The global Computer Assisted Coding Market is forecast to reach USD 8.18 Billion by 2027, according to a new report by Reports and Data. The market is witnessing an increase in demand owing to its growing adoption of the electronic health record (EHR) in the healthcare sectors. They are used for insurance claims reimbursement and the implementation of the ICD-10 coding in the industry. ICD-10 includes a number of codes for abnormal findings, complaints, diseases, causes of injury, symptoms, and social circumstances. The computer-assisted software maintains this coding database, which may positively enhance the computer-assisted coding market in the future.
A computer-assisted coding system is a software that analyzes all the healthcare documents and produces a suitable medical code for specific phrases and terms within the document. Implementation of electronic health records has helped improve the system by making it less error-prone and generating more accurate results. These factors have helped the market growth in recent times. However, the lack of skilled professionals and the high cost of maintenance for system support has been restraining market growth.
Europe is the major contributor to the growth of the economy, with Germany contributing the major share in the next 5-6 years. The focus of the European government to advance healthcare will propel the region’s demand for computer-assisted coding.
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Further key findings from the report suggest
- Clinical coding auditing decreases the risk of regulatory compliance by identifying potential patterns for fraud and permitting healthcare organizations to provide maximum reimbursement by enhancing accuracy in coding. Clinical coding audits include a percentage audit, subset audit, statistical audit, and a complete audit. The complete clinical code audit uses all relevant data available to ensure a thorough audit.
- Cloud-based solutions are witnessing a significant increase as it offers easy storage of a vast amount of data, and most cloud nowadays does not require any technical skills as opposed to the traditional ones. Moreover, a drop in the price of these services and its 24/7 availability is making it a popular mode of delivery for the market.
- Natural language processing improves quality and reduces costs for healthcare providers. Where other technological applications usually require healthcare workers to change their existing, proven methods to accommodate the technology, NLP permits applications to work with the most valuable form of clinical communication, the clinical narrative.
- Hospitals held the largest market share owing to the drive to curtail the high cost of expenses in the healthcare sector. Moreover, the increase in the number of hospitals across the globe with emerging nations focusing on better healthcare infrastructure is propelling the demand of the market.
- North American region held the largest market share in the global computer-assisted coding market. The U.S. is the major contributor owing to the improvement in healthcare infrastructure and a reduction in healthcare costs. Advancement in technology in the sector will also propel market demand.
- Key participants include 3M, Cerner Corporation, Optum, Inc., Mckesson Corporation, Nuance Communications, Inc., Artificial Medical Intelligence, Inc., Athenahealth, Inc., Craneware PLC, Dolbey Systems, Inc., and Streamline Health Solutions, Inc., among others.
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Computer-Assisted Coding market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Computer-Assisted Coding market.
The global Computer-Assisted Coding market is segmented into:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Stand-alone Software
- Natural Language Processing Software
- Structured Input Software
- Integrated Software
- Stand-alone Software
- Support and Maintenance
- Education and Training
Mode of Delivery Outlook (Revenue, USD Billion; 2017-2027)
- Web-Based Solutions
- Cloud-Based Solutions
- On-Premises Solutions
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automated Computer-Assisted Encoding
- Clinical Coding Auditing
- Management Reporting and Analytics
End Users Outlook (Revenue, USD Billion; 2017-2027)
- Academic Medical Centers
- Physician Practices
- Clinical Laboratories and Diagnostic Centers
On the Basis of Region:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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