According to the latest research by Future Market Insights, the Medical Coding market is set to witness significant growth during 2021-2031. Medical coding has always been in demand and is expected to remain at a steady growth in the forecasted period. Medical coding has been in demand in the U.S. as is designed to support Electronic Health Records (EHRs).
What is Driving Demand for Medical Coding?
Maintaining a high quality of healthcare will drive the medical coding market. Medical coding is the transformation of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. Thus maintaining documentation for the visits to healthcare providers gives a lot of information about the patient diagnosis, bills, and health conditions that are provided to healthcare insurance companies.
Increasing demand for standardized billing procedures is also a driving factor for the medical coding market. Escalating demand for coding services, coupled with the aforementioned factors is an opportunity for the medical coding market.
In addition, the incidence of insurance fraud in the healthcare industry is increasing, globally, which plays a pivotal role in the growth of the medical coding market. This situation is resulting in the incursion of excessive financial losses, which amount to billions of dollars every year, as estimated by the National Health Care Anti-Fraud Association (NHCAA). These factors will give rise to the medical coding market.
US and Canada Medical Coding Market Outlook
The US is one of the largest markets for medical coding globally. The US medical coding market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. The need for standard billing systems in hospitals and healthcare systems will lead the medical coding market growth.
The high adoption rate of advanced healthcare solutions in routine hospital operations and the availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period. Frequent revisions in the medical codes is one of the major parameter driving the market growth.
Moreover, new codes were developed for coding and billing of the COVID-19 disease. For instance, new ICD codes were launched by the World Health Organization, such as U07.1, B34.2, and B97.29. Moreover, CPT published new codes for COVID-19 testing. The Centers for Medicare & Medicaid Services (CMS) also developed new codes for lab testing.
With the growing landscape of healthcare and technical advancements in the U.S. and Canada medical coding will be in high demand in the region.
Some of the leading companies in medical coding include
- STARTEK Health
- Aviacode, Inc.
- Parexel International Corporation
- Maxim Health Information Services
- Precyse Solutions, LLC
- Medical Record Associates LLC.
- Dolbey
- MRA Health Information Services
- Oracle Corporation
- Precyse Solutions LLC
- Verisk Analytics, Inc.
- Thrive Inc
- Nuance Communications, Inc.
- Optum Inc.
- Medical Record Associates LLC.
- Velan Business Solutions, Inc
- Meditwitt India Pvt Ltd.
The report also maps the qualitative impact of various market factors on market segments and geographies.
By Classification System:
- International Classification of Diseases (ICD)
- Healthcare Common Procedure Coding System (HCPCS)
- Current Procedural Terminology (CPT)
- Others
By Mode:
- Out-sourced
- In-house
By End User:
- Hospitals
- Insurance companies
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Read More @ https://www.futuremarketinsights.com/reports/medical-coding-market
