Growing demand for coding services, as well as the growing need for a common language in healthcare to avoid fraud and misunderstanding, are projected to drive the worldwide medical coding market throughout the forecast period. Data security issues, high installation and maintenance costs, and changing medical coding rules are projected to stymie expansion in the worldwide medical coding industry. The increasing implementation of digital technologies like as electronic health records (EHR), mHealth, telehealth, and so on is projected to drive the worldwide medical coding industry forward. The rising frequency of chronic illnesses throughout the world is predicted to fuel development in the Medical coding is a global market. Chronic illnesses are the primary causes of mortality and disability throughout the world.
The global Medical Coding Market was valued at US$ 16,885.09 Mn in 2021 and is forecast to reach a value of US$ 31,870.82 Mn by 2028 at a CAGR of 9.6% between 2022 and 2028.
Top Companies in the Medical Coding Industry:
1. 3M Company
3M Company provides diversified technology services in the United States and internationally. The company operates through four segments: Safety and Industrial; Transportation and Electronics; Health Care; and Consumer. 3M Company was founded in 1902 and is headquartered in St. Paul, Minnesota. On September 2016, 3M Acquires Medical Coding Technology Company Semfinder
2. Aviacode Inc.
Aviacode provides cloud-based medical coding software and services. The company was founded in 1999, headquartered in Utah, U.S. on Aug 2, 2021 GeBBS Healthcare Solutions acquired Aviacode for an undisclosed amount
3. Dolbey Systems Inc.
Dolbey is a developer of dictation, transcription, speech recognition, and coding products for healthcare. Dolbey markets and supports. The company was founded in 1914, headquartered in Ohio, U.S. on February 15, 2023 – ScribeEMR, a leading provider of remote medical scribe and practice management services, and Dolbey, formed a strategic partnership to offer a full range of EMR charting solutions for healthcare organizations seeking to improve workflow, boost productivity and increase profitability.
4. Maxim Health Information Services
Maxim Healthcare Services established leader in home healthcare, behavioral care, healthcare staffing, personal caregiving, and population health and wellness services across the United States. As a recognized provider of a comprehensive suite of services, they have been making a difference in the lives of their employees, caregivers, and patients for 30 years. The company was founded in 1988, headquartered in Maryland, U.S.
5. MRA Health Information Services
MRA provides a comprehensive collection of HR services, talent management, learning and organization development opportunities.The company was founded in 1901, headquartered in U.S.
6. Nuance Communications Inc.
Nuance Communications (NASDAQ: NUAN) is the pioneer and leader in conversational AI innovations that bring intelligence to everyday work and life. The company delivers solutions that understand, analyze, and respond to people – amplifying human intelligence to increase productivity and security. The company was founded in 1992, headquartered in Massachusetts, U.S. on April 2021, Microsoft acquires Nuance for $19.7B. In November 2020, Nuance and Providence signed strategic collaboration in which Providence will build on the long-term relationship with Nuance by expanding its use of Nuance's cloud solutions across its 51-hospital, seven-state system. In October 2019, Nuance and Microsoft Corporation partnered to transform the doctor-patient experience. This partnership may help the company in transforming the healthcare delivery.
7. Optum Inc.
Optum provides administrative services, care provider resources, clinical care research, patient advocacy, and reimbursement support, patient education, pharmacy and nursing, specialized home infusion, treatment management, anti-infectives, chemotherapy, oncology, hydration, inotropic therapy and cardiac care, pain management, steroids, and parenteral nutrition services.
8. Talix
Talix provides risk adjustment, quality and oncology solutions to help providers, payers and life science organizations succeed in value-based healthcare. The company was founded in 2015, headquartered in California, U.S. on September 2021, Bellevue, Wash.-based health software company Edifecs has acquired Talix.
9. nThrive (Precyse Solutions LLC)
nThrive is built on a legacy of excellence. In the past it was known as MedAssets, Precyse and Equation. From patient-to-payment, nThrive provides all the technology, advisory expertise, services, analytics and education programs health care organizations need to thrive in the communities that they serve. The company was founded in 2003, headquartered in U.S.
10. The Coding Network, L.L.C
The Coding Network, L.L.C. provides coding and auditing services to the healthcare industry in the United States. The company was founded in 1995. In March 2021, athenahealth, a leading provider of network-enabled software and services for medical groups and health systems nationwide, today announced the general availability of its new athenaOne Medical Coding solution. This solution will relieve providers and staff from coding-related work that slows them down and delays claim submissions.
*Definition- Medical coding is the process of assigning universal alphanumeric identifiers to healthcare services, such as medical diagnoses, treatments, procedures, and medical equipment.
