Nov 25, 2021, 08:51 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 25, 2021, 08:51 /Comserve / -- Computer Assisted Coding Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Computer Assisted Coding Market is expected to register a CAGR of 11.2% during the forecast period.
The COVID-19 pandemic had a potential economic impact and implications on most of the sectors, including the healthcare IT market. The impact of COVID-19 pandemic on global computer assisted coding market is positive because increasing adoption of advanced solutions to reduce the operational cost and growing focus on patient care management. Many healthcare organizations around the world are implementing computer-assisted coding (CAC) and the growth in adoption of these systems can be seen in the post-COVID-19 impact. During the COVID-19 pandemic, the code providers used to document COVID-19 was an International Classification of Disease (ICD), Tenth Revision, Clinical Modification (ICD-10-CM) emergency code created by the World Health Organization in March 2020 for confirmed cases of COVID-19.
Adding to that, there have been new International Classification of Disease (ICD) procedure codes related to the COVID-19 and many more changes to the Current Procedural Terminology (CPT) and Healthcare Common Procedural Coding System (HCPCS) code sets to account for COVID-19 and related conditions and procedures.
Some of the factors which are driving the market growth include increasing implementation of electronic health record (EHR) systems, increasing utilization of computer assited coding solutions to curtail the rising healthcare costs and increasing regulatory requirements for patient data management.
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Furthermore, increasing improvement in the healthcare infrastructure and growing insurance reimbursement policies are rolled down by public and private organizations. Adding to that, growing adoption of CAC solutions and to reduce increasing healthcare expenditure by population is boosting the growth of the computer assisted coding systems market.
The market players adopted various strategies such as product launches, collaborations, acquisitions, merges and expansions to increase market share. For instance, in September 2019, 3M company Health Information Systems and M Modal launched a clinical documentation enhancement tool that uses artificial intelligence to encourage speed and efficiency for clinicians and coders.
In addition, in October 2019, abeo acquired Trusted i10 which allowed company abeo to expand its software offerings and services and to exploit advanced technology that used artificial intelligence (AI) to help health providers increase their accuracy and compliance. However, high cost of maintenance and lack of skilled professionals for system support have been restraining the market growth.
Key Market Trends
Under Mode of Delivery Web and Cloud Based Segment is Expected to Hold Significant Market Share Over the Forecast Period.
Web-based delivery is a network that runs on different server computers, and communicates by internet, virtual private network, and the wireless network, using hyper text transfer protocol (HTTP), Transmission Control Protocol (TCP) and Internet Protocol (IP) or other protocols. A web-based computer-assisted coding system is entirely accessed through a web browser and no software is installed or required on the device at all. All data and software is hosted remotely and accessed through the internet. This is one of the main advantages of the web-based computer-assisted coding system.
The impact of COVID-19 on the computer-assisted coding (CAC) software is positive and it is expected to move ahead with a steady pace beacuse it is a medical requirement, and currently countries across the globe are strengthening their medical infrastructure to fight against the pandemic. This will create lucrative opportunities for the market to grow in the coming years.
Cloud-based solutions are comparatively newer approaches and are mostly used by the organizations that lack the internal infrastructure to support it. The installation cost for these systems is lower. Moreover, these software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand.
The web-hosted model manages the computer-assisted coding system platform by aggregating and normalizing data presented for instant view regarding clinical information of the patient or any other data. The main difference in web-based computer-assisted coding system model and cloud-based computer-assisted coding system model is the usage of personal instance of application in web-based model. In cloud-based model, the provided model is standardized for all customers. In addition, the main factor hindering the growth of the web-based model segment is that, unlike cloud-based, they run only on the provider’s web servers.
The web-based computer-assisted coding system does not require any hardware as it is hardware independent, hence, these systems can be used on devices with a web browser. Some of the strategies adopted by market players to increase their market share include mergers, acquisitions, collaborations and expansions. For instance, in November 2019, abeo (Trusted i10, LLC) partnered with athenahealth’s Marketplace Program to provide computer-assisted coding to enhance compliance and reimbursement accuracy. Hence, owing to above mentioned factors it is expected to drive the segment growth over the forecast period.
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North America Dominates the Market and Expected to do Same in the Forecast Period
Some of the factors which are driving the market growth in North America region include many investments in modernising its digital healthcare infrastructure, high investments in healthcare by the government and private sector and presence of key market players.
Since the Health Information Technology for Economic and Clinical Health (HITECH) Act came into being in 2009, the use of computer-assisted coding in the United States has been increasing, along with EHR. The HITECH Act has introduced EHR incentive program for United States healthcare providers, to facilitate the efficient and meaningful use of health IT software. The United States government plans to use electronic health records to cut costs and improve the quality of healthcare over the next decade.
For instane, according to the Canada Health Infoway, in 2018, 93% of physicians who use an electronic medical records allow them to provide improved patient care, while 100% of Canadians have at least one hospital clinical report, or their immunization record, available in electronic form, and their authorized clinicians can access this information outside of a hospital.
In addition, in March 2018, the Trump Administration announced the MyHealthEData Initiative hich aims to empower patients by ensuring that they control their healthcare data and can decide how their data is going to be used, all while keeping that information safe and secure. This will also allow an overhaul to Centers for Medicare & Medicaid Services (CMS’s) Electronic Health Record (EHR) Incentive Programs.
Furthermore, many hospitals in North America region, are adopting computer-assisted coding (CAC) systems to manage the increasing load of coding resulting from the adoption of ICD-10 standards. Government funding is likely to increase the adoption of computer-assisted coding by healthcare providers and change the way players across the sectors operate.
Hence, the increasing adoption of patient-centric approach by healthcare payers, favorable government funding policies, and initiatives for implementing healthcare IT solutions are the major factors expected to drive the computer-assisted coding market in North America region during the forecast period.
The Computer Assisted Coding Market is fragmented competitive. Not only established players of information technology industry have been intrigued in the market, many new players have also established their presence. Market players in developed countries have more resources and fundings, hence mainly dominate the global market. However, technological advancements and sharing of knowledge across borders have helped companies in developing countries to enter the race. Some of the market players include Cerner Corporation, TruCode LLC, Optum, Inc., Artificial Medical Intelligence, Inc., 3M Company and others.
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