The U.S. medical coding market size was valued at USD 16.4 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028. Insurance frauds and issues due to misinterpretations of medical documents is a major parameter driving the growth of this market. According to the National Health Care Anti-Fraud Association, healthcare fraud costs in the U.S. are USD 68.0 billion annually. Moreover, increasing usage of billing and medical coding procedures in revenue cycle management is estimated to bolster the market growth.
According to the Bureau of Labor Statistics (BLS), the employment of medical records and health information technicians is projected to grow by 8.0% from 2019 to 2029. Moreover, the total number of jobs was 341,600 in 2019. According to the staffing firm Randstad U.S., certified medical coder or technician is one of the most sought after jobs in the U.S. High demand for medical coders due to the rising need for universal language in medical documents is driving the U.S. medical coding market growth.
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Key Player Mentioned:
· Startek Health
· Maxim Health Information Services
· Oracle Corporation
· Verisk Analytics
· Aviacode, Inc.
· Precyse Solutions, LLC
· Parexel International Corporation
· Medical Record Associates LLC
Product Segment Analysis:
· ICD
· HCPCS
· CPT
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The rising adoption of computer-assisted coding to speed up the medical coding process and increase accuracy is also driving the market. Moreover, it enhances productivity, increases transparency, improves accuracy and compliance, reduces costs, and provides traceability. According to a 3M Company survey, computer-assisted coding increased medical coder productivity by more than 30%. Moreover, the development of new technologies, such as Artificial Intelligence (AI)-assisted medical coding, is supporting market growth. For instance, in September 2019, Fathom, a U.S.-based startup, utilized Artificial Intelligence (AI) to automate medical coding and improve the speed and accuracy of coding.
COVID-19 Impact:
The outbreak of the COVID-19 pandemic has significantly increased the demand for antiviral medicines globally. The treatment of novel coronavirus has increased the demand for broad-spectrum Glucose to manage the disease. Remdesivir, favipiravir, oseltamivir, and other combination medicines are highly prescribed for the treatment of COVID-19. Moreover, governments are increasing funding to pharmaceutical companies to develop novel therapeutics against COVID-19. For instance, in June 2021, the U.S. government has announced an investment of more than USD 3 billion to fasten the discovery, development, and manufacturing of antiviral medicines for COVID-19 treatment. The rising incidence of disease coupled with increasing R&D will increase the demand for Glucose in the next 2 to 3 years.
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