The global computer-assisted coding market. The forecasted growth in demand for computer-assisted coding systems is largely attributed to the increasing adoption of electronic health records (EHR) in the healthcare sector. It is interesting to note that the software is being used for insurance claims reimbursement and the implementation of the ICD-10 coding system, which includes a wide range of codes for abnormal findings, diseases, symptoms, and social circumstances.
The benefits of using computer-assisted coding systems are clear. They help to reduce errors and generate more accurate results, which can ultimately improve patient outcomes. However, the market still faces some challenges, such as a lack of skilled professionals and the high cost of maintenance for system support.
It is also worth noting that Europe is expected to be a major contributor to the growth of the computer-assisted coding market. This is due to the region's focus on advancing healthcare, with Germany expected to be a significant player in the market over the next 5-6 years. Overall, the growth of the computer-assisted coding market is a positive development for the healthcare industry, as it has the potential to improve efficiency and accuracy in medical coding and documentation.
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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.
Competitive Landscape:
Competitive landscape of global Keyword market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Computer-Assisted Coding Market:
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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computer-assisted coding, which is through SaaS or "Software-as-a-Service." It is interesting to note that this deployment mode provides a complete solution for various segments, such as production monitoring, code-review, automated auditing, and coding solutions, all under the umbrella of coding-workflow solutions.
SaaS deployment has the advantage of having minimal installation prerequisites, which makes it easier for healthcare facilities to adopt the medical code automation procedure. The use of CAC software services has the potential to significantly enhance coder productivity and accuracy while reducing errors in data storage and management. However, skilled medical coders are still a prerequisite for the effective use of these software solutions, and the initial investment for software installation can be quite substantial.
The global market is further segmented into type and application:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Software
- Stand-alone Software
- Natural Language Processing Software
- Structured Input Software
- Integrated Software
- Services
- 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)
- Hospitals
- Academic Medical Centers
- Physician Practices
- Clinical Laboratories and Diagnostic Centers
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Given the high costs involved, many companies are opting for outsourced CAC services, which can be more economical. CAC software companies can effectively support healthcare facilities by providing CAC services for the automation of billing services, documentation, and analytical and management services. This can help healthcare providers to focus on delivering high-quality care to their patients while leaving the coding and documentation tasks to the experts.
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