Medical Coding Industry Growth, Trends, Size | USD 22.95 Billion by 2025 | CAGR of 10.2%
Pune, Maharashtra, India, February 15 2021 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –:Medical Coding Market 2020 By Type: (International Classification Of Diseases (ICD), Healthcare Common Procedure Coding System (HCPCS), Others), By Mode: (Out-Sourced, In-House), By Service: (Hospital/Impatient Coding, Medical Coding Audits, Others), By End-User: (Hospitals, Insurance Companies, Government Organizations, Others) Forecast To 2027
Rising incidences of insurance frauds and insurance issues associated with misinterpretation of medical documents are major factors driving the growth of Global Medical Coding Market.
“Medical Coding Market is valued at USD 11.63 Billion in 2018 and expected to reach USD 22.95 Billion by 2025 with the CAGR of 10.2% over the forecast period.”
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Key Players Medical Coding Market Report-
Medical coding market report covers prominent players 3M Company, Aviacode Inc., American Medical Association , Maxim Health Information Services, Medical Record Associates LLC, Nuance Communications Inc, Optum Inc., Oracle Corporation, Parexel International Corporation, Precyse Solutions LLC, STARTEK Health, Verisk Analytics and others.
Medical coding is mainly used in healthcare industry in statistics and also used to control the healthcare costs. It is a translation of healthcare history of patients like diagnosis, equipment, medical services and procedures into universal medical alphanumeric codes. The diagnoses and procedure codes are used from medical record documentation such as laboratory radiologic results and transcription of physician’s notes, etc. Medical coding is integrated with the process of medical billing. It is an important feature for the healthcare industry. Medical coding is helpful in ensuring accurate payment for physicians to creating a valid record of patient care history. It eliminates the need for electronic medical billing. It is very useful for insurance companies and healthcare providers to manage and share patient information. It secures patient records from being released to unauthorized facilities. These codes are used to file patient data for insurance purposes and making sure a patient’s files are correct and insurance claims are error free.
Global Medical Coding Market Segmentation:–
International Classification Of Diseases (ICD), Healthcare Common Procedure Coding System (HCPCS) Others
Hospital/impatient coding Medical coding audits Others
Hospitals Insurance companies Government organizations Others
North America (USA, Canada, Mexico)
Europe (UK, France, Germany, Russia, Rest of Europe)
Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific)
LAMEA, Latin America, Middle East, Africa
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