Medical Codes Improving Medical Billing Procedures

Medical coding is being adopted at a large scale to deal with the frequent occurrence of insurance fraud in the healthcare industry. The increasing incidence of insurance frauds is leading to excessive financial losses. By using medical coding and billing standards, uniform checklists are generated that are to be cited when processing claims. Any irregularity in these checklists enables the concerned authority to spot frauds before the submission of the document to an insurance company.

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Moreover, the soaring need to modernize hospital billing procedures will increase the medical coding market size from $15.2 billion in 2019 to $42.4 billion by 2030. According to P&S Intelligence, the market will progress at a CAGR of 9.6% during 2020–2030. Medical billing procedures have become more effective since the arrival of medical coding systems, particularly the Current Procedural Terminology (CPT) medical code. The CPT code was developed by the American Medical Association (AMA) by forming alpha-numeric codes designated to describe various treatments and services that a doctor or medical facility performs on patients.

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Globally, the European region witnessed the widest adoption of medical coding in 2019, as the regional governments mandate its usage in healthcare settings, which observe a high patient footfall. The deployment of medical codes has enabled the European healthcare system to perform a statistical analysis of diseases and recommend appropriate therapies. Moreover, medical coding helps healthcare insurance providers in easy and quick reimbursement of medical bills. Furthermore, the outbreak of COVID-19 has fueled the need for medical coding, especially in countries such as Russia, Spain, China, and Italy, for direct surveillance and efficient allocation and management of medical resources.