The global computer assisted coding (CAC) market is expected to grow at a double-digit CAGR and reach $3.5 Billion by 2019 largely driven by the ICD-10 transition, according to a new research report by MarketsandMarkets. The report finds providers are increasingly turning to CAC solutions to help reduce coding errors, increase coder productivity and offer quality healthcare. This can be attributed to various factors such as rapid growth in the number of healthcare facilities, increasing insurance claim reimbursement and favorable government in the computer assisted coding market.
What Is Computer Assisted Coding?
Computer-assisted coding (CAC) software solutions helps providers analyze healthcare documents and produce appropriate ICD-9/10 medical codes for specific phrases and terms within the document. CAC technology automatically generates codes directly from clinical documents. To help minimize the productivity risks associated with the ICD-10 transition, the CAC is a tool helps healthcare facilities to manage the complexity of ICD-10 coding. Providers utilizing CAC tools estimate that productivity is expected to increase from 15% to 20%. It is important to note that these estimates vary across providers based on their technical landscape/environment, implementation, integration and solution.
Types of CAC Solutions
There are two types of CAC solutions, namely, standalone software and integrated software. Standalone solutions include natural language processing (NLP) software and structured input software. NLP applications scan and interpret unstructured clinicians notes using specialized linguistic algorithms, extracting the clinical facts that support the assignment of codes. Structured input applications integrate the coding into the clinical documentation process, producing clinical documents with embedded codes. NLP applications work with clinical documentation practices which include unstructured text such as dictation, speech recognition, and transcription. Factors such as improving healthcare IT infrastructure, rising investments in CAC software integration, and increasing number of healthcare facilities are some of the key factors expected to play a vital role in the growth of the market during the forecast period.
CAC Market Insights
In 2013, North America accounted for the largest share of the computer assisted coding market, followed by Europe and Asia-Pacific. The presence of a large number of computer-assisted coding solution market players in the North American region, developed healthcare IT infrastructure, and technological advancements such as implementation of ICD-10 has led to a large market share of North America in the global Computer Assisted Coding Market. However, the APAC region represents the highest growth opportunity for the computer assisted coding market during the forecast period. Growing investments by emerging countries such as China, India, and Brazil in the CAC solution sector, rising need for better healthcare, and increasing government initiatives globally are expected to propel the growth of this market
Key Market Players
Major players in the Computer Assisted Coding Market include:
– 3M Health Information Systems
– OptumInsight, Inc.
– McKesson Corporation
– Nuance Communications
– Cerner Corporation
– Dolbey Systems, Inc.
– Precyse Solutions LLC
– Craneware plc
– Artificial Medical Intelligence
– TruCode
For more inforamtion on this report, visit http://www.marketsandmarkets.com/Market-Reports/computer-assisted-coding-market-170644018.html
