Medical coding is the transformation of healthcare diagnosis, medical services, procedures, and devices/equipment into universal medical alphanumeric codes. It is a little bit like translation. Coders take medical reports from doctors, which may include a patient’s condition, the doctor’s diagnosis, a prescription, and procedures performed on the patient, and turn that into the codes, which make up a crucial part of the medical claim. Medical coding is critical for demographic assessments and studies of disease prevalence, treatment, outcomes, and accountability-based reimbursement systems. Right now, there are five major types of medical coding classification systems (such as ICD-11, ICD-10-CM, ICD-10-PCS, CPT, and HCPCS Level II) that are used by medical coding professionals.
Market Statistics:
The global medical coding market is estimated to account for US$ 18,421.63 Mn in terms of value by the end of 2022.
Drivers:
Increasing demand to streamline hospital billing procedures is expected to boost the growth of the global medical coding market during the forecast period. For instance, in November 2020, Diagnoss developed an artificial intelligence (AI)-based coding assistant to help automate the painstaking process of medical coding and billing. The new AI medical coding engine acts as a sidebar to electronic health records (EHRs) and uses machine learning to improve clinician’s accuracy. The tool provides real-time feedback to medical practices during the administrative process and helps to reduce coding errors on claims.
Opportunities:
Increasing demand for coding services and rising need for a universal language in healthcare is expected to provide significant growth opportunities for players in the global medical coding market over the forecast period. For instance, medical coding make modern healthcare possible by connecting service providers with insurers to ensure fast processing. For instance, according to the American Academy of Professional Coders (AAPC), there are many descriptions, names, acronyms, and eponyms for each disease, device and procedure in the healthcare, and medical coding standardizes the language and presentation of all these rudiments.
Restraints:
High implementation and maintenance costs and stringent regulations related to medical coding are expected to hamper the growth of the global medical coding market. It is necessary for all health care facilities and providers to have a compliance plan. State and federal governments have laid out a number of specific rules to govern medical coding. These rules and regulations ensure that patients are treated correctly, insurance companies only billed for services rendered, and doctors paid correctly and in a timely manner. Medical coding errors have potential to cost emergency medicine practice hundreds of thousands or more in lost revenue.
Global Medical Coding Market - Impact of Coronavirus (Covid-19) Pandemic
According to the World Health Organization (WHO), in February 2020, emergency codes were activated for COVID-19 for the confirmed diagnosis of COVID-19 and for epidemiological or clinical diagnosis (probable or suspected) of COVID-19. New codes have also been created to streamline the novel coronavirus testing. Moreover, the WHO developed an ICD-10-CM code for COVID-19: U07.1 COVID-19. These codes were also adopted by the Centers for Disease Control and Prevention (CDC) in March 2020. Furthermore, since April 2020, the Centers for Medicare and Medicaid Services (CMS) has developed more than 20 ICD-10-PCS codes for documenting COVID-19 treatments and vaccines. This in turn is expected to aid in the growth of the global medical coding market.
To know the latest trends and insights prevalent in the Global Medical Coding Market, click the link below:
https://www.coherentmarketinsights.com/press-release/medical-coding-market-4390
Key Takeaways:
The global medical coding market was valued at US$ 16,885.09 Mn in 2021 and is forecast to reach a value of US$ 31,870.82 Mn by 2028 at a CAGR of 9.6% between 2022 and 2028.
Among Classification system, international classification of diseases (ICD) segment held dominant position in the global medical coding market in 2021, accounting for 62.1%share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing adoption of computer-assisted coding in healthcare is expected to propel growth of the global medical coding market. For instance, in November 2019, Abeo (Trusted i10, LLC) and athenahealth teamed up to provide computer-assisted coding (CAC) to enhance compliance and reimbursement accuracy.
- Introduction of novel solutions by market players is expected to drive growth of the global medical coding market. For instance, in March 2021, athenahealth announced the availability of its new athenaOne Medical Coding solution. It will relieve providers and staff from coding-related work that slows them down and delays claim submissions.
Competitive Landscape:
Major players operating in the global medical coding market include 3M Company, The Coding Network, L.L.C, Talix, Oracle Corporation, Optum Inc., Nuance Communications Inc., Dolbey Systems Inc., Aviacode Inc., MRA Health Information Services, nThrive (Precyse Solutions LLC), and Maxim Health Information Services, among others.
Recent Developments:
In April 2020, Aidéo Technologies allowed both healthcare organizations and revenue cycle management companies to utilize its AI-enabled medical coding engine Gemini AutoCode free of charge in response to COVID-19.
In February 2020, Aviacode presented cardiac medical coding session at LHIMA (Louisiana Health Information Management Association) 2020 annual convention.
