reported and coded with the ICD.Furthermore, in December 2020, Shockwave Medical Inc, an American medical device company announced the creation of four new codes for IVL procedures performed in the tibial and peroneal, or below-the-knee (BTK), arteries in the hospital outpatient setting.
The use and creation of code that is universally accepted are driving the growth of the medical coding market.
The increased adoption of artificial intelligence (AI) is a new trend gaining popularity in medical coding market.AI is defined as the imitation of human intelligence in machines that are programmed to think like humans and mimic human actions.
The adoption of artificial intelligence is expected to streamline medical billing workflows in addition to making the work of medical coders accurate and improving efficiency.The adoption holds more relevance considering the growing healthcare data and increased complexity.
In addition, the medical coding will require fewer searches to find proper codes for unstructured data to relieve medical coding fatigue.For instance, in November 2020, Diagnoss, an American-based Medical billing services startup, launched a coding assistant based on artificial intelligence to automate the medical coding and billing process and minimize coding errors.
It is intended to provide real-time feedback to medical practices and improve clinicians’ accuracy.
In September 2021, AGS Health, an American provider of revenue cycle management solutions for healthcare providers, acquired EZDI Inc for an undisclosed amount.The acquisition is expected to improve the process and lead to better outcomes with efficiency as EZDI’s technology is useful to predict appropriate medical codes and identify missed documentation.
EZDI Inc is an American provider of integrated AI-based clinical documentation and medical coding platform.
The countries covered in the medical coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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