Medical companies need to store ample amount of data in the system. Medical-related data include patient’s personal data and treatment history, which is stored in the document form in proper manner.
Computer Assisted Coding Market
Global Computer Assisted Coding Market: Overview
A computer assisted coding (CAC) is software that evaluates healthcare records and generates appropriate medical codes for specific terms within the record. CAC electronically recognizes important terms within the clinical record to generate the appropriate code which is needed for billing statements. A CAC also improves coder accuracy & productivity and lessens the time to generate bills and ultimately the claims which help healthcare organizations to save extra spending. With such benefits, several organizations are implementing CAC to improve efficiencies.
Global Computer Assisted Coding Market: Growth Factor
The global computer assisted coding market is growing at a rapid pace. Some of the factors contributing to the growth of the market include the rising implementations of CAC within the global healthcare system to shorten healthcare costs, rising application of electronic health record (EHS) systems in healthcare systems, advancement in coding accuracy, growing need for revenue cycle management procedures, and increasing regulatory need for patient clinical data management. Implementation of EHS in healthcare organizations has a positive impact on the growth of the global computer assisted coding market, as the clinical data collected by EHS systems in digital form can help CAC systems to work more efficiently. Furthermore, increasing preferences for cloud-based data storage solutions, untapped developing economies and advancement in CAC solution will provide better growth opportunities to the market. On the other side, the unwillingness of healthcare organizations in low or middle-income countries to adopt CAC solutions, cost, and workflow challenges may hinder the growth of the market.
COVID-19 pandemic is observed to have a positive impact on global computer assisted coding market. The global computer assisted coding market in the current pandemic situation is growing at a healthy rate. Main factors contributing to the growth of the market include growing focus on patient care management and adoption of advanced solutions to reduce the operational cost. Many healthcare organizations around the world are implementing CAC & the growth in adoption of these systems can be seen in the post-COVID-19 impact.
Global Computer Assisted Coding Market: Segmentation
The global computer assisted coding market is segmented based on product & service, mode of delivery, applications, end-user, and region. Based on products and services, the global computer assisted coding market is bifurcated into computer-assisted coding solutions and computer-assisted coding services. Among these, computer-assisted coding services segment is expected to register a high CAGR over the forecast period. The global computer assisted coding market based on the mode of delivery, is bifurcated into on-premises, web-based, and cloud-based. The cloud-based segment is expected to register a high growth rate over the forecast period. Based on the application, the global computer assisted coding market is split into clinical code auditing, management reporting & analytics, and automated computer-assisted encoding. Based on end-users, the market is divided into payers, provides, and other healthcare organizations.
Global Computer Assisted Coding Market: Regional Analysis
North America is anticipated to dominate the global computer assisted coding market. Some of the key factors contributing to the growth of computer assisted coding market in this region include the transition from ICD-9 to ICD-10, increasing demand for CAC solutions, well-established healthcare infrastructure, and the presence of major players. Asia Pacific is expected to register the highest CAGR over the forecast period. Factors such as the presence of healthcare policies in place, developing healthcare infrastructure, adoption of advanced healthcare solutions, large patient pool, and rising interest of key players in this region is fueling the growth of the computer assisted coding market.
Global Computer Assisted Coding Market: Competitive Players
The key players operating in the global computer assisted coding market include Nuance Communications, 3M Health Information Systems, McKesson Corporation, Optum, Cerner Corporation, TruCode, Precyse Solutions, Craneware, Dolbey Systems, and Artificial Medical Intelligence.
Global Computer Assisted Coding Market: Regional Segment Analysis
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