Healthcare is a sector, which touches every individual. In developed countries, it makes up for over 10 percent of the GDP, and in the case of the US, it makes up over 18 percent of the GDP.
With an aim to cut costs, healthcare providers, pharma companies and other players in the sector have taken to outsourcing, much of it to developing countries like India where the quality of talent is higher and cost advantageous. Over the last two decades, there has been a move to focus more on core work and outsource non-core work.
As per a 2015 research report by ASSOCHAM, India has been one of the leading destinations for outsourcing in the healthcare space. The global medical process outsourcing market is estimated to be worth more than $100 billion where pharmaceutical outsourcing has been seen as the key segment. Primary and secondary sources estimate the size of the medical process outsourcing industry in India to be $3.3–4.2 billion industry.
The services offered by healthcare outsourcing providers include Revenue Cycle Management (medical billing, coding, collections), medical transcription, medical imaging related reporting, patient enrolments, electronic medical records and many more. The report also mentions that a few services such as medical transcription are becoming less popular, whereas, many others involving patient care, medical imaging, patient enrolment and so on are growing in popularity.Understanding medical coding
Medical coding is one of the elements of the healthcare outsourcing business where the process involves conversion of healthcare, procedures, medical services, diagnoses and equipment into universally accepted medical codes. These codes are an integration of both alphabets and numbers.
Medical codes should highlight the whole story of the patient's engagement with the physician and should be as specific as possible with regards to capturing the reimbursement for the services rendered.
Medical coding helps simplify many internal healthcare related processes. Claims are submitted to third-party payers; statisticians, researchers, public health officials, and internal auditors use these codes to determine what services were provided to patients, and why.
Current scenario of medical coding in India
There has been a consistent rise in the number of medical coders in India. We believe that Indian coders are better skilled, more professional and well-versed in international coding practices. On a regular basis, these coders develop and refine internal compliances of contract ICD and CPT coding resources to stay abreast of the requirements of the industry.
Factors making medical coding popular
Future of medical coding
Medical coding is recognised as one of the exciting career opportunities across the globe. The job involves a unique set of duties. Maintaining an up-to-date electronic record of patients with the goal of paying the suppliers seamlessly by the insurance agencies is turning out to be a crucial part of the healthcare industry. With the latest transition of medical coding process from ICD 9 to ICD 10, the industry is aggressively in search of well-trained medical coders with in-depth knowledge of the profession. India is said to have the second biggest pool of medical coders after the US. In spite of being the second-biggest pool, India displays extraordinary potential and a medical coder in the developing countries are likely to have a great career growth.
With healthcare KPO sector growing phenomenally, the need to have health information experts will grow even more. The increase in the average lifespan of the overall population will further call for proper medical billing and insurance claim procedures. At the same time, employment for medical coders will grow.Read More