Introduction
In medical coding the medical records and documentation such as physician’s notes, laboratory and radiologic results are taken and transcribed into codes. The task of the medical coding professionals is to ensure whether the codes are applied correctly or not. Medical coding is transforming healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes.
The major factors driving the market growth include growth in prevalence for medical coding services in hospitals, increasing demand for standardized billing procedures. On the other hand, increasing consumer concerns related to the data security are obstructing the growth of the market
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for medical coding market is likely to increase during this pandemic period. These are used as primary device for transferring data about COVID-19 patients and suspected cases having other health issues.
Table of Contents
Market Overview
The U.S medical coding market is expected to have incremental growth of $8.40 billion during 2020-2025
Growth momentum is expected to accelerate during the forecast period with an 8.53% CAGR.
The rising adoption of computer-assisted coding to speed up the medical coding process and increase accuracy is also driving the market.
Moreover, the development of new technologies, such as Artificial Intelligence (AI)-assisted medical coding, is supporting market growth.
Key Trends
The technological advancements in the healthcare industry and constantly changing classification systems are expected to create potential revenue opportunities.
Increasing number of programs and initiatives aimed at spreading awareness about the secured transfer of patient data will also support market growth.
Key Market Players
Some of the key players in the market are Startek Health, Maxim Health Information Services, Aviacode, Oracle, Verisk Analytics, Precyse Solutions
Prominent companies are adopting various business strategies, such as partnerships and mergers & acquisitions, to strengthen their market presence. Mergers & acquisitions, strategic alliances, collaborations and extensive R&D in this area are some of the initiatives being undertaken by key companies to increase their market shares. Furthermore, during COVID-19, governments are collaborating with private companies to increase the production of portable ventilators as there is an increasing demand for the same.
Growth Drivers and Challenges
Growth in prevalence for medical coding services in hospitals is the main driving factor for the medical coding market.
Increasing demand for standardized billing procedures is also a driving factor for the medical coding market.
Increase in U.S government expenditures on healthcare is another factor that is driving the market.
Increasing consumer concerns related to the data security is restraining the market growth.
Unavailability of the trained and skilled professionals is a major factor expected to hamper growth of the market