Pune, Feb. 22, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider research, The Medical Coding Market size was valued at US$ 20.83 Billion in 2022, and is projected to reach US$ 48.35 Billion by 2030, with a growing healthy CAGR of 11.1% During the forecast period 2023-2030.”
Medical data and documentation, including doctor's notes, and lab and radiologic results, are taken and converted into codes in the process of medical coding. To check whether the codes are applied correctly or not is the responsibility of the medical coding specialists. The procedures entail extracting data from documentation, assigning the proper codes, and generating a claim that insurance companies will pay.
A significant market trend is the growing use of computer-aided coding systems (CACS).
The market for medical coding is characterized by an increase in CACS usage. Medical coders typically handle medical coding tasks, however the healthcare industry is seeing a rise in the usage of technologies like artificial intelligence (AI), natural language processing (NLP), and the internet of medical things (loMT), which is increasing the demand for CACS. As comparison to manual coding, it has many benefits, such as improved productivity and efficiency and uniform application of coding principles. With the expansion of medical diagnostics and treatments around the world, the medical coding system is constantly changing.
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Key Company profiles Listed are:
- AGS Health
- Dolbey Systems Inc.
- Parexel International Corporation
- GeBBS Healthcare
- Aviacode, Inc.
- Precyse Solutions, LLC
- 3M
- Maxim Health Information Services
- Oracle Corporation
- Verisk Analytics
- Startek Health
- Medical Record Associates LLC
Prominent players and market analysis: Efficiency in the medical coding market leading to opportunities
To improve the efficiency of hospitals, ambulatory centres, and diagnostic units, businesses are leveraging on the development of effective technologies like artificial intelligence-integrated medical codes. Also, the industry participants are concentrating on a variety of business tactics to increase their worldwide footprint, including mergers and acquisitions, service upgrades, finance, and partnerships with other regional or local players.
In the upcoming years, North America is projected to rule the worldwide medical coding market among all other regions. Some of the important elements include the rising incidence of various diseases in the area. In the upcoming years, it is also projected that medical coding would increase due to the rising demand for optimising hospital billing processes and the presence of important industry participants in the area.
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Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 20.83 Billion |
| Market Size by 2030 | US$ 48.35 Billion |
| CAGR | CAGR of 11.1% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Classification System (Healthcare Common Procedure Code System (HCPCS), International Classification of Diseases (ICD), Current Procedural Terminology (CPT)) • By Component (Outsourced, In-House) • By End User (Hospitals, Diagnostic Centers, Others) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, The Middle East & Africa, Latin America |
New breakthroughs in the medical coding market
To enhance revenue cycle management, Ochsner Health's emergency department acquired Nym Health's medical coding technology in April 2022.
The same month, XpertDox and Urgent Care for Children USA (UC4C) partnered exclusively to offer XpertCoding. It is a completely automated, turnkey system that improves the efficiency of medical coding and quickens the revenue cycle for all of UC4C's clinics in Tennessee and Alabama.
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