According to P&S Intelligence, the global medical coding industry is witnessing growth. This can be credited to the Increasing occurrence of insurance scams and the rising need to upgrade hospital billing methods are the main development reasons boosting the medical coding market.
In the past few years, the ICDs category held the largest market share, based on the classification of the system, and also the category is projected to be in the leading spot throughout the projection period. This is because of the fact that ICD supports gathering data into standard groupings of illnesses that permit easy storage, analysis, and retrieval of health data for evidence-based decision-making, and sharing health data among healthcare organizations, nations, and regions.
In recent years, Europe had the highest revenue share in the medical coding industry, owing to the high patient visits and mandates of medical coding in health care arrangements. Medical coding has permitted European healthcare bodies in creating a statistical study of illnesses and recommending appropriate treatments.
The occurrence of insurance scams in the healthcare sector is growing, worldwide, which plays a vital role in the development of the medical coding industry. This condition is resulting in the invasion of extreme economic losses, which sum to billions of dollars each year, as projected by the National Heath Care Anti-Fraud Association (NHCAA).
Additionally, in recent years, approximately USD 3.6 trillion was expended on healthcare services which comprised spending for healthcare services and goods, public health doings, the net price of health insurance, and investment associated with healthcare in the U.S., which signified billions of health insurance claims, out of which some claims were fake.
Hence, the Increasing occurrence of insurance scams and the rising need to upgrade hospital billing methods are the main development reasons boosting the medical coding market.
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