Global Medical Coding Market is Expecting Worldwide Growth

Medical Coding Market

New York, United States, 2019-Jul-31 — /EPR Network/ —

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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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.

Rising occurrence of insurance frauds and insurance issues associated with misinterpretation of medical documents is also driving the demand for medical coding services, especially in developed region like North America and Europe. Besides, the demand for medical coding services is increasing within developing countries. For example, in Nigeria, adoption of universal healthcare systems and compulsory health insurance is likely to boost the medical coding market.

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, OracleCorporation, Aviacode Inc., Verisk Analytics Inc., Nthrive Solutions LLC and Medical Record Associates LLC.

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