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.
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. The medical coding market in Asia Pacific is expected to expand at a comparatively higher CAGR. The higher growth rate is attributed to increasing healthcare IT spending and rising number of medical coding outsourcing companies in countries such as Japan, China, and India, increasing outsourcing of medical coding projects from developed countries such as U.S. and countries in Europe. Furthermore, expansion of Europe- and U.S.-based companies in the region through mergers & acquisitions or subsidiary establishment. For instance, in November 2017, Aviacode acquired Hyderabad, India-based medical coding company. The acquisition provides greater access to professional, AAPC and AHIMA certified medical coders.
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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.