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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.