Global Medical Coding Market - Segmented by Classification System, by Component, by End-User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The global medical coding market is expected to register a CAGR of 9.9% during the forecast period, 2018 to 2023. Medical coding is the transformation of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents is responsible for driving the demand of medical coding services, especially in developed countries.
Escalating Demand for Coding Services to Boost the Medical Coding Market
Medical Coding is being increasingly used nowadays to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians and identify healthcare areas that require focus. There is high demand for medical billers and coders in today’s job market. The good news is coding-related jobs are expanding due to the growing landscape of the business side of healthcare. The Bureau of Labor Statistics (BLS) projects that the number of positions in the field of medical records and health information technicians — which includes medical billers and coders — will increase 13% between 2016 and 2026. This industry’s growth rate is faster than the national average for all occupations, and approximately 27,800 new positions will be added by 2026. Hence this escalating demand for coding jobs drives the medical coding market across the globe.
Other factors driving the market growth are rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims and high demand to streamline hospital billing procedures.
Data security concerns is Restraining the Medical Coding Market
Data security is a major concern for healthcare organizations, and justifiably so. In 2014, for the fourth year in a row, the healthcare sector experienced the largest number of data breaches, according to a Symantec report. The 116 data breach incidents in 2014 represented 37 percent of all reported incidents, and exposed more than 7 million identities. Any effort by an organization to reduce costs cannot compromise security in the process. The financial expense of addressing a breach would quickly erase any savings and likely do significant damage to an organization's budget and reputation.
Offshore coding companies are becoming aware of these data security concerns and understanding that compromise of a client's data will result in a loss of business. This is why leading offshore coding firms are building a secure environment in which their coders work. These companies will also maintain process controls and security certifications (e.g., ISO 27001) while ensuring compliance with HIPAA rules, including those governing business associate agreements.
The other factors restraining the market are lack of skilled IT professionals and changing regulations related to medical coding.
North America is expected to Dominate the Medical Coding Market
North America is expected to dominate the market throughout the forecast period. High demand for specialist coders and presence of a favorable healthcare system are key factors anticipated to drive market growth. Also, Asia Pacific is anticipated to exhibit lucrative growth during the forecast period. Increasing number of trained coders and provider companies is anticipated to fuel market growth in the region.
Key Developments in the Market
• Nov 2017: Aviacode, announced an international expansion through the acquisition of a Hyderabad, India-based medical coding company.
Major Players - 3M COMPANY, AVIACODE INC., DOLBEY SYSTEMS, INC., MAXIM HEALTH INFORMATION SERVICES, MEDICAL RECORD ASSOCIATES LLC, ORACLE CORPORATION, PAREXEL INTERNATIONAL CORPORATION, PRECYSE SOLUTIONS LLC, STARTEK HEALTH, AND VERISK ANALYTICS among others.
Reasons to Purchase Medical Coding Market Report
• Current and future Medical Coding market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of Medical Coding Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Escalating Demand for Coding Services to Boost the Medical Coding Market
Medical Coding is being increasingly used nowadays to create a proper record of patient care, streamline the medical billing process, accelerate payments to physicians and identify healthcare areas that require focus. There is high demand for medical billers and coders in today’s job market. The good news is coding-related jobs are expanding due to the growing landscape of the business side of healthcare. The Bureau of Labor Statistics (BLS) projects that the number of positions in the field of medical records and health information technicians — which includes medical billers and coders — will increase 13% between 2016 and 2026. This industry’s growth rate is faster than the national average for all occupations, and approximately 27,800 new positions will be added by 2026. Hence this escalating demand for coding jobs drives the medical coding market across the globe.
Other factors driving the market growth are rising need for a universal language to reduce frauds and misinterpretations associated with insurance claims and high demand to streamline hospital billing procedures.
Data security concerns is Restraining the Medical Coding Market
Data security is a major concern for healthcare organizations, and justifiably so. In 2014, for the fourth year in a row, the healthcare sector experienced the largest number of data breaches, according to a Symantec report. The 116 data breach incidents in 2014 represented 37 percent of all reported incidents, and exposed more than 7 million identities. Any effort by an organization to reduce costs cannot compromise security in the process. The financial expense of addressing a breach would quickly erase any savings and likely do significant damage to an organization's budget and reputation.
Offshore coding companies are becoming aware of these data security concerns and understanding that compromise of a client's data will result in a loss of business. This is why leading offshore coding firms are building a secure environment in which their coders work. These companies will also maintain process controls and security certifications (e.g., ISO 27001) while ensuring compliance with HIPAA rules, including those governing business associate agreements.
The other factors restraining the market are lack of skilled IT professionals and changing regulations related to medical coding.
North America is expected to Dominate the Medical Coding Market
North America is expected to dominate the market throughout the forecast period. High demand for specialist coders and presence of a favorable healthcare system are key factors anticipated to drive market growth. Also, Asia Pacific is anticipated to exhibit lucrative growth during the forecast period. Increasing number of trained coders and provider companies is anticipated to fuel market growth in the region.
Key Developments in the Market
• Nov 2017: Aviacode, announced an international expansion through the acquisition of a Hyderabad, India-based medical coding company.
Major Players - 3M COMPANY, AVIACODE INC., DOLBEY SYSTEMS, INC., MAXIM HEALTH INFORMATION SERVICES, MEDICAL RECORD ASSOCIATES LLC, ORACLE CORPORATION, PAREXEL INTERNATIONAL CORPORATION, PRECYSE SOLUTIONS LLC, STARTEK HEALTH, AND VERISK ANALYTICS among others.
Reasons to Purchase Medical Coding Market Report
• Current and future Medical Coding market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of Medical Coding Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
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