2027 Medical Coding Market Future Scope led by Medical Record Associates, Oracle Corporation, Parexel International Corporation, Precyse Solutions, Verisk Analytics, STARTEK Health
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 during the forecast period.
Key players influencing the global medical coding market are 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, and Genpact among others.
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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 2027" is a specialized and in-depth study of the healthcare IT industry with a focus on the global market trend. The report aims to provide an overview of global medical coding market with detailed market segmentation by classification system, and component system. The global medical coding market is expected to witness high growth during the forecast period. The medical coding market report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the market.
The global medical coding market is segmented on the basis of classification system, component system. On the basis of classification system, the medical billing market is segmented into healthcare common procedure coding system (HCPCS) and international classification of diseases (ICD). Based on component system, the medical coding market is segmented as, outsourced and in-house.
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The medical coding market report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global medical coding market based on classification system, and component system. It also provides market size and forecast till 2027 for overall medical coding market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 13 counties globally along with current trend and opportunities prevailing in the region.
North America dominated the medical coding market by capturing the largest revenue share. High adoption rate of advanced healthcare solutions in routine hospital operations and availability of a large number of medical coding solution providers are factors expected to aid in maintaining the dominance of the region throughout the forecast period. Moreover, Asia Pacific is expected to witness significant growth in the global medical coding market owing to developing healthcare facilities among emerging economies such as China, India, Malaysia, Thailand and others as well as the booming medical tourism in the region.
The medical coding market report analyzes factors affecting market from both demand and supply side and further evaluates market dynamics effecting the market during 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 & Central America after evaluating political, economic, social and technological factors effecting the market in these regions.
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