The global computer assisted coding systems market is poised for massive demand in the forthcoming years. Computer assisted coding systems (CACS) are software which analyze healthcare documents and assigns specific code to certain terms and phrases within the document. The shift to digitization of patient records and diagnosis report has called for the need for CACS. High demand for medical coding systems and transition to electronic health records can drive the computer assisted coding systems market.
The revised version of the International Statistical Classification of Diseases and Related Health Problems (ICD-10-CM) which contains codes to classify diseases and other disorders for faster storage of mortality certificates. Development of advanced systems in which CACS can perform a major portion of the coding can open up new avenues in the market. Rollout of policies for patient data management for their security and privacy is likely to propel the market growth. Adoption of CACS to keep rising healthcare costs under check and preference of specialists for outpatient settings can fetch new growth opportunities.
The global computer assisted coding systems market is segmented on the basis of type and application. By type, it is segmented into cloud-based ACAS and on-premise ACAS. The cloud-based ACAS segment is expected to generate revenue for the market due to the scalability and flexible nature of the technology. In addition, various subscription models according to price or usage as well as its ability to function in various time zones can augur favorably for the segment.
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This report focuses on the global top players, covered
By application, it is segmented into academic medical centers, clinical laboratories, physician practices, hospitals, and others. Hospitals can account for a major market share due to the utilization of the software for handling outpatient payment cycles.
Regionally, the market covers trends and opportunities across India, China, Japan, United States, Southeast Asia, and Europe. The United States region can capture a reasonable share of the computer assisted coding systems market due to integration of ICD-10 standards combined with the need for curtailing hospital operational expenditure. Massive demand for software capable of handling clinical documentation as well as consolidation among players to lower prices of CACS can drive the regional market growth.
China, India, Japan, and Southeast Asia can collectively exhibit a stupendous growth rate due to escalated demand by healthcare providers to alleviate the burden of large patient volume. Government policies to ensure quality patient care and implementation of healthcare costs can bolster the market growth. Automated encoding of data in compliance with latest standards of ICD-10-CM to ensure the transfer of data between healthcare organizations is coherent and consistent.
Consolidations are expected to be a major strategy of players in the computer assisted coding systems market. Players are acquiring health information management companies and absorbing the process within their own development plans for expanding their presence. Product integration, product portfolio expansion, and geographic expansion are other key strategies. Europe and Asia are prime locations for players due to saturation of the market in North America.
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