Medical Coding Market, By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS)), By Component (In-house and Outsourced), By End User (Hospitals, Diagnostic Centres, and Other End Users),

Medical Coding Market, By Classification System (International Classification of Diseases (ICD) and Healthcare Common Procedure Code System (HCPCS)), By Component (In-house and Outsourced), By End User (Hospitals, Diagnostic Centres, and Other End Users), and By Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Medical coding specialists play an essential role in the healthcare business. It is a process of transforming healthcare diagnosis, medical services, procedures, and devices into the universal medical alphanumeric codes. Medical coding involves extracting billable information from the medical record and clinical documentation, whereas medical billing uses those codes to create insurance claims and bills for the patients. Creating claims is where medical coding and billing intersect to form the backbone of the healthcare revenue cycle. Medical coding and billing are the two most important factors that help form a claim that ensures that patients and insurance providers provide payments for the services rendered by a medical practice.

Market Dynamics:

Increasing demand for coding services and growing demand to streamline hospital procedures are some major factors expected to augment the growth of the global medical coding market over the forecast period. For instance, according to American Academy of Professional Coders (2022 report), there are thousands of services performed by providers and an equal number of injectable drugs or supplies to be tracked, and medical coding classifies these for easy reporting and tracking. The agency also states that there are many descriptions, names, acronyms, and eponyms for each disease, device and procedure in healthcare, and medical coding standardizes the language and presentation of all these rudiments.

Key features of the study:

• The report provides in-depth analysis of the global medical coding market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global medical coding market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include 3M Company, nThrive (Precyse Solutions LLC), Talix, Oracle Corporation, Optum Inc., Nuance Communications Inc., Dolbey Systems Inc., Aviacode Inc., MRA Health Information Services, The Coding Network, L.L.C, and Maxim Health Information Services, among others.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global medical coding market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical coding market.

• Global Medical Coding Market, By Classification System:
• International Classification of Diseases (ICD)
• Healthcare Common Procedure Code System (HCPCS)
• Global Medical Coding Market, By Component:
• In-house
• Outsourced
• Global Medical Coding Market, By End User:
• Hospitals
• Diagnostic Centres
• Other End Users
• Global Medical Coding Market, By Geography:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa