Computer Assisted Coding Market
Market Overview:
In 2018-2023 the forecast period , the worldwide computer assisted coding market is anticipated to record a CAGR of nearly 11.5 percent. A computer-assisted coding scheme is a software that analyzes all healthcare records and generates an appropriate medical code within the document for particular sentences and conditions. This coding helps to increase productivity and to reduce the administrative person or coder s process time. The computer-assisted coding software also helps to reduce errors and improve the healthcare facility s efficiency.
Increasing implementation of EHR systems to boost the computer-assisted coding market:
An ever-increasing number of hospitals around the globe have been implementing EHRs Electronic Health Records in recent years. Government implementing EHR measures are growing the hospitals acceptance of the EHR. The United States is one of the nations that has experienced a notable rise in the implementation of electronic health records, primarily due to the Economic and Clinical Health Information Technology Act HITECH and the EHR Incentive Program of Medicare and Medicaid Services Centers CMS . By providing an incentive program to eligible short-term acute care hospitals, the HITECH Act caused healthcare organisations to introduce these EHR schemes.
In order to increase efficiency and effectiveness in healthcare, providers, administrators and consumers in the healthcare industry adopt and implement various computer and information technologies. In healthcare organizations at all levels, from academic medical centers to multi-specialty medical groups to solo practices, electronic health records EHRs , a main element of these health information technologies, have been introduced. Electronic health record EHR systems are critical for enhancing the safety and quality of care of patients. The annual EHR adoption rate for qualified clinics improved from 3.2% to 14.2% subsequently before the law. The medical aided coding market is also anticipated to boost market growth with the growing application of EHR technologies as this EHR needs computer-assisted coding. Other factors that drive computer-assisted market growth in coding are increasing use of CAC solutions to curb rising healthcare costs and increasing regulatory requirements for data management of patients.
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Lack of On-Site CAC Support and In-House CAC Domain Knowledge
Computer-assisted coding CAC is now becoming a trend method as it accelerates the coding process. As more healthcare facilities embrace EHRs and clinicians become more particular in their attempts to document them, coders need to read more, slowing down their manufacturing. There is also pressure to rapidly obtain claims from insurance companies so that payments arrive quicker. Since the launch ofICD-10 in October 2014 will alter the coding structure and paperwork quantity for evaluation, CAC s healthcare systems are hoping to accelerate their launch preparations and maintain productivity steady after the shift. As organisations move towards new delivery models for healthcare, such as the EHR and other electronic medical records for patients, coding support departments are being asked to absorb more job, such as coding or validating physician office meetings and outpatient visits.
Combined with regional coder shortages, changes in the workflow and enhanced quantities of job, these requirements have resulted many healthcare facilities to employ additional coders. But it creates significant issues in maintaining these coding assistance owing to the absence of coders in the healthcare. Thus the absence or shortage of on-site CAC assistance in hospitals and the absence of in-house CAC domain knowledge to the upcoming new coders hinder the development of the industry. And other factors such as high cost of execution and maintenance also restrict market development.
North America to dominate the computer-assisted coding market:
North America is the largest global market for computer-assisted coding due to the growing investment of key players in the development of these software and regional government initiatives such as the HITECH Act. And even more in this region is the rate of acceptance of new software and its use. These factors make the region of North America the largest market share on the market for computer-assisted coding.
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Computer Assisted Coding Market Key Developments:
Jun 2017: Athenahealth agrees to acquire Praxify Technologies for advance cloud platform and mobile innovation.
Major Players: 3 M Company, Artificial Medical Intelligence, Inc., Athenahealth, Inc., Cerner Corporation, Dolbey Systems, Inc., Nuance Communications, Inc., Optum, Inc., among others.
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