(IT-NEWSWIRE.COM, July 31, 2019 ) The growth of the market can be attributed to 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.
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.
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Apart from acquisitions, leading market players are pursuing the strategy of partnerships with small and medium-sized companies in order to offer innovative and comprehensive solutions to their customers. The growing focus on improving the interoperability of CAC solutions is a key factor driving partnerships in this market.
Computer Assisted Coding Market: Region-wise Outlook
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.
Computer Assisted Coding Market: Key Players
Over the last three years, leading players have focused on expanding their presence by acquiring small, regional/local players. For instance, in 2014, 3M HIS (US) acquired Treo Solutions (US) to expand its real-time data analytics and payment redesign businesses. This acquisition helped 3M in broadening its end-user base for its 360 Encompass System. Product portfolio expansion, product integration, and geographic expansion are some of the key objectives behind such acquisitions. The acquisition of smaller players in the high-growth Asian and Central & Eastern European markets is also a key area of focus for market players. This is because having a direct presence in these countries will prove to be considerably beneficial once developed markets become saturated.
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Mr. Shelly Singh