Medical Coding Market Research Report: By Classification System (International Classification of Diseases, Healthcare Common Procedure Coding System, Current Procedural Terminology), End User (Hospitals, Diagnostic Centers)
NEW YORK, June 18, 2020 (GLOBE NEWSWIRE) -- As per the National Health Care Anti-Fraud Association (NHCAA), insurance frauds cost insurance companies, healthcare settings, as well as patients billions of dollars each year. Of the $3.6 trillion spent on healthcare in the U.S. in 2018, around 3% was accounted for by insurance frauds, as per the NHCCA. Some government and law enforcement agencies say that such frauds could account for almost 10% of the total healthcare expenditure, which would amount to roughly $300 billion.
As a result of the increasing concerns regarding such issues, the global medical coding market size was valued at $15.2 billion in 2019, which is expected to progress at a 9.6% CAGR between 2020 and 2030. With the help of billing standards and medical coding, uniform checklists are created, for medical billers to use during claims processing. Irregularities in such codes alert medical billers of a potential fraud, before the claim is submitted to the insurance company.
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Medical Coding Market Segmentation Analysis
The International Classification of Diseases (ICD) category held the largest share in the industry in 2019, on the basis of classification system. This is because, via ICD, information can be organized in standard disease groupings, which makes it easier to store, retrieve, and analyze the data. It makes sure that the decisions being made, regarding claims, are backed by concrete evidence and allows this information to be shared easily among healthcare centers across regions and countries.
In the near future, the hospitals category, under segmentation by end user, would experience the fastest growth in the industry, as hospitals remain the most popular places among people to get medical attention. Further, by 2022, hospitals in all countries are expected to adopt ICD-11, as this standard has 55,000, or around four-times more the number of codes present in ICD-10. With more diagnostic codes, the amount of healthcare data being generated would rise substantially, which would make it difficult for billers and insurers to handle it. To remain unaffected by such increasing complexities, hospitals are adopting computer-aided medical coding systems (CACS) powered by artificial intelligence (AI).
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The highest medical coding market CAGR is expected in Asia-Pacific (APAC) during the forecast period, owing to the rapid digitization of health records in Indonesia, India, Thailand, and Vietnam and advancements in the healthcare infrastructure in the region. With medical coding, insurance claims receive timely approval, which has encouraged more people than before to purchase medical insurance. The rising number of insured individuals is leading to an increase in healthcare data, which needs to be efficiently stored and managed. In addition, the COVID-19 pandemic has created a high need for medical coding, to accurately diagnose and monitor patients.
Collaborations and Partnerships Are Strongest Strategic Measures among Key Players
The number of collaborations and partnerships in the industry has been high in recent years, as such measures are being looked at by companies as a powerful tool to:
- Expand their real-world data (RWD) source network
- Access a larger volume of claims, electronic medical record (EMR), lab, and social determinants of health data
- Improve their clinical trial recruitment and patient engagement channels
- Combine each other’s technologies and platforms to advance their medical coding and documentation solutions
- Offer their solutions to an increasing number of people
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Oracle Corporation, Maxim Healthcare Services Inc., Medical Record Associates LLC, Aviacode Inc., Dolbey Systems Inc., Parexel International Corporation, Precision Practice Management, 3M Company, Nuance Communications Inc., and Optum Inc. are the key global medical coding market players.
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Ecosystem of Healthcare Industry
The healthcare industry growth in the U.S. can be largely attributed to the increasing prevalence of chronic diseases. According to the National Center for Chronic Disease Prevention and Health Promotion 2019, about six in 10 adults in the U.S. have a chronic disease. The country ranks 5th in the world for age-standardized rates for all cancer. In 2018, the age-standardized rate for all cancer was 352.2 per 100,000 in the U.S. This rising prevalence of cancer is expected to spur the demand for advanced diagnostic imaging systems, to determine the prognosis of the disease for appropriate treatment; thus, contributing to the growth of the industry in the country.
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Healthcare Insurance Market
Globally, the healthcare insurance market is expected to witness the fastest growth in APAC, progressing at a CAGR of 5.7% during the period 2019–2024. The APAC market is projected to generate approximately $0.5 trillion revenue by 2024. This growth is mainly led by expanding healthcare industry, increasing healthcare awareness, and surging prevalence of chronic ailments in the region. Increasing medical tourism industry is also supporting the growth of the market in APAC.
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Blockchain in Healthcare Market
Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management.
https://www.psmarketresearch.com/market-analysis/blockchain-in-healthcare-market
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