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(Health-NewsWire.Net, January 24, 2020 ) The transition to ICD-10 coding standards from ICD-9 in North America, the growing demand for CAC solutions, the growing need within the global healthcare system to curtail increasing healthcare costs, improve coding accuracy, and streamline the revenue cycle management procedures.
The computer assisted coding market is expanding with the emergence of new products and applications. These computer assisted coding solutions being used in many applications such as automated computer-assisted encoding, management reporting & analytics, and clinical coding auditing.
Implementation of ICD-10 Drive the Global Computer Assisted Coding Market
Many hospitals, especially in North America, are adopting CAC systems to manage the increasing load of coding resulting from the adoption of ICD-10 standards. Major health plans like Medicare have reported a smooth transition to ICD-10 due to rigorous testing for over six years. The ICD-10 coding system requires the use of 72,000 procedure codes and 68,000 CM codes, as opposed to the 4,000 and 14,000 codes, respectively, in the ICD-9 system. The requirement of managing a high volume of codes in the ICD-10 system is in turn driving the demand for automation.
The US is expected to dominate the global CAC market due to the mandated switchover to ICD-10 coding standards in October 2015. This transition may result in a decline in coders’ productivity, thereby resulting in lower profitability for hospitals. The implementation of CAC systems can resolve this issue as they enable healthcare organizations to work more efficiently while complying with procedural coding standards as per ICD-10 guidelines. This trend is expected to provide a strong stimulus to the growth of the CAC market in North America in the coming years.
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Geographical Region
The computer assisted coding market in APAC is expected to grow at the highest CAGR during the forecast period. The growth of this region is primarily driven by the escalating demand to reduce the burden of the healthcare systems, curtail healthcare delivery costs, increasing implementation of Healthcare IT solutions, and the various government initiatives for enabling efficient, affordable, and on-time delivery of quality care. As a result, APAC holds a significant share of the overall computer assisted coding market.
Leading Companies
3M Health Information Systems (US), Optum (US), McKesson Corporation (US), Nuance Communications (US), Cerner Corporation (US), Dolbey Systems (US), Precyse Solutions (nThrive) (US), Craneware (UK), Artificial Medical Intelligence (US), and TruCode (US). Other players include Quest Diagnostics (US), Streamline Health Solutions (US), M-scribe Technologies (US), eZDI Inc. (US), Alpha II LLC. (US), ID GmbH & Co. KGaA (Germany), ZyDoc (US), Coding Strategies (US), Patient Code Software (US), and Flash Code (US) among others.
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