Computer-Assisted Coding - Global Market Outlook (2017-2023)
According Stratistics MRC, The Global Computer-Assisted Coding Market is accounted for $2.47 billion in 2016 and expected tgrow at a CAGR of 13.4% treach $5.98 billion by 2023. The market factors such as increasing utilization of CAC solutions tcurtail the rising healthcare costs, growing focus on physician computer-assisted coding in outpatient settings, increasing implementation of Ehr Systems, rapid improvement in the global healthcare infrastructure are driving the market growth. However, High Implementation & Maintenance Costs and Lack of On-Site CAC Support and In-House CAC Domain Knowledge are restraining the market growth. Furthermore, natural language processing-enabled CAC solutions and growing adoption of cloud-based solutions are providing sizeable opportunity for the market growth.
The cloud-based solutions segment growth can be attributed tthe advantage of its flexible, scalable, and affordable nature and additional advantage of a separate cloud for the client along with a public cloud server and easy access tinformation for users operating in different time zones and geographic locations. CD-10 has had a positive impact on reimbursement. ICD-10 coding system requires use of 72,000 procedure codes and 68,000 CM codes, as opposed tthe 4,000 and 14,000 in the ICD-9 system. ICD-10 is the 10th revision of the International Statistical Classification of Diseases and Related Health Problems (ICD) list which is promoted by World Health Organization (WHO).
A computer-assisted coding system (CACS) is software that analyzes healthcare documents and produces appropriate medical codes for specific phrases and terms within the document. This helps tincrease productivity and reducing process time of the administrative person or coder. Computer assisted coding software alshelps in reducing errors and improving efficiency of healthcare facility. NLP applications work with clinical documentation practices which include unstructured text such as dictation, speech recognition, and transcription. New technology has evolved such as, the Fusion CAC which can increase productivity, identify problem in documentation and reduce variability for a faster return on investment. For instance, EMscribe® Computer-Assisted Coding (CAC) software generates medical codes directly from clinical documentation using AMI’s innovative Natural Language Processing (NLP) technology.
North America is projected tdominate region due trapid adoption of the technological advancements because there is an increasing need for quick and efficient healthcare system in place. However, Europe is the next lead in this market due trising need of error free medical data handling and quick operating systems. In addition, Asia pacific and Latin America are growing significantly due tthe developing economies.
The key players in global Computer-Assisted Coding market are 3M Health Information Systems, Optum, Inc, Nuance Communications, Inc, McKesson Corporation, Dolbey Systems, Inc., Precyse Solutions, LLC, Artificial Medical Intelligence, Inc., Streamline Health Solutions, LLC, TruCode, Craneware plc, athenahealth, Inc., MMODAL IP LLC (M*Modal) and Quest Diagnostics Inc.
Mode of Deliveries Covered:
• Cloud-based Solutions
• On-premise Solutions
• Web-based Solutions
Product & Services Covered:
Education and Training
Support and Maintenance
End Users Covered:
• Academic Medical Centers
• Clinical Laboratories and Diagnostic Centers
• Physician Practices
• Other Healthcare Providers
• Automated Computer-Assisted Encoding
• Clinical Coding Auditing
• Management Reporting and Analytics
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements