Overview and Scope
Computer-assisted coding (CAC) is a technology that employs advanced algorithms to automatically read and interpret clinical documentation and then generate appropriate medical codes for specific phrases and terms within the document. This technology supports healthcare providers by enhancing the speed and accuracy of medical coding, which is crucial for billing and insurance purposes.
Sizing and Forecast
The computer assisted coding market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to data explosion, regulatory compliance, business intelligence demand, customer experience enhancement, cost reduction and efficiency, increased awareness and education.
The computer assisted coding market size is expected to see rapid growth in the next few years. It will grow to $9.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to ai and ml integration, predictive analytics demand, cross-industry adoption, enhanced security measures, real-time analytics. Major trends in the forecast period include technology advancements, natural language processing (nlp) advancements, ai-powered automation, multimodal content processing, real-time analytics.
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The computer assisted coding market covered in this report is segmented –
1) By Product: Software, Services
2) By Mode of Delivery: Web And Cloud Based, On-Premises
3) By Application: Automated Computer-Assisted Encoding, Management Reporting And Analytics, Clinical Coding Auditing
4) By End User: Hospitals, Physicians, Academic Medical Centers, Clinical Labs And Diagnosis Centers, Other Healthcare Providers
North America was the largest region in the computer assisted coding market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the computer assisted coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of electronic health records (EHR) is expected to fuel the growth of the computer-assisted coding market going forward. Electronic health records (EHRs) are digital versions of patients’ paper charts that systematically collect health information in a computerized format. Computer-assisted coding (CAC) enhances the efficiency and accuracy of electronic health records by automating the extraction and assignment of medical codes from clinical documentation. For instance, in September 2021, according to National Trends in Hospital and Physician Adoption of Electronic Health Records, a US-based intergovernmental organization, nearly all non-federal acute care hospitals (96%) and nearly 4 in 5 office-based physicians (78%) had adopted a certified electronic health record (EHR) in 2021, marking substantial progress compared to previous years. Therefore, an increasing adoption of electronic health records (EHR) is driving the growth of the computer-assisted coding market.
Key Industry Players
Major companies operating in the computer assisted coding market report are UnitedHealth Group Inc., McKesson Corporation, Microsoft Corporation, Oracle Corporation, 3M Company, GE HealthCare Technologies Inc., Epic Systems Corporation, Athenahealth Inc., Cerner Corporation, FinThrive Revenue Systems LLC, eClinicalWorks, NextGen Healthcare Inc., Medical Information Technology Inc., Computer Programs and Systems Inc., Availity LLC, Craneware plc, AGS Health, CareCloud Inc., ezDI Inc., Streamline Health Solutions Inc., ZyDoc Corporation, Codifyd Inc., Dolbey Systems Inc., Alpha II LLC, M-Scribe Technologies LLC, ChartWise Medical Systems Inc., Saince Inc., Talix Inc., Apervita Inc., Artificial Medical Intelligence Inc.
The computer assisted coding market report table of contents includes:
1. Executive Summary
2. Computer Assisted Coding Market Characteristics
3. Computer Assisted Coding Market Trends And Strategies
4. Computer Assisted Coding Market – Macro Economic Scenario
5. Global Computer Assisted Coding Market Size and Growth
…..
32. Global Computer Assisted Coding Market Competitive Benchmarking
33. Global Computer Assisted Coding Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Computer Assisted Coding Market
35. Computer Assisted Coding Market Future Outlook and Potential Analysis
36. Appendix
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