AI in Medical Coding Market Size

AI in Medical Coding Market Size

AI in Medical Coding Market size was valued at USD 2.4 billion in 2023 and is anticipated to witness growth at a CAGR of 13.6% between 2024 and 2032. The market is experiencing growth driven by the growing emphasis on superior accuracy in medical coding, shortage of skilled medical coders, and extensively increasing coding data.

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The shortage of skilled medical coders is driven by the increasing complexity of medical coding systems, high turnover rates, and the lengthy training and certification process. This shortage is significant, with hospitals and clinics facing delays and inaccuracies in billing due to the lack of qualified personnel. For instance, the American Health Information Management Association (AHIMA) has highlighted the growing gap between the demand for and supply of certified medical coders.
 

Additionally, the U.S. Bureau of Labor Statistics projects a faster-than-average growth rate for medical records and health information technicians, indicating a high demand that outpaces the supply of skilled professionals. This scarcity propels the adoption of AI in medical coding, as it can automate the coding process, alleviate the burden on existing staff, and improve overall efficiency and accuracy in healthcare documentation.
 

AI in medical coding refers to the application of artificial intelligence technologies to automate and enhance the process of assigning standardized codes to medical diagnoses, procedures, and services. These codes are used for billing, record-keeping, and statistical analysis in healthcare. AI systems in medical coding use machine learning algorithms and natural language processing (NLP) to analyze clinical documentation, extract relevant information, and accurately assign appropriate codes.