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Computer Assisted Coding Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

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Jun 2021 | 170 Views
 
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COVID-19

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Healthcare organizations store massive amount of data including patient’s personal data, clinical data and treatment history and are stored in the form of documents and records. These documents are managed by the administrative staff and the data is required while billing and discharge of patients. The collection, storage, management and retrieval of this recorded data is a complicated and tedious procedure. However, due to the technological progression and introduction on integrated IT-enabled systems in the healthcare sector, these medical records are now being stored in digital format as electronic documents in computers. The assessment of clinical data from all the data available still remains a time-consuming task for the administrative staff. Henceforth, to aid in such tasks, computer-assisted coding (CAC) systems aims to resolve this issue by scanning and analyzing electronic documents and medical data by using specific keywords. These keywords are analyzed and recognized by comparing data with the available datasets. Natural language processing (NLP) technology or structured inputs for analyzing the documents. Computer assisted coding software helps to improve efficiency, reduce degree of errors and simplify the tedious work of administrative staff. 

Computer-Assisted-Coding

Market scope and structure analysis:

Report Metric

Details

Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value ($)

  Segments covered

  Product, Application, Mode of deployment, End users and Region

  Geographies covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

3M, Optum Inc., Nuance Communications Inc., McKesson Corporation, Cerner Corporation, Dolbey nThrive Inc., Craneware Inc., Artificial Medical Intelligence, TruCode LLC and Streamline Healthcare Solutions.

 

COVID – 19 scenario analysis:  

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to novel coronavirus
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to chondroitin sulfate has been reduced and this segment have to face negligence subsequently causing negative impact on computer assisted coding market
  • However, computer assisted coding can be of great importance in this COVID-19 pandemic period as they would help the healthcare authorities, professionals, clinicians and patients by improving efficiency, reduce tedious work and increase productivity 
  • In order to distress the healthcare providers and increase efficiency, governments are planning to implement computer assisted coding across a majority of hospitals providing COVID-19 related healthcare services

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Demand for CAC systems is increasing due to adoption of electronic health records (EHR) by various healthcare services providers. CAC software is used by healthcare facilities considering the application of ICD-10 coding in coming time. These factors are responsible for driving the market growth. 10th revision of International Statistical Classification of Diseases & Related Health Problems (ICD) that is ICD-10 was released by World Health Organization (WHO) which includes a list for a number of codes for abnormal findings, diseases, complaints, symptoms, causes of injury, and social circumstances. CAC systems maintains this ICD-10 coding database which would be the key factor for growth in adoption of CAC software in healthcare facilities worldwide. 

Drivers such as rapid coding outcomes, ease in coding processes, reducing the number of coding errors, minimizing the time consumption in retrieving clinical information from the documents and standardizing the costs of healthcare services by rising population are expected to have positive impact on CAC system market. Progressive steps taken by healthcare organizations like the Medicare and Medicaid Incentive Program in the U.S. for acceptance and implementation of systems like electronic health record in the current healthcare scenario to improve clinical productivity, efficiency. Utilization of such systems would result in low errors in data management and retrieval, rapid results and assistance in billing procedures, thus reducing the tedious work for administrative staff. ICD-10 was implemented in October 2014. This development led to increase in the scope of coding. Comparatively, nearly eight times the codes of ICD 9, were now available for scanning of complex electronic documents with better accuracy. These factors have added to the market growth.

However, higher costs involved in implementation and maintenance of such systems and dearth of skilled professionals in healthcare sector for system support and resolving related issue have been restraining the market growth. Hence, often these services are out sourced by the healthcare facilities.

The unexplored emerging markets, rising awareness and adoption of CAC systems due to numerous benefits in the developing economies and cloud-based solutions would create growth opportunities for the CAC systems market.

Web based services is expected to grow significantly

Web-based delivery network operates on different servers and communicate and connect to each other via internet, virtual private network and other wireless connection via different protocols. It can be accessed entirely through web and hence no prior software installation on the device is required. Entire database and the software can be remotely operated which is one of the main advantages of the web-based computer-assisted coding system. It manages the computer-assisted coding system platform by collecting and standardizing data presented for instant view regarding clinical information of the patient or any other related data. These factors are fuelling the market growth.

North America region to dominate the market 

North America to dominate the computer assisted coding market. The dominance is due to factors like rise in the number of hospitals as well as patient pools, well-developed IT infrastructure to host such systems and higher adoption of technology in the region resulting for higher demand for innovative treatment technologies is propelling the market in the United States. Drastic rise in healthcare expenditure and high strain to achieve better health outputs at lower costs, availability of a well-developed infrastructure and government initiatives regarding the effective usage of EHR, interoperability and high focus on patient care are propelling the market for clinical workflow solutions in the region. For instance, as per EHR intelligence, in August 2018, the U.S. government invested $ 38 billion in healthcare facilities to install EHR systems since 2011.

Key segments:

Segments

Sub-segments

  Product

  • CAC Software
  • CAC Services

  Application

  • Automated Computer-Assisted Encoding
  • Management Reporting and Analytics
  • Clinical Coding Auditing

  Mode of deployment

  • On-premises
  • Web and cloud based

  End Users

  • Hospitals
  • Clinical Laboratories
  • Diagnostic Centers
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global computer assisted coding industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global computer assisted coding market share.
  • The current market is quantitatively analysed from 2020 to 2027 to highlight the global computer assisted coding market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global computer assisted coding market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Computer Assisted Coding Market research report:

  • Who are the leading market players active in the computer assisted coding market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the computer assisted coding market?
  • What are the projections for the future that will help in taking further strategic steps?
 
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