AI In Medical Coding Market Size To Reach $5.71 Billion By 2030

AI In Medical Coding Market Growth & Trends

The global AI in medical coding market size is expected to reach USD 5.71 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 13.7% from 2023 to 2030. Several drivers propel artificial intelligence (AI) in medical coding, such as the increasing complexity of healthcare coding processes. The growing volume of healthcare data necessitates advanced technologies to streamline and automate coding operations. AI can efficiently analyze large amounts of data, identify patterns, and accurately assign codes, improving efficiency and reducing billing errors.

The COVID-19 pandemic significantly impacted AI in the medical coding industry, driven by the increased volume of healthcare data and the need for efficient processes to manage the surge in COVID-19 cases. This has led to the accelerated adoption of AI-powered solutions. Furthermore, the shift to remote work and the rise of telehealth services have amplified the demand for AI in medical coding to enable remote access and analysis of medical records. These pandemic-driven changes in the market are projected to have a lasting impact, fueling substantial growth in the coming years.

Automated medical coding offers numerous benefits to healthcare providers, improving efficiency, accuracy, and revenue cycle management. By leveraging artificial intelligence and machine learning algorithms, automated systems can quickly and accurately analyze medical documentation, extract relevant information, and assign appropriate codes. This eliminates the need for manual coding, saving time and reducing the risk of human errors. Automated systems also enhance compliance with coding guidelines and regulations, reducing the chances of audits and denials. Furthermore, it improves revenue cycle management by accelerating the coding process, optimizing reimbursement, and reducing backlogs. With automated medical coding, healthcare providers can streamline operations, focus on patient care, and achieve better financial outcomes.

Moreover, key players in the market are launching innovative solutions and services to maintain a competitive edge. For instance, in November 2020, Diagnoss introduced an AI assistant to reduce medical coding errors, addressing a critical challenge in healthcare billing processes. The AI assistant utilizes advanced algorithms to analyze medical documentation, identify potential errors, and provide real-time suggestions for accurate coding. The solution aims to improve accuracy, reduce claim denials, and optimize revenue cycle management. This innovative solution could enhance operational efficiency and financial performance for healthcare providers, ultimately improving patient care and cost savings.

Similarly, in September 2022, AGS Health unveiled an artificial intelligence platform designed for end-to-end revenue cycle management and medical coding. This innovative platform incorporates AI capabilities to optimize various aspects of the revenue cycle, including medical coding, billing, claims management, and reimbursement. By leveraging advanced algorithms and automation, AGS Health's AI platform aims to enhance operational efficiency, reduce billing errors, accelerate payment cycles, and improve overall revenue performance for healthcare providers. This launch shows the growing adoption of AI in the healthcare industry and its potential to transform medical coding processes.

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AI In Medical Coding Market Report Highlights

• Based on component, the outsourced segment accounted for the highest revenue share in 2022. Its revenue share was 66.8% and is expected to grow at the fastest CAGR of 14.5% over the forecast period

• Healthcare providers opt to outsource their medical coding needs to minimize administrative expenses. This approach aids in cost reduction, time savings, and the streamlining of workflows

• North America held the majority share of 31.8% in 2022. Due to technological advancements and improved healthcare infrastructure, the market in North America is projected to have a significant share throughout the forecast period

AI In Medical Coding Market Segmentation

Grand View Research has segmented the global AI in medical coding market based on component and region:

Artificial Intelligence In Medical Coding Component Outlook (Revenue, USD Million, 2018 - 2030)

• In-house

• Outsourced

Artificial Intelligence In Medical Coding Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the AI In Medical Coding Market

• IBM

• Fathom, Inc.

• Clinion

• BUDDI.AI

• CodaMetrix

• aidéo technologies, LLC

• Diagnoss