Understanding Dynamics: USA Medical Coding Market Trends By 2023 to 2033

Author : Sanket Badgujar | Published On : 28 Mar 2024

As per the analysis by Future Market Insights, the USA medical coding market demand is valued at US$ 1.0 Billion in 2023 and is projected to exhibit a CAGR growth of close to 8.4% over the forecast period, with an estimated valuation of US$ 2.3 Billion by 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 to innovations like fast increasing intelligent code suggestions, optimized processes, automated coding, and real-time auditing. This is a positive development for the USA 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 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.

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