NEWARK, DE / ACCESSWIRE / April 24, 2023 / As per the analysis by Future Market Insights, the USA medical coding market is projected to reach US$ 1.0 Billion and is expected to exhibit a CAGR growth of close to 8.4% over the forecast period, with an estimated valuation of US$ 2.3 Billion in 2033.
Recent innovations in the field of medical coding have pointed toward the inclusion of artificial intelligence in order to assist medical coders in searching for the right code aligning with the medical condition of the patient. This has the potential to free up medical coders to focus on more important duties, such as identifying patterns of unusually high numbers of adverse effects reports, in addition to relieving weariness and enhancing efficiency and accuracy. Medical coding workflows can be automated with AI, freeing up teams to apply resources where they are most required.
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Artificial intelligence's natural language processing tool is used in computer-assisted coding to find patterns in text so that it can be accurately related to certain codes. As training inputs, our new CAC system analyses and finds patterns in a sizable number of patient charts and their accompanying codes. Coders may now work more quickly and accurately because of innovations like fast-increasing intelligent code suggestions, optimized processes, automated coding, and real-time auditing. This is a positive development for the US medical coding market.
For instance:
- In 2021, athenahealth, Inc. announced the launch of the athenaOne® Medical Coding solution which serves different healthcare settings in smooth coding workflows.
Key Takeaways from Market Study
- The emergency medicine segment dominated the market in 2022 with a 21.6% market share due to the significant demand for immediate care required for ill and injured patients.
- In 2022, the outsourced service accounted for 72.6% of the market share, owing to the benefits that this service provides to medical coding service users.
- In 2022, enterprise therapy practices dominated the end-user category with a market share of 31.4% due to the growing demand for medical coding solutions and software.
- Midwest US topped the list by region, with a market share of 24.8% in 2022, and is anticipated to remain at the top till the forecast period.
"Increase in the outsourcing of medical coding services and increased advancements in the medical coding field is set to propel the sales of medical coding software and services across the US" according to a researcher of Future Market Insights.
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Market Competition
The developers of medical coding software are expanding the market by introducing new solutions that provide an enhanced level of ease to users. The companies are focused on increasing recognition and position in the US market. Their coders usually are American Academy of Professional Coders (AAPC) certified.
- In 2021, Maverick continued to provide its mCoder deep learning artificial intelligence platform in the US healthcare business.
- In order to broaden its product line and provide a neutral, reliable, and pervasive platform for the interchange of data across the healthcare industry, Datavant, and Ciox concluded their merger in 2021.
Key Players
- Tebra (Kareo, Inc.)
- Global Payments, Inc. (AdvancedMD, Inc.)
- EverCommerce Inc. (DrChrono Inc.)
- The 3M Company (3M Health Information Systems, Inc.)
- Greenway Health, LLC
- Dolbey
- GeBBS Healthcare Solutions (Aviacode Inc.)
- AQuity
- Others
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the US medical coding market in its latest study, presenting a historical demand assessment of 2015 to 2022 and projections for 2023 to 2033. The US medical coding market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Key Segments Covered in USA Medical Coding Industry Research
Clinical Specialties:
- Emergency Medicine
- Diagnostic Pathology Services
- Diagnostic Imaging
- Radiology Imaging
- Interventional Radiology
- Nuclear Medicine
- Inpatient Treatment
- Radiology Imaging
- Interventional Radiology
- Nuclear Medicine
- Anaesthesia and Critical Care
- Cardiology & Cardiac Surgery
- Gastroenterology & Hepatology
- Obstetrics and Gynecology
- Nephrology
- Urology
- Neurology & Neurosurgery
- General Surgery
- Orthopedics
- Spinal and Pulmonology
- Reproductive Medicine
- Rheumatology
- Dental Sciences & Cranio-Maxillo Facial Surgery
- Oncology
- Diabetology & Endocrinology
- Pediatrics & Neonatology
- Psychiatry & Clinical Psychology
- Organ Transplant
- Outpatient Treatment & Diagnostics
- Ophthalmology
- Dermatology
- ENT
- Clinical Nutrition
- Ambulatory Surgery
- Physician Office Visits
- Ancillary Services
- Observation Services
- Others
Service:
- In-house
- Outsourced
End User:
- Enterprise Therapy Practices
- Hospitals
- Ambulatory Surgical Centers
- Cancer Research Institutes
- Long-Term Care Centers
- Small Therapy Practices
- Specialty Clinics
- Independent Physician Practices
- Diagnostic & Reference Laboratories
- Diagnostic Imaging Centers
- Educational & Research Institutes
- Healthcare Payers
- EMS Services
- Health Services
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Table of Content
1. Executive Summary | USA Medical Coding Market
1.1. USA Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusion and Exclusion
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Service Innovation / Development Trends
4. Value-Added Insights
4.1. USA Healthcare Regulatory Timeline
4.2. The USA Healthcare Ecosystem
4.3. Medical Coding Outsourcing Services Spectrum
4.4. Medical and Risk-Adjusted Coding Value Chain
4.5. Evolution of the Healthcare Outsourcing Model
4.6. PESTEL Analysis
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Healthcare IT Spending Outlook, By USA & Global
5.1.2. USA per-Capita Healthcare Expenditure
5.2. Forecast Factors - Relevance & Impact
5.2.1. Government Initiatives to Encourage Healthcare IT Usage
5.2.2. Introduction to Technologically Advanced Healthcare Services
5.2.3. Significant Shift towards Computer-Assisted Coding Platforms
5.2.4. Increased Demand for Centralizing and Streamlining Healthcare Workflow
5.2.5. Increasing Spending on Research and Development
5.2.6. Top Players Historical Growth
5.2.7. Reduction in Errors
5.2.8. Rise in Adoption of Medical Coding Services
5.3. Market Dynamics
5.3.1. Drivers
5.3.2. Restraints
5.3.3. Opportunity Analysis
6. COVID-19 Crisis Analysis
6.1. COVID-19 Impact Analysis
6.1.1. By Clinical Specialties
6.1.2. By Service
6.1.3. By End User
6.1.4. By Region
6.2. COVID-19 Impact on the Market
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About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to software and solution strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here.
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