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Medical Coding Market 2024 by Mode, Service, End User, Geography and Key Players Analysis - STARTEK, PAREXEL, Maxim Health Information Services, Oracle, Aviacode, Verisk
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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.
On the basis of classification system, the medical coding industry can be categorized into International Classification of Diseases (ICD), and Healthcare Common Procedure Coding System (HCPCS). ICD is a medical classification list by the World Health Organization (WHO). It contains codes for diseases, signs and symptoms, abnormal findings, complaints, social circumstances, and external causes of injury or diseases. HCPCS is a set of health care procedure codes based on the Current Procedural Terminology (CPT), which is a medical code set maintained by the American Medical Association.
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Based on mode, the medical coding market can be segregated into out-sourced and in-house medical coding. Hospitals or medical practitioners either hire part-time or full-time coders, or sometimes outsource the work. The selection of in-house or outsourcing medical coding depends on various factors including availability of skilled labor, healthcare system in the country, and size of the business. The out-sourced medical coding is growing rapidly owing to its low cost and rising number of medical coding outsourcing companies, especially in the Asian countries. Further, based on service, the market can be segmented into medical coding audits, hierarchical condition category (HCC) coding and risk adjustment data validation (RADV) audits.
Geographically, North America leads the medical coding market. The market in Asia-Pacific is anticipated to exhibit lucrative growth during the forecast period, owing to developing healthcare facilities and booming medical tourism in countries, such as China, India, Malaysia, and Thailand.
Ongoing partnerships and collaborations in the industry are expected to increase the market share of the key players in the coming years. For instance, in January 2017, Aviacode Inc., a medical coding and compliance services company acquired the assets of Florida-based Revant Solutions, a provider of coding outsourced services.
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Other competitors operating in the global medical coding industry are STARTEK Health, Parexel International Corporation, Maxim Health Information Services, Oracle Corporation, Aviacode Inc., Verisk Analytics Inc., Nthrive Solutions LLC and Medical Record Associates LLC.
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