Increasing Implementation of EHR Systems to Boost the Computer Assisted Coding Market
In recent years, EHRs (Electronic Health Records) have implemented by an ever-increasing number of hospitals around the globe. EHR implementation initiatives by the government are increasing the EHR adoption by the hospitals. The United States is one of the countries which has experienced a remarkable increase in electronic health record adoption, this is mainly due to the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Centers for Medicare and Medicaid Services (CMS) EHR Incentive Program. The HITECH Act provoked healthcare organizations to implement these EHR systems by offering an incentive program to eligible short-term acute care hospitals. Aiming to increase effectiveness and efficiency in healthcare, various computer and information technologies are being adopted and implemented by providers, administrators, and consumers in the healthcare industry. Electronic health records (EHRs), a key component of these health information technologies, have been implemented in healthcare organizations at all levels, from academic medical centers to multi-specialty medical groups to solo practices. Usability of electronic health record (EHR) systems is critical to improving patient safety and quality of care. the annual rate of EHR adoption for eligible hospitals increased from 3.2 percent before the act to 14.2 percent afterward. With the increasing implementation of EHR systems, the medical assisted coding market is also expected to increase the market growth as this EHR requires the computer-assisted coding. Other factors which are driving the computer assisted coding market growth are increasing utilization of CAC solutions to curtail the rising healthcare costs and increasing regulatory requirements for patient data management.
Lack of On-Site CAC Support and In-House CAC Domain Knowledge
Computer-assisted coding (CAC) is now becoming a trending process these days because it speeds up the coding process. As more healthcare facilities adopt EHRs, and clinicians become more specific in their documentation efforts, coders have more to read, slowing down their production. There is also pressure to get claims to insurance companies quickly so payments arrive faster. Since the start of ICD-10 in October 2014 will change the structure of coding and volume of documentation for review, healthcare systems are hoping CAC will accelerate their preparations for the launch and keep productivity steady after the transition. As organizations move toward new healthcare delivery models, such as the EHR and other electronic patient medical records the coding support departments are being asked to absorb more work, such as coding or validating physician office encounters and ambulatory visits. These demands, combined with regional coder shortages, workflow fluctuations, and increased work volumes, have led many healthcare facilities to hire extra coders. But due to the lack of coders in the healthcare, it is creating major problems in the maintenance of these coding support. So the lack or the shortage of on-site CAC support in the hospitals and lack of in-house CAC domain knowledge to the new upcoming coders is hindering the market growth. And other factors such as high implementation and maintenance costs are also restraining the growth of the market.
North America to Dominate the Computer Assisted Coding Market
North America is the biggest market for global Computer Assisted Coding market due to owing to the growing investment from key players in the development of these software’s, and government initiatives in the region, such as the HITECH act. And even the adoption rate of new software’s and its usage is more in this region. These factors are making the North America region to have the highest market share in Computer Assisted Coding market.
Key Developments in the Computer Assisted Coding Market
Jun 2017: Athenahealth agrees to acquire Praxify Technologies to Advance Cloud Platform and Mobile Innovation.
Major Players: 3M COMPANY, ARTIFICIAL MEDICAL INTELLIGENCE, INC., ATHENAHEALTH, INC., CERNER CORPORATION, DOLBEY SYSTEMS, INC., NUANCE COMMUNICATIONS, INC., OPTUM, INC., STREAMLINE HEALTH SOLUTIONS, INC. among others.
Reasons to Purchase the Computer Assisted Coding Market Report
- Current and future global Computer Assisted Coding market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry
6. Market Dynamics
6.1.1 Increasing Implementation of EHR Systems
6.1.2 Increasing Utilization of CAC Solutions to Curtail the Rising Healthcare Costs
6.1.3 Increasing Regulatory Requirements for Patient Data Management
6.2.1 High Implementation and Maintenance Costs
6.2.2 Lack of On-Site CAC Support and In-House CAC Domain Knowledge
6.4 Key Challenges
7. Market Segmentation
7.1 By Product
126.96.36.199 Standalone Software
188.8.131.52 Integrated Software
7.2 By Mode of Delivery
7.3 By Application
7.3.1 Automated Computer-Assisted Encoding
7.3.2 Management Reporting and Analytics
7.3.3 Clinical Coding Auditing
7.4 By End User
7.4.2 Clinical Laboratories and Diagnostic Centers
7.5 By Geography
7.5.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
7.5.4 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of the Middle East & Africa
7.5.5 South America
220.127.116.11 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 3M Company
9.2 Artificial Medical Intelligence, Inc.
9.3 Athenahealth, Inc.
9.4 Cerner Corporation
9.5 Dolbey Systems, Inc.
9.6 Nuance Communications, Inc.
9.7 Optum, Inc.
9.8 Streamline Health Solutions, Inc.
* List not Exhaustive
10. Future of the Market