Why will Popularity of Medical Coding Soar in Asia-Pacific (APAC) in Future?
Medical coding is basically the process of translating healthcare and medical information and other important data into simple and easy to understand codes so that the healthcare records of patients can be easily documented and accurate medical billing can be produced in healthcare settings. This method originated in England over two millennia ago when medical practitioners used to collect statistical data and organize and store them in the form of numerical codes. Since then, the method has evolved considerably, with modern coding systems replacing the role of the book-keepers in the recent times.
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The American Academy of Professional Coders (AAPC) defines medical coding as “the transformation of healthcare diagnosis, procedures, medical services and equipment into universal medical alphanumeric codes.” An important factor fueling the requirement for medical coding is the growing prevalence of insurance frauds across the world. These frauds are causing heavy financial losses to businesses. According to the estimates of the National Health Care Anti-Fraud Association (NHCAA), companies suffer financial losses amounting to billions of dollars every year because of insurance frauds.
The adoption of medical billing and coding helps billers in producing uniform checklists, which are to be properly followed as per the process claims. In addition to this, the various irregularities in these checklists assist billers in detecting frauds, before the documents are submitted to the concerned insurance company. The other important factor fueling the surge in the adoption of medical coding is the rising requirement for the modernization of hospital billing procedures all over the world.
Between them, the adoption of medical coding will be higher in the hospitals in the coming years, which will, in turn, fuel the growth of the category in the medical coding market in the future. This is because medical coding is extensively used in hospitals throughout the world. Moreover, medical coding forms an integral part of the hospitals’ revenue management processes. In addition to this, the rising number of hospital visits, growing incidence of various chronic diseases, and the rapid construction of more and more hospitals in several countries are augmenting the growth of this category.
Geographically, the medical coding market will be very lucrative in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is ascribed to the rapid digitization of medical records in various regional countries such as India, Indonesia, South Korea, and China. Furthermore, the rapid improvement of medical insurance facilities in the APAC countries is causing the surge of the industry in the region.
Therefore, it can be said with certainty that the requirement for medical coding will surge all over the world in the forthcoming years, primarily because of the growing incidence of insurance frauds, rising need for faster and accurate hospital billing procedures, and the growing demand for healthcare documentation and medical record-keeping in healthcare facilities around the world.