Global Autonomous Medical Coding Market Size (2023 – 2030)

The global autonomous medical coding market was valued at USD 35.54 billion in 2022 and is estimated to reach a total market valuation of USD 88 billion by 2030. The market is projected to grow with a CAGR of 12% per annum during the period of analysis (2023 - 2030).

Industry Overview

Medical coding is one of the most difficult aspects of revenue cycle management, requiring highly trained and qualified personnel. Revenue leakage owing to coding mistakes has increased dramatically in recent years. With the transition to ICD-10, changes in the regulatory environment, and clinical documentation requirements, medical coding has gotten more complicated over time. The coder's efficiency has been impeded by frequent modifications in the medical coding requirements. Higher denial rates, a scarcity of qualified and certified coders, and ongoing pressure to keep current with changing payer and industry rules while boosting efficiency and quality are all consequences of the challenging climate.

Healthcare providers are searching for automation systems that can read medical charts, grasp the medical language, and select the proper codes for processing as their focus on receiving the right reimbursement, boosting coding efficiency, and remaining compliant grows. Even though there are several autonomous coding systems on the market, they only serve a limited number of specialties and inpatient, outpatient, and emergency department demands. Furthermore, the success of the project is frequently determined by the input types.

Impact of Covid-19 on the Industry

The COVID-19 pandemic has potential economic consequences for a wide range of industries, including the healthcare IT business. The impact of the COVID-19 pandemic on the worldwide computer-assisted coding market is favorable, owing to the rising use of innovative solutions to lower operating costs and a greater focus on patient care management. Many healthcare institutions throughout the world are employing computer-assisted coding (CAC), and the influence of COVID-19 may be seen in the adoption of these systems. During the COVID-19 pandemic, code providers employed an ICD-10-CM (International Classification of Diseases, Tenth Revision, Clinical Modification) emergency code developed by the World Health Organization in March 2020 for confirmed COVID-19 cases.

Market Drivers

Adoption of Artificial Intelligence in various industries will drive the market growth

Medical coding technology is expected to evolve significantly quicker in the future. Many businesses are currently investigating the large-scale implementation of AMC as artificial intelligence/machine learning (AI/ML) and natural language processing capabilities advance. Organizations are attempting to use such technologies to create the holy grail of medical coding: a method that can translate clinical data into coded data and secure payment from insurance carriers without the need for human interaction. Furthermore, AMC technologies promote transparency by supplying an audit trail of autonomous code. When the AMC product experiences complicated patient interactions, this phase reduces the possibility of mistakes and helps improve the model's accuracy using a machine learning technique.

The high accessibility of urgent care centers has driven its demand during the pandemic

Medical coding technology is expected to evolve significantly quicker in the future. Many businesses are currently investigating the large-scale implementation of AMC as artificial intelligence/machine learning (AI/ML) and natural language processing capabilities advance. Organizations are attempting to use such technologies to create the holy grail of medical coding: a method that can translate clinical data into coded data and secure payment from insurance carriers without the need for human interaction. Furthermore, AMC technologies promote transparency by supplying an audit trail of autonomous code. When the AMC product experiences complicated patient interactions, this phase reduces the possibility of mistakes and helps improve the model's accuracy using a machine learning technique.

Market Restraints

Lack of expertise in the field will act as a market restraint

You must have a high school diploma or a general educational development degree to be eligible for medical and billing training programs (GED). This is crucial since you will be working with medical terminology that is quite particular. The language and arithmetic abilities you develop in high school will ensure that you are prepared to excel in a medical billing and coding training program. So, if you have not completed high school or received your GED, you do not satisfy the qualifications to enroll in a medical billing and coding training program.

You must complete an authorized training program if you want to work as a medical biller and coder. A certificate, diploma, or associate degree program is available. Community colleges, vocational schools, universities, hospitals, and other organizations that provide healthcare courses can help you identify training programs. Depending on the sort of curriculum you pick, the needed training program to become a medical biller and coder might take anywhere from 7 to 24 months to finish.

