According to report published by Grand View Research, Rising importance of evidence-based medicine, pharmacoeconomic risk benefit analysis of different drugs and medical devices, and insurance settlements are major factors driving the growth of U.S. Medical Coding Market. According to a report,”U.S. Medical Coding Market Size, Share & Trends Analysis Report By Classification System (ICD, HCPCS, CPT), By Component (In-house, Outsourced), And Segment Forecasts, 2019 – 2025″, published by Grand View Research, Inc.,The U.S. medical coding market size is expected to reach USD 7.0 billion by 2025 expanding at a CAGR of 9.3%. There is a high demand for coding services in countries, which have high healthcare coverage and/or mandatory health insurance, as they are used in settling health insurance claims. Every individual has a unique combination of human genome. Although most of the time this variation does not affect the normal dosage regimen, it has an impact in the long term. Availability of several data enrichment tools, such as Electronic Health Records (EHRs) and m-Health, has reduced the communication gap between healthcare professionals and patients. These tools generate tremendous amount of data, which can be used for personalized treatment after translating them into coded language.
Key Takeaways from the report:
Outsourced services are anticipated to witness the fastest CAGR over the forecast period due to their low costs and better quality than in-house services
By classification system, the ICD segment is expected to lead the market due first-line use of these systems in classification of medical coding data
Some of the major companies in the U.S. medical coding market are STARTEK Health; Oracle Corporation; Verisk Analytics; Aviacode, Inc.; Parexel International Corporation; Maxim Health Information Services; Precyse Solutions, LLC.; and Medical Record Associates LLC.
• Healthcare IT Market :Increasing demand for enhanced healthcare facilities and introduction of technologically advanced systems are expected to boost healthcare itindustry growth. • Healthcare Mobility Solutions Market: The healthcare mobility solutions market is driven by increasing demand for digitalization of healthcare. Rising health-related expenditure is the biggest issue many countries are facing nowadays. Hospitals are struggling to provide quality care and cost-effective services to patients. Moreover, political instability, lack of proactive initiatives, and economic stress are the factors questioning the R & D funding in developing nations.
It can also be used for increasing the efficiency of various procedures including insurance claims, healthcare analytics, and medical billing. Many developed economies, such as U.S., are extensively using social media for increasing awareness about advanced healthcare. Thus, the advent of social media analytics is also anticipated to help enhance the efficiency in healthcare analytics. U.S. spends almost double the average of the global healthcare spending, which is expected to propel the market further.Major companies incorporate various strategies to gain competitive edge over others. For instance, recently Verisk Insurance Solutions started a joint venture with Guidewire to launch its ISO ClaimSearch accelerator. This initiative has provided Guidewire’s customers instant access to essential analytics of ISO ClaimSearch. Grand View Research has segmented the U.S. medical coding market on the basis of classification system and component:
U.S. Medical Coding Classification System Outlook (Revenue, USD Million, 2014 – 2025)
ICD
HCPCS
CPT U.S. Medical Coding Component Outlook (Revenue, USD Million, 2014 – 2025)
In-house
Outsourced Explore the Healthcare ITmarket research database, Navigate with Grand View Compass , by Grand View Research, Inc.
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Originally Published On: MENAFN
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