Computer Assisted Coding Market: Current Analysis and Forecast (2022-2028)

Computer Assisted Coding Market: Current Analysis and Forecast (2022-2028)

Computer-assisted coding (CAC) is a process of automating the coding of clinical data in electronic health records (EHRs) to ensure accurate and consistent coding. The goal of CAC is to improve patient safety by ensuring that the clinical data in EHRs is complete and accurate, which can inform clinical decision-making and improve patient outcomes. In addition, the adoption of electronic health records (EHRs) is growing rapidly, and CAC systems can support and reorganize the coding process by extracting codes from the records automatically. This can spare time and progress accuracy, as well as reduce costs associated with manual coding.

The Computer Assisted Coding Market is expected to grow at a strong CAGR of 11% during the forecast period owing to the increasing demand for accurate and efficient coding. In the healthcare industry, coding accuracy is essential for proper diagnosis, treatment, and reimbursement. Moreover, the growing adoption of electronic health records (EHRs), the need to reduce healthcare costs, growing concern about safety, and security, and increasing regulatory requirements around the globe are also helping the market grow at a strong growth rate. As per the National Center for Health Statistics (NCHS), in 2021, around 85% of doctors electronically recorded Social determinants of health (SDOH) information, and about 97% electronically recorded Behavioral determinants of health (BDOH) information. Rates of electronic recording of SDOH and BDOH information were marginally higher among essential care doctors, with 89% of essential care doctors electronically recording SDOH information and 98% electronically recording BDOH information in 2021.

• By product, the market is segmented into software and services. The software segment is sub-segmented into standalone software and integrated software. Among these, standalone software held a significant share of the computer assisted coding market in 2021. This is mainly due to the increasing adoption of standalone computer assisted coding arrangements by healthcare suppliers. For instance, in October 2022, Nym introduced a radiology coding solution for revenue cycle management. This is introduced and run on a healthcare provider's own servers and foundation, and they don't require integration with other frameworks. Thus, the above-mentioned factors drive the segment.
• By mode of delivery, the market is segmented into web-based solutions, on-premises solutions, and cloud-based solutions. Among these, on-premises solutions are expected to grow with a significant CAGR during the forecast period. This is mainly due to increasing demand from healthcare providers for greater control and customization. Service providers with larger IT departments and more complex coding needs may prefer on-premise solutions for security and compliance. In addition, it offers better control over software updates and maintenance, which can be critical for some service providers that will drive the segment.
• Based on application, the market is segmented into automated computer-assisted encoding, management reporting & analytics, and clinical coding auditing. As per our analysis, automated computer-assisted encoding held a major share of the market in 2021 due to the increasing demand for accurate and consistent clinical data. The use of ACAE is also being driven by the growing use of EHRs, which are becoming more prevalent in healthcare settings as they provide a more efficient and effective way to manage patient data.
• On the basis of end-users, the market is segmented into hospitals, academic medical centers, clinical laboratories & diagnostic centers, and others. The hospitals held a major share of the market in 2021. This is mainly due to the rising demand for CAC solutions that can automate the coding process and reduce the workload of healthcare providers. This can help to reduce the time and effort required to code clinical data by automatically assigning codes to specific diagnoses, procedures, and services provided to patients.
• For a better understanding of the market adoption of the computer assisted coding industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is expected to grow with a significant CAGR during the forecast period. due to the growing volume of patient data that required increased regulatory requirements for patient data management in China. For instance, on November 1, 2021, China’s Personal Information Protection Law (PIPL) came into impact. The PIPL is China’s first comprehensive legislation regulating the protection of personal information and data of “natural persons” located within China. Considering the rapid growth prospects of the region in every aspect, growth is mainly attributed to enhanced data privacy and security that inhibit data breaches and other security threats by confirming that patient data is properly coded and stored with rising penetration of computer-assisted codings in North America over the forecasted period.
• Some of the major players operating in the market include 3M, Optum Inc., Nuance Communications Inc., Oracle, Dolbey Systems, Inc., The Craneware Group, Artificial Medical Intelligence, TruCode LLC, Streamline Healthcare Solutions, PCS.