MEDICAL CODING MARKET ANALYSIS

The shortage of skilled medical coders is posing a significant challenge for the growth of the global medical coding market. Medical coding is a specialized job that requires in-depth knowledge of medical terminology and intricacies of various coding systems. However, in recent years, most countries have faced an acute shortage of trained and certified medical coders. One of the major reasons for this is the increasing complexities in healthcare systems and medical practices. With new procedures, treatments and diseases emerging constantly, the coding manuals need frequent updates. This puts additional burden on the existing coders to reskill themselves on a regular basis. At the same time, due to growing medical costs and administrative issues, the job has become more target-driven with increased work pressure. This has deterred many potential candidates from opting for this career path. According to the 2021 data from the World Health Organization (WHO), over 50% of countries reported facing severe crunch of qualified medical coders.

Market Opportunities – Cloud-based Medical Coding Solutions

Cloud-based medical coding solutions have a huge potential in the global medical coding market. With the advancements in cloud computing and its benefits like scalability, flexibility, and cost-effectiveness, more and more healthcare organizations are adopting cloud-based medical coding solutions. Cloud-based solutions allow remote access to coding software from anywhere using an internet connection. This enables medical coders to work remotely and efficiently handle the large coding workload of healthcare facilities. It also empowers healthcare organizations to scale up or down their coding needs based on volume fluctuations easily. With the COVID-19 pandemic emphasizing the importance of remote and flexible working models, the demand for cloud-based medical coding is set to rise substantially in the coming years.