The global computer-assisted coding 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 Computer-Assisted Coding systems market. Initiatives are 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. The use of such systems exponentially increases the volume of structured and nearly error-free clinical documentation which leads to ease of scanning electronic documentation, validation, quick medical billings, and return on investment. In October 2014, ICD-10 was implemented in place of ICD-9. This advancement in technology is leading to an increase in coder productivity. Higher numbers of medical codes; nearly eight times the codes of ICD 9 are now available for scanning complex electronic documents with more specificity.
Computer-assisted coding systems market includes CAC software and CAC services. Computer-Assisted Coding (CAC) software is provided by 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 an increase in the coder’s productivity and reduces the coding error. However, the implementation of such a 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, the 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 the U.S. is the dominating region due to the rapid adoption of technological advancements because there is an increasing need for quick and efficient healthcare systems in place. However, Europe is the next frontier in this market due to the rising need for error-free medical data handling and quick operating systems. Moreover, the Asia Pacific and Latin America are the segments growing at a faster pace due to the developing economies in these regions. In these regions, the computer-assisted coding (CAC) market is largely driven by increasing adoption rates for newer technologies and automated systems for providing quick and efficient healthcare infrastructure. An increase in insurance policies laid down by public and private sectors, rising affordability of healthcare services, and a 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 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 problems in the documentation, and reduce variability for a faster return on investment.
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