- The computer-assisted coding (CAC) market has played a significant role in advancing the accuracy of patient data in EHRs by reducing coding errors. With the coming ICD-10 transition, CAC will continue to grow. This market has helped healthcare costs drop in recent years and stimulated greater productivity and efficiency of healthcare facilities across the world.
A press release from market research company ReportsnReports.com states that the global computer-assisted coding market is expected to grow 16 to 17 percent by 2019. Both the coming ICD-10 integration and meaningful use requirements within the healthcare sector are driving the gains in the CAC market.
This particular sector is growing due to regulatory compliance measures set by the Centers for Medicare & Medicaid Services (CMS) and the Big Data stemming from medical facilities. There is also a growing demand for better quality of services and greater accuracy in the healthcare market.
Complex ICD-10 coding requirements as well as the move toward reducing medical spending propel the computer-assisted coding sector further. Consolidation in healthcare along with new technological innovation bring a greater need for computer-assisted coding solutions.
There are a few issues that keep the sector from advancing even more such as lack of awareness of new technologies and the hesitation of some providers from integrating innovative health IT processes.
Nonetheless, providers trust that computer-assisted coding improves accuracy and outcomes in the healthcare setting. The American Health Information Management Association (AHIMA) interviewed data management professionals to find out their take.
“The positive impact to productivity and accuracy often can be seen within days of the implementation go-live, in both the inpatient and outpatient settings,” Ann Chenoweth, MBA, RHIA, senior director of industry relations for 3M Health Information Systems, told AHIMA. “CAC solutions often incorporate workflow capabilities, which allow even greater improvements to productivity.”
North America shares the biggest segment of the growth in the computer-assisted coding division with Europe and Asia-Pacific following behind. Both ICD-10 integration, the expansion of healthcare IT tools, and other technological developments have pushed computer-assisted coding forward in North America.
Over the next four years, the Asia-Pacific region represents the largest impact on computer-assisted coding growth due to a rise in investments, a growing need for better healthcare, and the stimulus of government programs.
The increase in insurance claim reimbursement, greater affordability of medical services, and a rising number of healthcare providers in bigger cities are all driving the market growth of CAC in the Asia-Pacific region of the globe. Countries like China, India, and Brazil are especially seeing this surge.
According to a press release from the market research firm MarketsandMarkets, the global computer-assisted coding market is predicted to reach $3.5 billion by 2019. The report conducted divides the CAC market by application, solution, end user, mode of delivery, and topographical territories.
One major reason for the financial growth in this sector is the transition from ICD-9 to ICD-10 in the North American healthcare sphere set to take place by October 1, 2015. For example, computer-assisted coding is leading to the incorporation of ICD-10 diagnosis and procedure codes in payment billing and insurance reimbursements. Improved healthcare IT infrastructure is also leading to larger market share of computer-assisted coding in North America.
Over the next four years, expect to see the global CAC market reach $3.5 billion and grow at least 16 percent.