The major players in the medical coding market are 3M Company, AcerHealth Inc, Alpha Coding Experts LLC, Aveanna Healthcare LLC, EqualizeRCM Services, IBM Corporation, iMedX Inc, Infinx Healthcare, Nuance Communications Inc, Omega Healthcare Management Services Private Limited, Optum360, Oracle Corporation, Precyse Solutions LLC, QWay Health LLC, Vee Technologies Private Limited, Aviacode Inc, Maxim Health Information Services, MRA Health Information Services, Thrive Inc, Conifer Health Solutions, Humana and Access Healthcare.
New York, June 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Medical Coding Global Market Report 2022” – https://www.reportlinker.com/p06286058/?utm_source=GNW
The global medical coding market is expected to grow from $14.33 billion in 2021 to $15.85 billion in 2022 at a compound annual growth rate (CAGR) of 10.61%. The medical coding market is expected to reach $23.73 billion in 2026 with a CAGR of 10.62%.
The medical coding market consists of sales of medical coding by entities (organizations, independent marketers, and partnerships) that reference software solutions and services used to convert medical records into universal medical alphanumeric codes. Medical information includes medical procedures, diagnostics, equipment, and services.
The resulting summary and user-friendly codes help reduce time-consuming medical reports. This method consists of extracting information from the documentation, applying the codes and creating a request for payment by the insurance companies.
Components of medical coding include in-house and outsourced coding. Internal medical coding refers to the entire process of medical coding done internally or within the company through coding software.
Internal results reduce costs and are always effective in keeping coding under one roof, as problem resolution is faster when billing and coding issues arise. Classification systems used in medical coding include the International Classification of Diseases (ICD), Common Healthcare Procedures Coding System (HCPCS), and Current Procedural Terminology (CPT).
These medical coding solutions are services used in diagnostic centers and hospitals and healthcare providers.
North America was the largest region in the medical coding market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Medical Coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.
The growing 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 labels/universal names and difficult to look up if there is a need to verify patient history.
The process of converting medical records into universal medical alphanumeric codes to streamline hospital billing procedures should help organize medical data and ensure accurate billing reimbursement while tracking patient health for complaints or future treatment . This will automatically create a request for medical care. codes that help organize medical data and streamline processes by reducing the inefficiencies of manually recording data without universal codes.
For example, the International Classification of Diseases (ICD) maintained by the World Health Organization is used to obtain information on human illnesses and deaths around the world using data reported and coded with the ICD. Additionally, in December 2020, Shockwave Medical Inc, an American medical company announced the creation of four new codes for IVL procedures performed in the tibial and peroneal arteries, or below the knee (BTK), in an outpatient hospital setting.
The use and creation of a universally accepted code is driving the growth of the medical coding market.
The growing adoption of artificial intelligence (AI) is a new trend that is gaining popularity in the medical coding market. AI is defined as the imitation of human intelligence in machines programmed to think like 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. Adoption is more relevant given the growth of health data and increased complexity.
In addition, medical coding will require less research to find suitable codes for unstructured data to relieve medical coding fatigue. For example, in November 2020, Diagnoss, an American medical billing services startup, launched an artificial intelligence-based coding assistant to automate the medical coding and billing process and minimize coding errors.
It is intended to provide real-time feedback to medical practices and improve clinician accuracy.
In September 2021, AGS Health, an American provider of revenue cycle management solutions for healthcare providers, acquired EZDI Inc for an undisclosed amount. The acquisition should improve the process and lead to better results with efficiency, as EZDI’s technology is useful in predicting medical codes and identifying missing documents.
EZDI Inc is an American provider of integrated AI-based clinical documentation and medical coding platform.
Countries covered in the Medical Coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06286058/?utm_source=GNW
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