Global Computer Assisted Coding (CAC) systems market is getting very lucrative over the forecast period owing to the factors such as ease of medical coding, quick coding results, minimizing coding errors, reduction in time for tracing medical records, and reduction in rising healthcare expenditure. Rapid improvement in the global healthcare infrastructure and rising insurance reimbursement policies are rolled down by private and public organizations. These tend to reduce the constantly increasing healthcare expenditure by population and are fuelling the growth of the CAC systems market. Initiatives taken by public healthcare organizations such as the Medicare and Medicaid Incentive Program in the U.S. for the adoption and use of certified electronic health record (EHR) systems by physicians, clinicians, and hospitals who are eligible for use of such systems. Use of such systems, exponentially increase the volume of structured and nearly error free clinical documentation which lead to ease of scanning electronic documentation, validation, quick medical billings and return on investment. During October 2014, ICD-10 was implemented in place of ICD-9. This advancement in the technology is leading to increase in coder productivity. Higher numbers of medical codes; nearly eight times the codes of ICD 9, are now available for scanning of complex electronic documents with more specificity.
Computer assisted coding (CAC) systems market includes CAC software and CAC services. CAC software is provided by the software developing companies such as 3M Health Information Systems, OptumInsight, Inc. and Nuance Communications. The end users are hospitals, medical centers, physicians and other clinics. By implementing this software the end users can automate the coding procedure for their medical/clinical documentation. Numerous medical codes become available to the coder. This leads to increase in coder’s productivity and reduce the coding error. However, implementation of such system is a costly affair and understanding the technology requires training. Thus, sometimes the CAC services are outsourced by the end users. This is the way by which the software owners can provide computer assisted coding for the management and analytical services, automated documentation and medical billing services to the end users.
Geographically, overall computer-assisted coding (CAC) systems market is segmented into North America, Europe, Latin America, Asia Pacific, and MEA. As of 2014, North America especially, U.S. is the dominating region due to rapid adoption of the technological advancements because there is an increasing need for quick and efficient healthcare system in place. However, Europe is the next frontier in this market due to rising need of error free medical data handling and quick operating systems. Moreover, Asia pacific and Latin America are the segments growing at a faster pace due to the developing economies in these regions. Computer assisted coding (CAC) market in these regions is largely driven by increasing adoption rate for newer technologies and automated systems for providing quick and efficient healthcare infrastructure. Increase in insurance policies laid down by public and private sectors, rising affordability of healthcare services, and growing number of healthcare providers in metro cities are driving the double digit growth of the computer assisted coding (CAC) systems market in these segments.
The computer-assisted coding (CAC) systems market is secured by major players such as 3M Health Information Systems (U.S.), OptumInsight, Inc. (U.S.), McKesson Corporation (U.S.), Nuance Communications (U.S.), Cerner Corporation (U.S.), and Dolbey Systems, Inc. (U.S.) are the prominent players in the computer assisted coding (CAC) systems market. However, new entrants in the market such as TruCode, and DZS Software Solutions, Inc are intensifying competition and threatening the market shares of the existing players. In order to maintain their market shares, leading players are continuously adopting new technologies and introducing new advancements in the market. This increasing competitiveness is expected to drive innovation in the market, thereby helping the industry to solve existing challenges. The major existing challenge is the complex coding of ICD-10. To resolve this challenge; new technology has evolved such as, the Fusion CAC which can increase productivity, identify problem in documentation and reduce variability for a faster return on investment.
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