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AI in Medical Coding Market Trends

  • Report ID: GMI11081
  • Published Date: Aug 2024
  • Report Format: PDF

AI in Medical Coding Market Trends

The growing emphasis on accuracy is driving the adoption of AI in medical coding, where advanced technologies, such as automated machine learning, natural language processing (NLP), and robotic process automation (RPA) are revolutionizing the coding process by reducing errors and enhancing precision.
 

  • Machine learning algorithms can analyze vast amounts of medical data, learning from historical coding patterns to predict and assign accurate medical codes. By automating this process, ML reduces the likelihood of human error, ensuring more consistent and precise coding—essential for billing and regulatory compliance.
     
  • NLP algorithms excel at processing unstructured text data, such as physician notes, discharge summaries, and medical histories. NLP systems can extract relevant information from these texts and automatically assign the appropriate medical codes, significantly speeding up the coding process and allowing human coders to focus on more complex cases.
     
  • Robotic process automation integrates software robots into the medical coding workflow to automate repetitive, rule-based tasks like data entry, code assignment, and claim submission. By offloading routine tasks to RPA, human coders can concentrate on tasks that require more nuanced judgment and expertise.
     
  • The integration of these AI technologies is not only enhancing coding accuracy and efficiency but also driving significant growth in the market.
     
Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

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

The outsourced mode segment recorded USD 1.7 billion in 2023 as they employ experienced and certified medical coders who are well-versed in the latest coding standards and regulations.

North America AI in medical coding industry size was valued at USD 1.2 billion in 2023 and is predicted to witness 12.5% CAGR through 2032 supported by the widespread adoption of EHR systems

3M, AGS Health, Aidéo Technologies, aiHealth, Arintra, Buddi AI, Clinion, CodaMetrix, Corti HQ, Datavant, and Diagnoss

AI in Medical Coding Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 118
  • Countries covered: 23
  • Pages: 100
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