Medical Coding Market Trends

Growth Drivers

• Rising Adoption of Electronic Health Record (EHR) Systems in Healthcare– EHR Systems is an electronic version of a patient's medical record, which is designed to automate many tasks and make it easier for medical billers and medical coders to work efficiently and store patient information, medical images, and test results.
• Growing Digital Transformation- Digitalization of billing systems has increased the need for medical coding around the world as digitized bills are accurate and can be customized with patient medical information, including location, medical history, diagnosis, and other relevant information.
• Surging Need for Universal Language in Healthcare- Medical codes are the universal language of communication between payers and healthcare providers, that allow healthcare professionals, organizations, and systems around the world to communicate effectively and efficiently.

Challenges

• Data security and privacy concerns - Medical records have become a valuable asset for hackers since security issues with electronic health records can pose problems for data security, patient safety, and regulatory compliance, which is a major concern for both telemedicine professionals and patients.
• Lack of standardization owing to varying healthcare systems and regulations across several regions
• Lack of skilled professionals may hamper the medical coding market growth