Market Snapshot:
Growing requirement for a universal language in medical documents for streamline hospital billing processes will help to reboots global medical coding market. Medical coding is the process of creation of proper record of patient care, accelerate payments to physicians, streamline the medical billing process and identify healthcare areas that require focus. Additionally, it is the transformation of healthcare processes, equipment, medical facilities, and analysis into universal medical alphanumeric codes. The main task of a medical coder is to evaluation clinical statements and allocate standard codes using Current Procedural Terminology (CPT), Tenth Revision, Clinical Modification (ICD-10-CM), and International Classification of Diseases and Healthcare Common Procedure Coding System (HCPCS) Level II classification systems.
Highlights from Medical Coding Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 10.0% |
The key Players profiled in the report are STARTEK Health (United States), Aviacode, Inc. (United States), Parexel International Corporation (United States), Maxim Health Information Services (United States), Precyse Solutions, LLC (United States), Medical Record Associates LLC. (United States), Oracle Corporation (United States), Verisk Analytics (United States), 3M Company (United States), nThrive, Inc. (United States) and Optum (United States). Additionally, other players that are part of this comprehensive study are Nuance Communications (United States) and Dolbey Systems Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global Medical Coding market presents a comprehensive analysis of the Medical Coding market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Medical Coding industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Medical Coding market
Analyst at AMA have segmented the market study of Global Medical Coding market by Type, Application and Region.
Influencing Trend:
Growth in Implementation of IT in Healthcare Settings and Fueling Demand for Universal Language in Medical Documents In Order To Streamline Hospital Billing Procedures
Market Growth Drivers:
Rising Occurrence of Insurance Frauds and Insurance Issues Associated With Misinterpretation of Medical Documents and Escalating Demand for Coding Services, Coupled With the Aforementioned Factors
Challenges:
Coding inaccuracies
Restraints:
Rising Cyber Threat and Insecurity among Healthcare Providers and Patients
Opportunities:
Escalating Demand for World-Class Healthcare Services in Developing Regions and Increasing Number of Coders
Market Developments Activities:
In December 2018, PAREXEL, a leading innovator of global biopharmaceutical services collaborated with Eli Lilly and Company to launched clinical research learning and development program in China. This will bring high-value training chances to China’s clinical trial sites and investigators, improving the implementation of local clinical trials and driving revolution in China’s biopharmaceutical industry.
In October 2018, PAREXEL International Corporation, a leading innovator of global biopharmaceutical services has established several new solutions that take a patient-centric method to address drug improvement. Constructed on the Perceptive Cloud platform and leveraging PAREXEL’s relationship with Microsoft, the results incorporate mobile and wearable technology to increase access to data and expand the patient experience in clinical research.
Regulatory Insights:
According to The United States Hospital Readmissions Reduction Program (HRRP), "Section 3025 of the Affordable Care Act requires the Secretary of the Department of Health and Human Services (HHS) to establish HRRP and reduce payments to Inpatient Prospective Payment System (IPPS) hospitals for excess readmissions beginning October 1, 2012. In the FY 2012 IPPS final rule, CMS finalized the following policies under the Hospital Readmissions Reduction Program: and Defined readmission as an admission to a subsection (d) hospital within 30 days of a discharge from the same or another subsection (d) hospital, Adopted readmission measures for the applicable conditions of acute myocardial infarction (AMI), heart failure (HF), and pneumonia (PN)"
Key Target Audience
Medical Coding Service Developers, Industry Associations, Private and Government Research Organization, Government Regulatory Bodies and Others