Autonomous Medical Coding Market Report Coverage:

This research report on the global Autonomous Medical Coding market has been segmented and sub-segmented based on Mode of Delivery, End-User, and Region.

Global Autonomous Medical Coding Market- By Mode of Delivery

• Web & Cloud-based
• On-Premises

The Autonomous Medical Coding market is undergoing significant transformations, driven by advancements in technology and the need for streamlined healthcare coding processes. Web & Cloud-based segment has acquired the dominant position in the segment by holding the highest market revenue. This dominance is attributed to the offering of healthcare organizations scalable and accessible coding solutions through cloud platforms. The convenience of remote access and real-time updates positions Web & Cloud-based coding as the preferred mode of delivery for many healthcare providers. On-Premises is the largest growing segment. Despite the growing popularity of cloud-based solutions, some healthcare organizations prefer On-Premises deployment to maintain complete control over their coding systems and data. The flexibility to customize and tailor the coding infrastructure to specific needs makes On-Premises coding an attractive choice for certain end-users, driving its rapid growth in the market.

Global Autonomous Medical Coding Market- By End User

• Hospitals
• Clinical Laboratories and Diagnostics Centre
• Other

Hospitals have emerged as the dominant end-user in the segment by holding the highest market share revenue as it has been utilizing autonomous coding solutions to efficiently manage a vast array of patient data and streamline coding workflows. The adoption of autonomous coding technologies in hospitals streamlines coding processes, enhances accuracy, and optimizes revenue cycle management, which is the major factor for the segment’s dominance. Diagnostics Centre is the largest growing segment owing to autonomous coding technology’s ability to process a significant volume of diagnostic tests and patient data, leading to improved efficiency and better patient outcomes. The rapid growth of coding technologies in diagnostics centers is a trend that reflects the industry's pursuit of better healthcare management. As the importance of diagnostics centers in healthcare continues to grow, the demand for efficient and accurate coding solutions in this segment will increase boosting its market growth.

Global Autonomous Medical Coding Market- By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

North America stands out as the dominant region for Autonomous Medical Coding solutions for acquiring the highest revenue in the market share that is propelled by the well-established healthcare infrastructure, substantial investments in healthcare IT, and a strong focus on technological innovation. North America's dominance in the market is further reinforced by the region's proactive approach in adopting advanced coding technologies to streamline healthcare processes. The implementation of autonomous coding solutions in North American healthcare systems has led to improved accuracy in medical coding, optimized revenue cycle management, and enhanced overall patient care. As the region continues to prioritize healthcare digitization and automation, the demand for autonomous medical coding solutions is expected to remain robust.

The Asia-Pacific region emerges as the fastest-growing market during the forecast period. The Asia-Pacific region is characterized by a burgeoning population, rising healthcare expenditure, and a growing focus on healthcare modernization. As healthcare organizations in the region seek to improve efficiency and accuracy in coding processes, autonomous coding solutions have gained traction. The adoption of these technologies in Asia-Pacific is driven by the need to manage large volumes of healthcare data, optimize coding workflows, and minimize coding errors. Moreover, the Asia-Pacific region's market growth is propelled by the increasing emphasis on telemedicine and remote healthcare services.

Global Autonomous Medical Coding Market- By Companies

1. 3M Company
2. Optum Inc.
3. Nuance Communications Inc.
4. Cerner Corporation
5. TruCode LLC
6. Artificial Medical Intelligence Inc.
7. Athenahealth Inc.
8. Streamline Health Solutions Inc.
9. Epic Systems Corporation
10. ZyDoc Corporation
11. Alpha II LLC

NOTABLE HAPPENINGS IN THE GLOBAL AUTONOMOUS MEDICAL CODING MARKET IN THE RECENT PAST:

• Product launch: - In April 2021, A new technology platform developed by 3Mallows healthcare professionals and payers to prioritize treatment and resources for high-risk people and patient populations. 3M SDoH integrates clinical, social, and community health data to generate a holistic picture of a patient's health.
• Merger & Acquisition: - In April 2021, Cerner Corporation finalized the USD 375 million cash acquisition of Kantar Health, a Kantar Group company, subject to adjustment.