Computer Assisted Coding Market Industry Trend and Forecast 2016 – 2024

Hospitals need to manage and store a large quantity of patient’s medical record in its system. These medical records contain patient’s personal data and treatment history which is documented in a proper manner. The document is used by administrative staff for billing purpose during patient’s discharge from hospital. Thus, the handling and preservation of records is a tedious work for administrative person in hospital. However, with the introduction of information technology, these medical records are now being recorded in digital form and are stored in a computer. However, the time taken by an administrative person to extract appropriate information from the document is more as the person needs to read the whole document carefully. Computer assisted coding software aims to resolve this issue by analyzing the medical record or document for specific keywords. The keywords are analyzed by comparing the document data with available database. Thus, computer assisted coding software provides appropriate keyword to the administrative person or coder who can use it for billing purpose.

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Computer assisted coding software uses structured input or natural language processing (NLP) technology for document processing. This helps to increase productivity and reducing process time of the administrative person or coder. Computer assisted coding software also helps in reducing errors and improving efficiency of healthcare facility. It can be used by billing personnel, compliance officers and auditors to verify document in healthcare industry. Today, computer assisted coding software is available in cloud-based and on-premise types depending upon the hospital requirement.

The rapid adoption of electronic health record (EHR) in many healthcare facilities is creating demand for computer assisted coding market. Computer assisted coding software can be used for insurance claim reimbursement in healthcare sector. Computer assisted coding software will see more adoption in healthcare facilities due to the adaptation of ICD-10 coding in coming years. ICD-10 is the 10th revision of the International Statistical Classification of Diseases and Related Health Problems (ICD) list which is promoted by World Health Organization (WHO). ICD-10 contains codes for diseases, abnormal findings, symptoms, complaints, social circumstances and causes of injury or diseases. This is used by computer assisted coding software as a coding database.

The major challenge for computer assisted coding software is its high initial cost and the problem of adaptation by the hospital management. Hospitals consider it as an unnecessary investment and focus on improving other facilities. Computer assisted coding software also have problem in processing handwritten notes for coding processes. This limits use of computer assisted coding software in traditional healthcare facilities were information technology is not yet implemented.

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Developed economies such as North America and Europe will see a good demand for Computer Assisted Coding market in coming years. This is due to strict regulation norms adopted by the governments in developed economies. The demand for computer assisted coding software in developing countries such as China, India and Brazil is going to increase in coming years due to the increase in healthcare infrastructure. Some of the key Computer Assisted Coding software providers are Cerner Corporation, MModal IP LLC, Optum Inc, PlatoCode LLC, QuadraMed Affinity Corporation, 3M Company, Artificial Medical Intelligence Inc, Craneware PLC, Mckesson Corporation, Dolbey Systems Inc, Optum Inc, Precyse Solutions, Nuance Communications Inc, and Trucode.

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