The Global Computer Assisted Coding Market is expected to register a CAGR of nearly 11.5% during 2018-2023 (the forecast period). A computer-assisted coding system is a software which analyzes all the documents of healthcare and produces a suitable medical code for specific phrases and terms within the document. This coding helps in the escalation of productivity and reducing the process time of the administrative person or coder. The computer assisted coding software also helps in reducing errors and improving the efficiency of the healthcare facility.
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Major Players: 3M COMPANY, ARTIFICIAL MEDICAL INTELLIGENCE, INC., ATHENAHEALTH, INC., CERNER CORPORATION, DOLBEY SYSTEMS, INC., NUANCE COMMUNICATIONS, INC., OPTUM, INC., STREAMLINE HEALTH SOLUTIONS, INC. among others.
Increasing Implementation of EHR Systems to Boost the Computer Assisted Coding Market
In recent years, EHRs (Electronic Health Records) have implemented by an ever-increasing number of hospitals around the globe. EHR implementation initiatives by the government are increasing the EHR adoption by the hospitals. The United States is one of the countries which has experienced a remarkable increase in electronic health record adoption, this is mainly due to the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Centers for Medicare and Medicaid Services (CMS) EHR Incentive Program. The HITECH Act provoked healthcare organizations to implement these EHR systems by offering an incentive program to eligible short-term acute care hospitals. Aiming to increase effectiveness and efficiency in healthcare, various computer and information technologies are being adopted and implemented by providers, administrators, and consumers in the healthcare industry. Electronic health records (EHRs), a key component of these health information technologies, have been implemented in healthcare organizations at all levels, from academic medical centers to multi-specialty medical groups to solo practices. Usability of electronic health record (EHR) systems is critical to improving patient safety and quality of care. the annual rate of EHR adoption for eligible hospitals increased from 3.2 percent before the act to 14.2 percent afterward. With the increasing implementation of EHR systems, the medical assisted coding market is also expected to increase the market growth as this EHR requires the computer-assisted coding. Other factors which are driving the computer assisted coding market growth are increasing utilization of CAC solutions to curtail the rising healthcare costs and increasing regulatory requirements for patient data management.
Lack of On-Site CAC Support and In-House CAC Domain Knowledge
Computer-assisted coding (CAC) is now becoming a trending process these days because it speeds up the coding process. As more healthcare facilities adopt EHRs, and clinicians become more specific in their documentation efforts, coders have more to read, slowing down their production. There is also pressure to get claims to insurance companies quickly so payments arrive faster. Since the start of ICD-10 in October 2014 will change the structure of coding and volume of documentation for review, healthcare systems are hoping CAC will accelerate their preparations for the launch and keep productivity steady after the transition. As organizations move toward new healthcare delivery models, such as the EHR and other electronic patient medical records the coding support departments are being asked to absorb more work, such as coding or validating physician office encounters and ambulatory visits. These demands, combined with regional coder shortages, workflow fluctuations, and increased work volumes, have led many healthcare facilities to hire extra coders. But due to the lack of coders in the healthcare, it is creating major problems in the maintenance of these coding support. So the lack or the shortage of on-site CAC support in the hospitals and lack of in-house CAC domain knowledge to the new upcoming coders is hindering the market growth. And other factors such as high implementation and maintenance costs are also restraining the growth of the market.
North America to Dominate the Computer Assisted Coding Market
North America is the biggest market for global Computer Assisted Coding market due to owing to the growing investment from key players in the development of these software’s, and government initiatives in the region, such as the HITECH act. And even the adoption rate of new software’s and its usage is more in this region. These factors are making the North America region to have the highest market share in Computer Assisted Coding market.
Key Developments in the Computer Assisted Coding Market
Jun 2017: Athenahealth agrees to acquire Praxify Technologies to Advance Cloud Platform and Mobile Innovation.
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This post was originally published on Chief Analyst