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Computer Assisted Coding Software Market

Computer Assisted Coding Software Market:Global Industry Analysis 2015 - 2019 and Opportunity Assessment 2020 - 2030

Market Insights on Computer Assisted Coding Software covering sales outlook, demand forecast & up-to-date key trends

Computer Assisted Coding Software Market Overview

The global market for computer assisted coding (CAC) software will become relatively lucrative over the forecast period due to some factors such as immediate coding results, reduction in time for tracing medical records, ease of medical coding, decrease in rising healthcare expenditure, and minimizing medical coding.

Rapid increase in insurance reimbursement policies coupled with swift improvements in the healthcare infrastructure around the globe is rolling down private and public organizations.

Growing initiatives taken by public healthcare organizations are increasing the adoption of CAC software in the medical sector. For instance, the Medicare and Medicaid Incentive Program in the United States for the use and adoption of certified electronic health record (EHR) systems by clinicians, physicians, and hospitals are utilizing such systems.

Use of these systems and error-free clinical documentation leads to quick medical billings, validation, ease of scanning electronic documentation, with high return on investment. Hospitals manage a huge amount of data and store these medical records in the systems. Thus, preserving and handling these records is a hectic work for administrative person in the hospital.

Owing to this, hospitals are the major adopters of this technological advancement. CAC software uses natural language processing (NLP) technology or structured input for processing of documents.

This helps in enhancing the productivity. Furthermore, CAC software will witness greater adoption in the healthcare industry owing to the rapid adaptation of ICD-10 coding in the near future. This technological advancement helps in increasing the coder productivity.

Impact of COVID-19 Pandemic Outbreak

Due to the pandemic outbreak of novel coronavirus most of the governments have enforced lockdown, and all the organisations are either temporarily closed or the employees are working from their remote places. In addition, the demand for computer assisted coding software has increased significantly in the healthcare and medical sector, owing to the pandemic outbreak.

Thus the market is anticipated to grow by 4-5% in Q3 and Q4 of 2020. Also, in response to the COVID-19 pandemic, service providers are taking special measures to fulfill the customer’s demand for cloud usage, due to sudden shift to a remote workforce. Amid global lockdowns due to COVID-19 outbreak, the cloud based deployment is anticipated to grow by 1.4X by the end of 2020.

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Computer Assisted Coding Software Market: Driver and Restraint

Growing Consolidation to Open New Avenues for Growth in Computer Assisted Coding Software Market

Over the past few years, major market players have focused on improving their presence by venturing with small firms and entrepreneurs along with local/regional players.

More and more companies are embracing the automation concept and jumping on the adoption of this software and finally implementing it for simplifying the administrative work and taking the burden of the coders. Major factor considered here is web-based delivery which runs various server computers at a time and virtually communicates the private network with the help of the internet and wireless network.

This is done with the help of HTTP IP/TCP along with several other protocols. All the software and data are accessed and hosted remotely via internet. Thus, these factors are commonly driving the growth of computer assisted coding software market.

High Cost to Hinder Obstruct Rising Demand for Computer Assisted Coding Software Market

The most common challenge the CAC software market is experiencing is its high initial cost coupled with problem of adaptation by the hospital management. Some of the small and mid-sized hospitals consider it an unnecessary investment and consider highlighting enhancing other crucial medical facilities.

In addition to this, CAC software also witnesses an issue in understanding and processing the handwritten notes for coding procedure. Therefore, these are some aspects that limit the use of computer assisted coding software in conventional healthcare facilities, where the technology is not yet adopted and investments are in the planning stage.

Computer Assisted Coding Software Market: Competition Landscape

Examples of some of the market participants in the global computer assisted coding software market identified across the value chain include

  • Cerner Corporation
  • 3M Health Information Systems 
  • Nuance Communications 
  • Artificial Medical Intelligence
  • Dolbey Systems Inc. 
  • Mckesson Corporation
  • EPIC Systems Corporation 
  • Quest Diagnostics Incorporated
  • Optum Inc. 
Nikhil Kaitwade
Principal Consultant
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Computer Assisted Coding Software Market: Regional Outlook

North America will continue to lead the regional share of the computer assisted coding software market. The growth is largely attributed to swift adoption of technological development in the US owing to surging need for an instant and efficient & effective healthcare system in place.

On the other hand, Europe is considered to be the next frontier in the global CAC software marketplace due to mounting need for quick operating system and error-free medical data. Moreover, Latin America and APAC are poised to grow at a steady pace as this region is among the quickly developing regions.

Both regions are witnessing growth because of the increasing adoption of automated systems and newer technologies for providing efficient healthcare infrastructure. The computer assisted coding software market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on

  • Computer Assisted Coding Software Market Segments
  • Computer Assisted Coding Software Market Dynamics
  • Computer Assisted Coding Software Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Technology Landscape
  • Value Chain of the Market
  • Market Drivers and Restraints
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Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of Latin America)
  • Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
  • East Asia (China, Japan, South Korea)
  • South Asia and Pacific (India, Malaysia, Indonesia, Singapore, Australia & New Zealand, Rest of South Asia and Pacific)
  • Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)

Computer Assisted Coding Software Market: Segmentation

The computer assisted coding software market can be segmented on the basis of solution, deployment, application, and region.

Solution:

  • Software
    • Standalone CAC software
    • Integrated CAC software
  • Services
    • Support & maintenance services
    • Education & training Services

Deployment:

  • Cloud-based
  • On-premise
  • Web-based

Application:

  • Clinical code auditing
  • Management reporting & analytics
  • Automated computer-assisted encoding
  • Others
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Nikhil Kaitwade
Principal Consultant
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Computer Assisted Coding Software Market