As per Future Market Insights, the computer assisted coding software market is anticipated to attain a value pool of US$ 5 billion by 2023-end. Global demand for computer assisted coding software is expected to rise at a CAGR of 10% to US$ 13 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 5 billion |
| Projected Market Value in 2033 | US$ 13 billion |
| Growth Rate (2023 to 2033) | 10% CAGR |
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Increasing use of machine learning (ML) algorithms: Machine learning algorithms are being used to improve the accuracy and efficiency of computer-assisted coding software, enabling it to learn from past coding decisions and improve future coding accuracy.
Integration with natural language processing (NLP) technology: Natural language processing technology is being integrated into computer-assisted coding software to help identify key terms and phrases in medical documentation, which can improve coding accuracy and efficiency.
Adoption of cloud-based solutions: Cloud-based computer-assisted coding software solutions are becoming more popular, as they provide greater scalability, flexibility, and accessibility than traditional on-premise solutions.
Emphasis on data security and privacy: With the increasing use of electronic health records and other digital healthcare technologies, there is a growing emphasis on data security and privacy in the computer-assisted coding software market. Providers are investing in secure and compliant solutions to protect patient data.
Focus on interoperability: Interoperability has become a key focus in the computer-assisted coding software market, as healthcare organizations look to integrate their coding processes with other IT systems, such as EHRs and revenue cycle management systems. As a result, providers are developing solutions that are easily interoperable with other healthcare IT systems.
The global market for computer assisted coding (CAC) software will become relatively lucrative over the forecast period due to some factors such as immediate coding results, reduction in time for tracing medical records, ease of medical coding, decrease in rising healthcare expenditure, and minimizing medical coding.
Rapid increase in insurance reimbursement policies coupled with swift improvements in the healthcare infrastructure around the globe is rolling down private and public organizations.
Growing initiatives taken by public healthcare organizations are increasing the adoption of CAC software in the medical sector. For instance, the Medicare and Medicaid Incentive Program in the United States for the use and adoption of certified electronic health record (EHR) systems by clinicians, physicians, and hospitals are utilizing such systems.
Use of these systems and error-free clinical documentation leads to quick medical billings, validation, ease of scanning electronic documentation, with high return on investment. Hospitals manage a huge amount of data and store these medical records in the systems. Thus, preserving and handling these records is a hectic work for administrative person in the hospital.
Owing to this, hospitals are the major adopters of this technological advancement. CAC software uses natural language processing (NLP) technology or structured input for processing of documents.
This helps in enhancing the productivity. Furthermore, CAC software will witness greater adoption in the healthcare industry owing to the rapid adaptation of ICD-10 coding in the near future. This technological advancement helps in increasing the coder productivity.
Growing Consolidation to Open New Avenues for Growth in Computer Assisted Coding Software Market
Over the past few years, major market players have focused on improving their presence by venturing with small firms and entrepreneurs along with local/regional players.
More and more companies are embracing the automation concept and jumping on the adoption of this software and finally implementing it for simplifying the administrative work and taking the burden of the coders. Major factor considered here is web-based delivery which runs various server computers at a time and virtually communicates the private network with the help of the internet and wireless network.
This is done with the help of HTTP IP/TCP along with several other protocols. All the software and data are accessed and hosted remotely via internet. Thus, these factors are commonly driving the growth of computer assisted coding software market.
High Cost to Hinder Obstruct Rising Demand for Computer Assisted Coding Software Market
The most common challenge the CAC software market is experiencing is its high initial cost coupled with problem of adaptation by the hospital management. Some of the small and mid-sized hospitals consider it an unnecessary investment and consider highlighting enhancing other crucial medical facilities.
In addition to this, CAC software also witnesses an issue in understanding and processing the handwritten notes for coding procedure. Therefore, these are some aspects that limit the use of computer assisted coding software in conventional healthcare facilities, where the technology is not yet adopted and investments are in the planning stage.
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Examples of some of the market participants in the global computer assisted coding software market identified across the value chain include
North America will continue to lead the regional share of the computer assisted coding software market. The growth is largely attributed to swift adoption of technological development in the USA owing to surging need for an instant and efficient & effective healthcare system in place.
On the other hand, Europe is considered to be the next frontier in the global CAC software marketplace due to mounting need for quick operating system and error-free medical data. Moreover, Latin America and APAC are poised to grow at a steady pace as this region is among the quickly developing regions.
Both regions are witnessing growth because of the increasing adoption of automated systems and newer technologies for providing efficient healthcare infrastructure. The computer assisted coding software market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The computer assisted coding software market can be segmented on the basis of solution, deployment, application, and region.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. By Solution 6.2. By Deployment 6.3. By Application 7. Global Market Analysis and Forecast, By Solution 7.1. Software 7.1.1. Standalone CAC software 7.1.2. Integrated CAC software 7.2. Services 7.2.1. Support & maintenance services 7.2.2. Education & training Services 8. Global Market Analysis and Forecast, By Deployment 8.1. Cloud-based 8.2. On-premise 8.3. Web-based 9. Global Market Analysis and Forecast, By Application 9.1. Clinical code auditing 9.2. Management reporting & analytics 9.3. Automated computer-assisted encoding 9.4. Others 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia & Pacific 10.6. Middle East and Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries 15. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East and Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Solution, Deployment, and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Cerner Corporation 19.2. 3M Health Information Systems 19.3. Nuance Communications 19.4. Artificial Medical Intelligence 19.5. Dolbey Systems Inc. 19.6. McKesson Corporation 19.7. EPIC Systems Corporation
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Computer Assisted Coding Software Market
