Medical coding is the eversion of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes. The diagnoses and procedure codes are taken from medical record documentation, such as transcription of physician's notes, laboratory and radiologic results, etc. Medical coding professionals help ensure the codes are applied correctly during the medical billing process, which includes abstracting the information from documentation, assigning the appropriate codes, and creating a claim to be paid by insurance carriers.
The "Global Medical Coding Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the medical coding market with detailed market segmentation by classification system, component, end user, and geography. The report provides key statistics on the market status of the leading medical coding market players and offers key trends and opportunities in the market.
- Based on classification system, the market is segmented as Healthcare Common Procedure Coding System (HCPCS) and International Classification of Diseases (ICD).
- Based on component, the market is segmented as outsourced and in-house.
- Based on end user, the market is segmented as hospitals, diagnostic centers, and others.
- Rising occurrence of insurance frauds and insurance issues associated with misconstrue of medical documents is driving demand for medical coding services, especially in developed countries.
- Frequent revision of classification systems, coupled with increasing adoption of coding and billing procedures in hospital revenue cycle management is leading to generate significant growth opportunities for the players in the medical coding market.
- Data security concerns and lack of trained and skilled professionals is likely to restraint the market growth.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The medical coding market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the medical coding market in these regions.
IMPACT OF COVID-19 ON MEDICAL CODING MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. The explosion of COVID-19 in the region, essentially in countries such as European countries like Italy, Spain, Germany, the U.K., and Russia, and many other countries, has pushed the need for medical coding for the direct examination of the pandemic and the dynamic allocation and administration of medical resources.
The report covers key developments in the medical coding market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from medical coding market are anticipated to lucrative growth opportunities in the future with the rising demand for medical coding in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the medical coding market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Aviacode, Inc.
- Maxim Health Information Services
- Medical Record Associates LLC.
- Oracle Corporation
- Parexel International Corporation
- Precyse Solutions, LLC.
- Verisk Analytics
- STARTEK Health
- Outsource Strategies International
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.