Why will Medical Coding Market Boom in Asia-Pacific in Future?

 One of the major factors boosting the demand for medical coding is the increasing prevalence of insurance frauds in the healthcare industry across the globe. These frauds cause huge financial losses to businesses, so much so, that companies record losses amounting to billions of dollars every year, as reported by the National Health Care Anti-Fraud Association (NHCAA). In the U.S., almost $3.6 trillion was spent on the healthcare industry in 2018, which included the expenditure on public health activities and healthcare services, representing billions of insurance claims. It was later found that some of those claims were fraudulent. 

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The other important factor responsible for the mushrooming adoption of medical coding in the healthcare facilities is the increasing requirement of modernized hospital billing procedures throughout the world. In addition to this, the incorporation of medical coding systems, particularly the current procedural technology (CPT) medical code, that has been created by the American Medical Association (AMA) for assisting in the standardization and facilitation of medical billing procedures, has enhanced the effectiveness of the medical billing procedure.

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Due to the above-mentioned factors, the global medical coding market will observe a huge jump in its valuation, from $15.2 billion to $42.4 billion from 2019 to 2030. The market is predicted to grow at a CAGR of 9.6% during 2020—2030. Hospitals and diagnostic centers are the main end users of medical coding solutions. Between the two, the hospitals are predicted to record higher adoption of medical coding procedure in the future years. This is ascribed to the increasing incidence of chronic diseases, increasing setting up of hospitals, and soaring number of patient visits all over the world.

Hence, it can be safely said that the adoption of medical coding will increase tremendously in the healthcare settings throughout the world over the next several years, mainly because of the increasing prevalence of insurance frauds across the globe.

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Medical Coding Market Projected to Have a Stable Growth for the Upcoming Years

The global medical coding market is expected to expand during the forecast period, mainly on account of rising number of patients suffering from diseases, increasing number of patients visiting hospitals, implementation of information technology (IT) in healthcare settings, and adoption of medical coding for health insurance claim management. Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents are also responsible for driving the demand of medical coding services, especially in developed countries.

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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.

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.

Increasing number of patients visiting hospitals and the implementation of IT for managing the large amount of patient database is expected to boost the medical coding market growth in the future. According to the National Health Interview Survey, 2016, 92.7% children had contact with a health care professional in the previous year, which signifies the high amount of database generated that needs to be managed by the use of medical codes.

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.

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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