The global medical coding market was valued at USD 13.6 million in 2020 and is projected to grow at a CAGR of 9.8% during the forecast period. Factors driving the growth of the medical coding market include mounting happening of insurance scams and growing requirement for a universal language in medical documents.
Clinical or medical coding is an administrative procedure to convert medical record papers such as laboratory and radiologic results and doctor transcripts into universal alphanumeric codes that embodies the medical analysis, procedure, service, or equipment.
Regionally, North America accounted for the largest market share of the global medical coding market attributable to accessibility of an enormous medical coding solution providers. Leading players of the global medical coding market include STARTEK Health, Verisk Analytics, Oracle Corporation, Aviacode, Inc., Maxim Health Information Services, Parexel International Corporation, Medical Record Associates LLC., nThrive, Inc among others.
Key segments of the global medical coding market
Classification System Overview, 2018-2028 (USD Million)
- International Classification of Diseases (ICD)
- The Healthcare Common Procedure Coding System (HCPCS)
Component 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Asia Pacific
- South America
- Middle East & Africa
Reasons for the study
- Rising need for a universal language in medical documents in order to streamline hospital billing procedures
- Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents
What does the report include?
- The study on the global medical coding market includes qualitative factors such as drivers, restraints and opportunities
- The study covers qualitative and quantitative analysis of the market segmented on the basis of classification system and component. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global medical coding market is suitable for all the players across the value chain including product manufacturing companies, suppliers/distributors, R&D labs, CROs, healthcare organizations, medical reimbursement and insurance providers
- Venture capitalists and investors looking for more information on the future outlook of the global medical coding market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global medical coding market
Computer Assisted Coding (CAC) is changing the coding workflow across all healthcare settings. CAC technology continues to be incorporated into a coder and auditor’s work life. This technology turns the coder into an editor of what the CAC is delivering in the healthcare environment. It’s his/ her responsibility to scan the entire EMR to determine if assigned codes by the CAC are accurate, in context, not duplicated, and that all pertinent information is accounted for. CAC can help to streamline the workflow when implemented following the coding workflow design. Once any gaps in the flow are understood, the CAC can institute a more efficient and consistent process of coding which leads to better revenue on the backend of the revenue cycle process. Some suggest that in the absence of CAC the entire workflow from admission to discharge can cause business processes to exist for as long as 40 days. However, with the implementation of proper CAC, which would include modules for clinical documentation improvement (CDI), the process can be streamlined within a week’s time frame.
The global medical coding market is categorized based on classification system and component.
By classification system: The International Classification of Diseases (ICD) was the largest market in 2020. ICD-10 has been employed in the mainstream WHO Member States as the standard for coding diseases in mortality and/or morbidity and is progressing towards implementation in several other Member States.
By component: Outsourcing medical coding was the largest market in 2020. In the US by outsourcing their coding, some organizations have increased their efficiency by more than 25%.
In the United States, medical coding is one of the 20 fastest growing occupations. In the country, more than 90% of independent groups and solo practices have high turnover rates, with more than 80% experiencing difficulty recruiting candidates with experience in ICD-10, value-based care and MACRA (Medicare Access and CHIP Reauthorization Act). The electronic health record adoption rate for office-based physicians is nearly 90% and continues to climb, leading to massive coding process overhauls. After the release of ICD-10, facilities faced escalated retirement from coders unwilling to transition from ICD-9, and now, with an average age coder of 54, more mass retirements are coming. It is expected that by 2030, 81.7 million Americans will enroll in Medicare, up from 55 million in 2015, creating a need for increased medical staffing across the healthcare industry.