Transformation of healthcare diagnosis, protocol, medical services, and equipment into universal medical alphanumeric codes is generally known as Medical Coding. Those codes are taken from documented medical records, such as investigator transcription notes, radiology reports, etc. Medical coding professionals help to ensure the codes that are used during the process of medical billing.
Market of medical coding was reaching a wide demand to $14.3 billion in 2018. Additionally, the market is facing profitable opportunities growing at a CAGR of 10.2% over the forecast period 2019-2025. In 2019, according to the United Nations data, one out of 11 individuals is over 65 years. Besides, the persons aged 80 or above are anticipated to rise from 143 million in 2019 to 426 million in 2050, experiencing growth by three times. This increasing aged population is eventually leads to the global healthcare destruction.
(ICD) International Classification of Diseases is a known classification system in the global medical coding market and is rising at a CAGR of 5.8% during the forecast period.
Artificial Intelligence in medical coding has opened the door to several important advancements. Machine learning and Natural Language Processing (NLP) through Computer-Assisted Coding (CAC) has especially improved the rate of coding by automating rigorous tasks. ICT-10 has evolved substantially with the help of NLP. Furthermore, ICT-11 produced by WHO is under review yet.
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