US Medical Coding Market Forecast Analysis: 2023–2033

Future Market Insights has unveiled a transformative analysis predicting significant growth in the medical coding market in the U.S. According to the report, the market, valued at $1.0 billion in 2023, is expected to reach a whopping $2.3 billion by 2033. This remarkable growth, representing a compound annual growth rate (CAGR) of approximately 8.4% over the next decade, underscores a significant shift driven by technological advancements.

A key element of this expansion is the integration of artificial intelligence (AI) into medical coding processes. Recent events highlight a key transformation toward the use of AI to increase the accuracy and efficiency of coding practices. AI technology plays a key role in automating the retrieval of precise codes corresponding to specific medical conditions, thereby streamlining workflows and reducing manual efforts.

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As AI technology advances, it is changing the landscape of medical coding. Coders can now use AI to automate routine tasks and focus more on analyzing patterns in adverse event reports. This change not only increases operational efficiency, but also improves the quality and safety of healthcare by allowing coders to perform more complex analytical tasks.

AI capabilities are being leveraged through natural language processing tools in computer-aided coding (CAC) systems. These systems analyze massive amounts of patient data, recognizing patterns and correlating them with appropriate medical codes. Such advances not only speed up the coding process but also increase accuracy, reducing the likelihood of errors. The use of AI in medical coding has introduced benefits such as intelligent code suggestions, optimized workflows, automated coding features, and real-time auditing capabilities.

These technological advances are set to revolutionize the U.S. medical coding industry by improving operational efficiency and providing more reliable coding, which is critical for billing and insurance purposes. Healthcare organizations are expected to increasingly adopt these AI-based tools, leading to significant market growth and improved management of medical records and billing systems.

For example:

• In 2021, athenahealth, Inc. announced the launch of athenaOne® Medical Coding, a solution that streamlines coding processes across healthcare settings.

Key findings from the market research:

• The emergency medicine segment will dominate the market in 2022. 6% market share due to significant demand for immediate care needed by sick and injured patients.
• In 2022, the outsourcing service was 6% market share due to the benefits this service provides to users of medical coding services.
• In 2022, corporate therapy practices dominated among end users, with a market share of 4% due to the growing demand for medical coding solutions and software.
• The US Midwest topped the list of regions with a market share of 8% in 2022 and is predicted to remain at the peak until the end of the forecast period.

“The growth of outsourcing medical coding services and greater advancement in the medical coding industry is expected to drive sales of medical coding software and services throughout the United States” According to a researcher from Future Market Insights.

Market competition:

Medical coding software developers are expanding the market by introducing new solutions that provide users with a higher level of ease of use. Companies are focused on increasing their visibility and position in the US market. Their coders are typically certified by the American Academy of Professional Coders (AAPC).

• In 2021, Maverick continued to deliver its mCoder AI deep learning platform to the US healthcare market.
• To expand their product offerings and provide a neutral, reliable, and common data exchange platform for the healthcare industry, Datavant and Ciox completed their merger in 2021.

What does the report cover?

Future Market Insights offers a unique perspective and actionable insights into the US medical coding market in its latest study, presenting a historical demand assessment from 2015 to 2022 and forecasts for 2023 to 2033. The US medical coding market is segmented in detail to cover every aspect of the market and provide the reader with a complete approach to market analysis.

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Key company profiles:

• Tebra (Kareo, Inc.)
• Global Payments, Inc. (AdvancedMD, Inc.)
• EverCommerce Inc.
• 3M Company (3M Health Information Systems, Inc.)
• Greenway Health, LLC
• Dolbey
• Healthcare Solutions GeBBS (Aviacode Inc.)
• AQuity
• Baruch Business Solutions
• Infinity
• athenahealth, inc.
• BUDDI.AI
• Context4 Healthcare, Inc.
• Eclat Health Solutions Inc.
• Maverick Medical AI Ltd
• UnitedHealth Group Inc. (Optum, Inc.)

Key segments covered in the US medical coding industry research:

Clinical specialties:

• Emergency medicine
• Diagnostic and Pathological Services
• Picture diagnosis
  • Imaging radiology
  • Interventional radiology
  • Nuclear medicine
• Inpatient treatment
  • Imaging radiology
  • Interventional radiology
  • Nuclear medicine
  • Anesthesiology and Intensive Care
  • Cardiology and cardiac surgery
  • Gastroenterology and Hepatology
  • Obstetrics and gynecology
  • Nephrology
  • Urology
  • Neurology and neurosurgery
  • General surgery
  • Orthopedics
  • Spine and Pulmonology
  • Reproductive medicine
  • Rheumatology
  • Dental Sciences and Craniosacral and Maxillofacial Surgery
  • Oncology
  • Diabetology and Endocrinology
  • Pediatrics and Neonatology
  • Psychiatry and clinical psychology
  • Organ transplant
• Outpatient treatment and diagnostics
• Ophthalmology
• Dermatology
• laryngology
• Clinical nutrition
• Outpatient surgery
• Doctor’s office visits
• Support Services
• Observation services
• Others

Work:

End user:

• Corporate Therapy Practices
  • Hospitals
  • Outpatient Surgery Centers
  • Cancer Research Institutes
  • Long-term care centers
• Small therapeutic practices
  • Specialist clinics
  • Independent Medical Practices
• Diagnostic and reference laboratories
• Imaging diagnostic centers
• Educational and research institutes
• Healthcare Payers
• EMS services
• Health Service

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

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Website: https://www.futuremarketinsights.com
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