The U.S. medical coding market size was valued at USD 16.4B in 2020; it is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.
Despite promising growth, multiple issues envelop the medical coding sector. Some of the pressing problems include:
Management, training and retention of a skilled workforce
Large number of codes leading to frequent inaccuracy
High costs to run a robust coding unit
These problems together or independently become the reason for rising denials by payers.
According to a recent study, the average rate of denials increased by 23 percent in 2020 compared to 2016.
However, this does not make the coding departments powerless.
With smart planning and adopting AI-powered solutions like MediCodio, coding departments can be:
85% more accurate
45% faster than the complete manual department
Further ,” Ross Moore, MBA, general manager of revenue cycle at Olive states that “Those manual, redundant tasks that are taking place in patient access, coding, billing, collections, and denials, those tasks themselves that are performed by the revenue cycle departments can actually be automated using AI.
MediCodio serves as an assistant to your coding team. Once integrated in the system, the tool will read charts, clinical documentation and notes to suggest codes. This helps with:
Dealing with shortage of skilled resources: When MediCodio assesses and suggests codes, you do not need to maintain a large coding team that reviews each chart and suggests codes. One simple click and your codes are ready to be reviewed and finalized for further processing.
Save time in training new hires: You do not need to train your team frequently as the coding policies and regulations change. MediCodio is updated with the latest changes or updates to code.
The current International Standard for Medical coding, ICD-11 has almost 55,000 diagnostic codes. It is four times higher than ICD-10 (active until Dec. 2021) which has 14,000 codes.
With ever-increasing codes, inaccuracy has become very common problem and a difficult one to deal with
Resolving accuracy challenges: With codes input into MediCodio for more than 15 specialties, your team does not need to scan a big database to find the right code. MediCodio scans the charts and suggests the right code.
MediCodio doesn’t replace your medical coding team but augments their ability to code accurately and efficiently.
With these features in place, AI in general, and MediCodio in particular helps reduce risk for medical institutions and allow medical personnel to spend more time focusing on patient care and complex coding scenarios.
More about MediCodio
Medicodio is an AI-powered coding tool that reduces medical coding costs and improves efficiency by up to 45%. A great fit for RCM companies and hospital billing departments, Codio suggests medical codes (CPT, ICD10, HCPCS, modifiers) by reading patient demographic info from EHR systems and Physician Notes/Chart. After the medical coder makes a selection from the list of suggested codes, CODIO sends your codes to the billing system.
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