Medical Coding Market Growth
The Business Research Company recently released a comprehensive report on the Global Medical Coding Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The medical coding market size has grown strongly in recent years. It will grow from $16.72 billion in 2023 to $18.19 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to healthcare industry growth, introduction of ICD and CPT coding systems, shift towards electronic health records (EHRs), regulatory compliance requirements, specialization and subspecialization in healthcare.
The medical coding market size is expected to see strong growth in the next few years. It will grow to $26.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to workforce training and development, global healthcare market expansion, regulatory changes and compliance needs, telehealth and remote medicine growth, transition to value-based care models. Major trends in the forecast period include education and training programs, remote work and outsourcing, EHR integration and interoperability, demand for specialty-specific coding, increased emphasis on accuracy and quality.
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Market Drivers and Trends:
The rising need for a universal language in medical documents is expected to propel the growth of the medical coding market. The medical industry creates huge data that is difficult to organize manually without proper universal labels/names and difficult to refer to if there is a need to check the history of the patient. The process of conversion of medical records into universal medical alphanumeric codes to streamline hospital billing procedures is expected to aid in keeping medical data organized and for accurate billing reimbursement while also tracking the patient’s health for future complaints or treatment. This will automatically create demand for medical codes that help to organize medical data and streamline the processes reducing inefficiencies involved in recording data manually without universal codes. For instance, the International Classification of Diseases (ICD) maintained by the World Health Organization is used for information on human disease and death worldwide using the data reported and coded with the ICD. Furthermore, in October 2022, according to the newly released Calendar Year (CY) 2023 Current Procedural Terminology (CPT) code set by the American Medical Association (AMA), a US-based professional association and advocacy group for physicians and medical students, there were 102 new codes, 68 removed codes, and 87 codes with altered lengthy explanations in the CY 2023 modifications. The use and creation of code that is universally accepted are driving the growth of the medical coding market.
The increased adoption of artificial intelligence (AI) is a new trend gaining popularity in the medical coding market. AI is defined as the imitation of human intelligence in machines that are programmed to think such as humans and mimic human actions. The adoption of artificial intelligence is expected to streamline medical billing workflows in addition to making the work of medical coders accurate and improving efficiency. The adoption holds more relevance considering the growing healthcare data and increased complexity. In addition, the medical coding will require fewer searches to find proper codes for unstructured data to relieve medical coding fatigue. For instance, in November 2022, Maverick Medical AI, an Israel-based autonomous medical coding company, launched its autonomous medical coding platform to meet RadNet’s medical coding requirements in the US, which will aid in optimizing its revenue cycle management process, lowering operating expenses, and increasing reimbursement. Maverick integrates medical coding domain expertise with innovative machine learning and dynamic AI. It analyzes clinical notes and reports autonomously, accurately producing reimbursement codes (ICD-10, CPT) in actual time and making charges accessible to billing systems within seconds.
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Major Key Players of the Market:
3M Company, Advanced Medical Coding Services, AcerHealth Inc., Aveanna Healthcare LLC, AthenaHealth, AAPC (American Association of Professional Coders), Codemasters Inc., EqualizeRCM Services, Alpha Coding Experts LLC, Accurate Medical Coding LLC, American Medical Billing & Coding Services, Apex Medical Billing & Coding, Associated Medical Billing & Coding, Beacon Healthcare Coding, Billing Advantage LLC, Blue Star Medical Billing & Coding, Brite Medical Coding, Care Medical Coding, Central Billing Services LLC, Certified Medical Billing Specialists, Code 1 LLC, Coding Masters, Complete Medical Coding Solutions, Cypress Medical Coding, Data Plus Services, Dedicated Medical Billing & Coding, Empower Medical Billing & Coding Services, Expert Medical Coding, First Class Medical Billing & Coding, Global Medical Billing & Coding, Greenlight Medical Billing & Coding
Medical Coding Market 2024 Key Insights:
• The medical coding market size is expected to see strong growth in the next few years. It will grow to $26.04 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Surge In Medical Coding Market Driven By The Vital Role Of Universal Language In Streamlining Healthcare Data And Billing Processes
• AI Adoption Reshapes The Landscape Of Medical Coding Enhancing Accuracy And Efficiency
• North America was the largest region in the medical coding market in 2023
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