Medical Coding Market Evolving Quicker Than Expected
Medical coding is the transformation of healthcare procedures, medical services, equipment, and diagnosis into universal medical alphanumeric codes. A medical coder receives the report from doctors, which may include patient’s condition, diagnosis preformed, prescription, and all the procedures and tests conducted by healthcare professionals/provider on the patients, and transforms the details into a set of codes. This set of codes is mostly used for claim managements, data that are used by emergency response systems and clinical decisions support systems by emergency clinics. The primary task of a medical coder is to review clinical statements and assign standard codes using Current Procedural Terminology (CPT), International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM), and Healthcare Common Procedure Coding System (HCPCS) Level II classification systems.
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The medical coding market is expected to expand during the forecast period due to the rise in implementation of IT in healthcare settings and advantages of medical coding for different aspects of healthcare settings such as claim management, feeding data clinical decision support systems, and emergency decision support systems. Increasing demand for universal language in medical documents in order to streamline hospital billing procedures is also expected to drive the market during the forecast period. However, cyber threat and insecurity among healthcare providers and patients is expected to hamper the market during the forecast period.
The global medical coding market can be segmented based on type of classification, mode, service, end-user, and region. In terms of type of classification, the medical coding market can be classified into International Classification of Diseases (ICD), Healthcare Common Procedure Coding System (HCPCS), and others. Based on mode, the medical coding market can be segregated into out-sourced and in-house. In terms of service, the medical coding market can be bifurcated into hospital/impatient coding, medical coding audits, and others. Based on end-user, the medical coding market can be split into hospitals, insurance companies, government organizations, and others.
In terms of region, the medical coding market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for a prominent share of the market by the end of the forecast period. North America’s dominance is attributed to the implementation of ICD codes and rising number of hospitalizations in the region. The current version of ICD contains around 69,823 codes for diagnostics and 71,924 for procedures. An addition of more than 140,000 new codes from its previous version is expected to significantly increase demand for trained coders, thus boosting the segment. Europe was also a significant market for medical coding due to the increasing demand for technological advancements and rising adoption of IT in healthcare setting.
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Key players operating in the global medical coding market are STARTEK Health, Aviacode, Inc., Parexel International Corporation, Maxim Health Information Services, Precyse Solutions, LLC, and Medical Record Associates LLC.
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