Medical coding plays a crucial role in the healthcare industry, ensuring accurate billing, reimbursement, and seamless data management. Its applications encompass hospital inpatient and outpatient services, physician services, and diagnostic procedures. Key features include standardized code sets such as ICD-10, CPT, and HCPCS, enabling efficient data exchange and analysis. Medical coding is used to create detailed medical records, support revenue cycle management, conduct healthcare analytics, ensure compliance with regulations, and enhance patient care by providing valuable insights into health trends and treatment outcomes.
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Data Bridge Market Research analyses that the U.S. Medical Coding Market accounted for USD 4,705.13 million by 2021 and is expected to reach USD 10,173.10 million by 2029. The market is registering a CAGR of 10.4% during the forecast period of 2022 to 2029. As healthcare spending increases worldwide, there is a growing need for efficient healthcare billing and reimbursement. Medical coding services play a vital role in managing and standardizing data, ensuring accurate billing and timely reimbursement, which in turn drives the demand for these services.
Key Findings of the Study
Healthcare system digitization is expected to drive the market's growth rate
The widespread adoption of electronic health records (EHRs) and health information systems has necessitated standardized medical coding to ensure seamless data exchange and interoperability across healthcare systems. With consistent coding, healthcare providers can accurately document and share patient information, improving care coordination and communication between different healthcare entities. Standardized medical coding facilitates efficient data analysis and enables a comprehensive view of patient health, enhancing decision-making, quality of care, and overall healthcare outcomes.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Coding Services, Coding Systems And Software, Data Files, and Others), Classification System (International Classification Of Diseases (ICD), CPT, and Healthcare Common Procedure Code System (HCPCS)), Coding Type (Computer Assisted, and Traditional), Component (In-House, and Outsourced), Service Type (Inpatient Services, Observation Services, Ambulatory Or Same-Day Surgery, Diagnostic/Ancillary Services, Recurring Outpatient Services, Interventional Radiology, Inpatient Rehabilitation Services, and Others), End User (Hospitals, Ambulatory Surgery Centers, Insurance Companies, Government Organizations, Dental Clinics, Clinics, Diagnostic Centers, and Others), Distribution Channel (Direct Tender, and Third Party Distributors)
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Market Players Covered
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Optum360 (U.S.), Maxim Healthcare Group (U.S.), Oracle (U.S.), SSR Techvision (India), BillingParadise (India), Promantra Inc. (U.S.), Flatworld Solutions Pvt. Ltd. (India), HMI Corporation (U.S.), KIWI-TEK, LLC (U.S.), EZDI, Inc. (U.S.), BellMedEx (U.S.), GeBBS Healthcare Solutions (U.S.), himagine solutions (U.S.), 3M (U.S.), Startek (U.S.), Dolbey (U.S.), MRA (U.S.), Nuance Communications, Inc. (U.S.), Cerner Corporation (U.S.), Mgsi LLC (U.S.), Invensis Technologies Pvt Ltd (India), Offshore Billing Company (U.S.), Eclat Health Solutions (U.S.), Medical Billers and Coders (MBC) (U.S.), IKS Health (U.S.), Vee Technologies (India), COTIVITI, INC. (U.S.), Advantmed, LLC (U.S.), ApexonHealth (U.S.), AQuity Solutions (U.S.), and UK (U.K.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The U.S. medical coding market is segmented on the basis of offering, coding type, classification system, component, service type, end user, and distribution channel.
- On the basis of offering, the U.S. medical coding market is segmented into coding services, coding systems and software, data files, and others. In 2022, the coding services segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the increasing occurrence of insurance frauds and the need to modernize hospital billing procedures have become driving factors in the healthcare industry.
In 2022, the coding services segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029
In 2022, the coding services segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the increasing demand for accurate and efficient medical coding services. Healthcare providers and organizations outsource coding tasks to specialized coding service providers to ensure compliance, accuracy, and timely billing. With the complexities of coding and the need for skilled coders, outsourcing coding services allows healthcare entities to focus on core operations while leveraging the expertise of coding professionals, thus driving the growth of this segment.
- On the basis of classification system, the U.S. medical coding market is segmented into international classification of diseases (ICD), CPT and healthcare common procedure code system (HCPCS). In 2022, the international classification of diseases (ICD) segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to rise in chronic diseases has led to a demand for medical coding and billing systems to streamline billing and reimbursement procedures in the healthcare sector.
- On the basis of coding type, the U.S. medical coding market is segmented into computer-assisted and traditional. In 2022, the computer-assisted segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the shift towards technology-driven healthcare systems has resulted in an increased necessity and demand for medical coding systems.
- On the basis of components, the U.S. medical coding market is segmented into in-house and outsourced. In 2022, the in-house segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the increasing occurrence of insurance frauds and the need to modernize hospital billing procedures have driven the demand in the healthcare industry.
- On the basis of service type, the U.S. medical coding market is segmented into inpatient services, observation services, ambulatory or same-day surgery, diagnostic/ancillary services, recurring outpatient services, interventional radiology, inpatient rehabilitation services, others. In 2022, the inpatient services segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to growing prevalence of chronic diseases and the increase in the geriatric population have led to a surge in demand in the healthcare industry.
- On the basis of end user, the U.S. medical coding market is segmented into hospitals, ambulatory surgery centers, insurance companies, government organizations, dental clinics, clinics, diagnostic centers, and others. In 2022, the hospitals segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the increasing prevalence of chronic diseases and rising patient admissions in hospitals for treatment have contributed to the growing demand in the healthcare industry.
In 2022, the hospitals segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029
In 2022, the hospitals segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to the rising number of patients and healthcare services, hospitals require accurate and timely coding for billing and reimbursement processes. Effective medical coding ensures proper revenue cycle management and compliance with regulations. As the demand for efficient coding solutions increases in hospitals, the segment becomes a primary driver of growth in the medical coding market.
- On the basis of distribution channel, the U.S. medical coding market is segmented into direct tender, third party distributors. In 2022, the direct tender segment is expected to dominate the U.S. medical coding market during the forecast period 2022 to 2029 due to direct interaction with customers and complete control over the sales and revenue process have contributed to its success.
Major Players
Data Bridge Market Research recognizes the following companies as the major U.S. medical coding market players in U.S. medical coding market are Optum360 (U.S.), Maxim Healthcare Group (U.S.), Oracle (U.S.), SSR Techvision (India), BillingParadise (India), Promantra Inc. (U.S.), Flatworld Solutions Pvt. Ltd. (India), HMI Corporation (U.S.), KIWI-TEK, LLC (U.S.), EZDI, Inc. (U.S.), BellMedEx (U.S.), GeBBS Healthcare Solutions (U.S.)
Market Developments
- In April 2022, Ochsner Health's emergency department implemented Nym health's medical coding technology to enhance revenue cycle management capabilities.
- In April 2022, XpertDox and Urgent Care for Children USA (UC4C) joined in an exclusive partnership to introduce XpertCoding, a fully automated, turnkey solution designed to enhance medical coding efficiency and expedite the revenue cycle across UC4C's clinics in Alabama and Tennessee.
- In March 2023, InformedDNA®, a prominent provider of applied genomics solutions, introduced InformedGENOMICS™, its latest clinical guidance and decision support solution designed for genomics.
- In August 2022, Leading healthcare institutions across the country have adopted Nuance Communications, Inc.'s Patient Engagement Solutions to revolutionize patient experiences across their entire healthcare journeys. These organizations leverage Nuance's advanced intelligent engagement technology, which enables seamless patient interactions through both voice and digital channels. This unified, cloud-based communications platform offers an omnichannel approach to patient engagement.
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