PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397094
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397094
Computer-Assisted Coding Systems Market size was valued at USD 5,003.5 Million in 2022, expanding at a CAGR of 12.3% from 2023 to 2030.
Computer-assisted coding (CAC) is a software tool that utilizes natural language processing (NLP) and machine learning to examine clinical documentation and propose suitable medical codes for patient records. CAC has historically played a significant role in the healthcare industry, aiding healthcare providers and coders in enhancing productivity. CAC assists providers and coders in assigning codes to patient records, which are crucial for billing, reimbursement, quality reporting, and other vital health information system functions. The primary advantage offered by CAC is the heightened productivity and efficiency in medical coding workflows. By automating certain aspects of the coding process, CAC systems can analyze straightforward documentation more rapidly than human coders alone. As per the American Health Information Management Association (AHIMA), CACS provides numerous benefits compared to manual coding, including increased productivity, efficiency, and consistent application of coding rules.
In various countries, there has been a recent surge in the implementation of electronic health records (EHRs). These systems have enabled numerous healthcare organizations to efficiently store, manage, and process their data. Moreover, hospitals in the Asia-Pacific region are now actively seeking CAC solutions that can enhance productivity by leveraging their existing platforms, Owing to the increasing adoption of EMRs. The benefits of CAC extend beyond improved coding accuracy and productivity, as evidenced by its positive effects. According to the National Center for Health Statistics (NCHS), as of 2021, a significant majority of office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) have adopted a certified EHR, marking substantial progress over the past decade. Additionally, the incorporation of AI and machine learning technologies into CAC systems presents an opportunity for the Computer-Assisted Coding Systems Market. However, the growth of this market is hindered by the legal and ethical implications associated with automated coding.
The Global Computer-Assisted Coding Systems Market is segmented on the basis of Type, Application, and Region.
The market is categorized into two categories based on type, namely Software and Services. CAC systems are software applications that employ natural language processing (NLP) and machine learning algorithms to examine clinical documentation, including electronic health records (EHRs), and propose suitable medical codes. These systems can be utilized for both International Classification of Diseases (ICD) coding for diagnoses and Current Procedural Terminology (CPT) coding for procedures. Additionally, a range of software and tools are employed alongside CAC systems to aid in medical coding and coding-related activities.
The market is divided into two categories based on application: Hospitals, Physicians, Academic Medical Centers, Clinical Labs and Diagnosis Centers and Other Healthcare Providers. The hospital segment dominates the market. The consistent expansion of the CAC systems market in healthcare facilities can be attributed to the surge in demand for precise medical coding, the necessity to simplify coding processes, and the shift towards value-based care models.
Geographically, this market is widespread in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The market growth is projected to be dominated by North America, primarily the United States, owing to the surge in healthcare expenditure and advancements in healthcare technology. The United States is renowned for having one of the highest levels of healthcare expenditure globally. This substantial investment in healthcare infrastructure and services creates a favorable environment for the adoption of advanced technologies such as CAC systems. In 2021, U.S. healthcare spending experienced a growth of 2.7 percent, reaching a total of USD 4.3 trillion or $12,914 per person. According to the Centers for Medicare & Medicaid Services, health spending accounted for 18.3 percent of the nation's Gross Domestic Product. On the other hand, Europe is anticipated to drive market growth in the upcoming year due to the increasing demand for efficient coding systems, the rising need for data accuracy in healthcare organizations, and the growing demand for automation in healthcare organizations.
Several prominent companies are actively engaged in the medical coding market on a global scale, striving to provide innovative software and products. The fierce competition within this market is expected to yield improved outcomes for both patients and healthcare service providers. The advancement of high-tech medical devices, equipment, targeted therapies, and cutting-edge procedures has significantly enhanced medical functionality and elevated the quality of healthcare services. The market for computer-assisted coding (CAC) tools is highly competitive and fragmented, with numerous new entrants and established IT companies entering the scene in recent years. While companies based in industrialized nations currently dominate the majority of market share, advancements in technology and knowledge transfer across borders have enabled businesses in less affluent nations to compete. Notable industry competitors include Oracle, TruCode LLC, Optum Inc., Artificial Medical Intelligence, Inc., and 3M Company. These industry leaders are implementing strategic plans to drive company growth, such as introducing new products, expanding into new markets, and establishing robust distribution networks. Furthermore, significant investments are being made in product development, which serves as a catalyst for revenue growth. The global market for computer-assisted coding experiences intense competition, fueled by factors like the introduction of new products and the successful outcomes observed during clinical trials.
May 2021, Alfred Health, a healthcare provider in Victoria, has chosen the 3M 360 Encompass System to streamline and automate various aspects of clinical documentation integrity (CDI), medical records clinical coding, and performance monitoring across all its facilities. By leveraging the advanced technology offered by 3M Health Information Systems, Alfred Health aims to enhance the accuracy and efficiency of its coded data, boost coding productivity, ensure appropriate DRG capture and reimbursement, and utilize actionable data to drive improvements in patient outcomes.