What is Computer Assisted Coding Software Market Scope?
A computerized coding system is a software that, by analyzing health documents, creates a specific keyword for specific terms and concepts. These keywords provided by (CACS) can help increase productivity and reduce processing time for the administrator. Computerized coding software is primarily focused on reducing errors and improving healthcare facility efficiency. Various products and services offered through computer-aided coding include software, standalone software, structured input software, integrated software, services, support and maintenance, and education and training. It is used in applications such as Automated Computer-Aided Coding, Management Reporting & Analytics, and Clinical Coding Testing. There are three types of deployment of this software including web-based, cloud-based, and on-premise. Computerized coding is used by a variety of end-users such as hospitals, doctors, academic medical centers, clinical laboratories and diagnostic centers, and other healthcare providers. Computerized coding software uses NLP (Structured Input or Natural Language Processing) technology for document processing. This contributes to increasing productivity and shortening the processing time of the administrator or the encoder. Computerized coding software also helps reduce errors and improve healthcare facility efficiency. It can be used by billing staff, compliance officers, and auditors to review documents in the healthcare industry. Today, computerized coding software is available in cloud-based and on-premise versions depending on hospital needs.
Influencing Trend:
Rapid Improvement in the Global Healthcare Infrastructure, A Rise in the Implementation of EHS in Healthcare Organizations and Rising Improvement in Coding Accuracy, And Streamlining the Revenue Cycle Management Procedures
Market Growth Drivers:
The Growing Adoption of CAC Solutions Due To the Implementation of ICD-10 Standards, The Growing Demand for CAC Solutions, Increasing Regulatory Requirements for Patient Data Management and The Growing Need within the Global Healthcare System to Curtail Increasing Healthcare Costs
Challenges:
Lack Superior Infrastructural Developments and Capital Requirements and Reluctance to Adopt CAC Solutions among Healthcare Providers in Emerging Markets
Restraints:
The High Costs of Installation and Maintenance and Lack of On-Site CAC Support and In-House CAC Domain Knowledge
Opportunities:
Rising Insurance Reimbursement Policies Are Rolled Down By Private and Public Organizations, Increasing Healthcare Expenditure by Population, Growing Adoption of Cloud-Based Solutions and A Rise in Initiatives Taken By Public Healthcare Organizations
The Computer Assisted Coding Software market study is being classified by Type (Solution [Standalone, Integrated] and Service [Support & Maintenance Services, Education & Training Services]), by Application and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global Computer Assisted Coding Software market throughout the predicted period.
Optum, Inc. (United States), 3M Health Information Systems (United States), McKesson Corporation (United States), Nuance Communications Inc. (United States), Cerner Corporation (United States), Precyse Solutions, LLC (nThrive) (United States), TruCode (United States), Dolbey Systems (United States), Craneware Plc. (United Kingdom), Epic Systems Corporation, Quest Diagnostics (United States), M-Scribe Technologies, LLC (United States), ezDI, Inc. (United States), Coding Strategies, Inc. (United States), Alpha II, LLC (United States), ID GmbH & Co. KGaA (Germany) and iMedx Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are ZyDoc (United States), Flash Code (United States), Patient Code Software (United States) and HRS Inc. (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Computer Assisted Coding Software market by Type, Application and Region.
On the basis of geography, the market of Computer Assisted Coding Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
In 2016, 3M Company had acquired Semfinder (Switzerland), which is a medical coding technology company, and made key new coding technologies available to 3M to accelerate the availability of the 3M 360 Encompass system in countries adopting electronic health records.
In 2016, 3M Company had launched the 3M 360 Encompass System - Professional Computer-Aided Coding Software.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Computer Assisted Coding Software, Venture Capitalists and Private Equity Firms and End-Use Industry
Computer Assisted Coding Software Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Computer Assisted Coding Software Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Computer Assisted Coding Software industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.