Computer Assisted Coding Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

Computer Assisted Coding Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

  • Transparency Market Research
  • Ongoing
  • Software

Report Description

Hospitals need to manage and store a large quantity of patient’s medical record in its system. These medical records contain patient’s personal data and treatment history which is documented in a proper manner. The document is used by administrative staff for billing purpose during patient’s discharge from hospital. Thus, the handling and preservation of records is a tedious work for administrative person in hospital. However, with the introduction of information technology, these medical records are now being recorded in digital form and are stored in a computer. However, the time taken by an administrative person to extract appropriate information from the document is more as the person needs to read the whole document carefully. Computer assisted coding software aims to resolve this issue by analyzing the medical record or document for specific keywords. The keywords are analyzed by comparing the document data with available database. Thus, computer assisted coding software provides appropriate keyword to the administrative person or coder who can use it for billing purpose.

Computer assisted coding software uses structured input or natural language processing (NLP) technology for document processing. This helps to increase productivity and reducing process time of the administrative person or coder.  Computer assisted coding software also helps in reducing errors and improving efficiency of healthcare facility. It can be used by billing personnel, compliance officers and auditors to verify document in healthcare industry. Today, computer assisted coding software is available in cloud-based and on-premise types depending upon the hospital requirement.

The rapid adoption of electronic health record (EHR) in many healthcare facilities is creating demand for computer assisted coding market. Computer assisted coding software can be used for insurance claim reimbursement in healthcare sector. Computer assisted coding software will see more adoption in healthcare facilities due to the adaptation of ICD-10 coding in coming years. ICD-10 is the 10th revision of the International Statistical Classification of Diseases and Related Health Problems (ICD) list which is promoted by World Health Organization (WHO). ICD-10 contains codes for diseases, abnormal findings, symptoms, complaints, social circumstances and causes of injury or diseases. This is used by computer assisted coding software as a coding database.

The major challenge for computer assisted coding software is its high initial cost and the problem of adaptation by the hospital management. Hospitals consider it as an unnecessary investment and focus on improving other facilities. Computer assisted coding software also have problem in processing handwritten notes for coding processes. This limits use of computer assisted coding software in traditional healthcare facilities were information technology is not yet implemented.

Developed economies such as North America and Europe will see a good demand for Computer Assisted Coding market in coming years. This is due to strict regulation norms adopted by the governments in developed economies. The demand for computer assisted coding software in developing countries such as China, India and Brazil is going to increase in coming years due to the increase in healthcare infrastructure. Some of the key Computer Assisted Coding software providers are Cerner Corporation, MModal IP LLC, Optum Inc, PlatoCode LLC, QuadraMed Affinity Corporation, 3M Company, Artificial Medical Intelligence Inc, Craneware PLC, Mckesson Corporation, Dolbey Systems Inc, Optum Inc, Precyse Solutions, Nuance Communications Inc, and Trucode.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market 

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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