Future Market Insights has released a groundbreaking forecast for the USA medical coding market, predicting significant growth over the next decade. According to the latest report, the market, valued at USD 1.0 billion in 2023, is expected to surge to USD 2.3 billion by 2033, representing a robust Compound Annual Growth Rate (CAGR) of 8.4%. This remarkable growth is primarily attributed to technological advancements, particularly the integration of artificial intelligence (AI) into medical coding processes.
AI is revolutionizing the medical coding landscape by automating the search for accurate codes corresponding to specific medical conditions, significantly improving efficiency and reducing manual workloads. With AI, routine tasks can now be automated, allowing medical coders to focus on analyzing complex patterns in medical data. This shift not only enhances operational efficiency but also improves healthcare quality and safety by enabling professionals to dedicate more time to intricate analytical tasks.
A key driver of this transformation is the use of natural language processing tools embedded in computer-assisted coding (CAC) systems. These advanced systems are capable of analyzing extensive patient data, identifying patterns, and correlating them to appropriate medical codes, thereby streamlining the coding process. This AI-driven innovation helps reduce errors, improve workflow efficiency, and optimize real-time auditing functions.
As healthcare organizations continue to adopt AI-driven tools, the medical coding industry in the USA is poised for a significant shift. The integration of AI is expected to boost operational efficiencies and ensure more accurate coding, which is essential for billing and insurance processes. This technological advancement promises to enhance the management of medical records and billing systems, raising the overall standards of healthcare administration.
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 6% market share due to significant demand for immediate care required for ill and injured patients.
- In 2022, the outsourced service accounted for 6% of the market share, owing to the benefits that this service provides to medical coding service users.
- In 2022, the enterprise therapy practices dominated the end user category with a market share of 4% due to growing demand for medical coding solutions and software.
- Midwest USA topped the list by region, with a market share of 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 USA ” according to a researcher of Future Market Insights.
USA Medical Coding Trends Unveiled: Get a Complete Overview with Insights from Our Full Report!
Market Competition:
The developers of medical coding software are expanding the market by introducing new solutions that provide an enhanced level of ease to the users. The companies are focused on increasing recognition and position in the USA 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 USA 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.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the USA medical coding market in its latest study, presenting a historical demand assessment of 2015 to 2022 and projections for 2023 to 2033. The USA 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 Companies Profiled:
- 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
- Baruch Business Solutions
- Infinx
- athenahealth, Inc.
- BUDDI.AI
- Context4 Healthcare, Inc.
- Eclat Health Solutions Inc.
- Maverick Medical AI Ltd.
- UnitedHealth Group Inc. (Optum, Inc.)
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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