Medical Coding Industry Overview, Segment Analysis, Growth Drivers and Forecast by 2024

Press Release

The global medical coding market is expected to expand during the forecast period, mainly on account of rising number of patients suffering from diseases, increasing number of patients visiting hospitals, implementation of information technology (IT) in healthcare settings, and adoption of medical coding for health insurance claim management. Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents are also responsible for driving the demand of medical coding services, especially in developed countries.

Medical coders convert medical reports from doctors, which may include a patient’s condition, the doctor’s diagnosis, a prescription, and procedures the doctor or healthcare provider performed on the patient, into a set of codes, which make up a crucial part of the medical claim.

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Increasing number of patients visiting hospitals and the implementation of IT for managing the large amount of patient database is expected to boost the medical coding market growth in the future. According to the National Health Interview Survey, 2016, 92.7% children had contact with a health care professional in the previous year, which signifies the high amount of database generated that needs to be managed by the use of medical codes.

Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents is also driving the demand for medical coding services, especially in developed region like North America and Europe. Besides, the demand for medical coding services is increasing within developing countries. For example, in Nigeria, adoption of universal healthcare systems and compulsory health insurance is likely to boost the medical coding market.

Key Players Medical Coding Market:

1- STARTEK Health

2- Parexel International Corporation

3- Maxim Health Information Services

4- Oracle Corporation

5- Aviacode Inc.

6- Verisk Analytics Inc.

7- Nthrive Solutions LLC

8- Medical Record Associates LLC.

This post was originally published on Financial Sector

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