Clinical Documentation Improvement Market Report 2024

This Clinical Documentation Improvement market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The clinical documentation improvement market size has grown strongly in recent years. It will grow from $3.69 billion in 2023 to $3.99 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth during the historic period can be attributed to several factors, the transition to value-based care models, evolving regulations and compliance requirements, the ICD-10 coding transition which increased the need for detailed documentation, widespread adoption of electronic health records (EHRs) that improved data capture and documentation practices, efforts to optimize revenue cycle management and reduce claim denials, and the use of data analytics to identify documentation gaps.

The clinical documentation improvement market size is expected to see strong growth in the next few years. It will grow to $5.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth during the forecast period can be attributed to several factors, an increasing focus on interoperability driving improvements in documentation practices, the growth of precision medicine, the incorporation of patient-generated health data, the rise of telemedicine necessitating adaptations, and the introduction of new regulations and compliance standards. Major trends expected to influence this period include AI-driven documentation, integrated data systems, precision medicine documentation, real-time patient data, adaptations for remote care, and advanced analytics.

The growing burden of chronic diseases is anticipated to drive the expansion of the clinical documentation improvement market in the future. This rise in chronic diseases is largely due to aging populations, lifestyle factors such as poor diet and insufficient exercise, and increasing prevalence of risk factors like obesity and smoking. Clinical documentation improvement plays a key role in managing chronic diseases by ensuring accurate and thorough patient records, which facilitates better care coordination, treatment planning, and outcomes. For example, in January 2024, the British Heart Foundation, a UK-based cardiovascular research charity, reported that around 7.6 million people in the UK are affected by heart and circulatory diseases, with approximately 4 million males and 3.6 million females living with these conditions. These diseases contribute to about 27% of all deaths in the country, resulting in over 170,000 deaths annually, or roughly 480 deaths per day, equivalent to one every three minutes. Consequently, the increasing burden of chronic diseases is expected to propel the growth of the clinical documentation improvement market.

Leading companies in the clinical documentation improvement market are focusing on developing advanced solutions such as generative artificial intelligence (AI)-based medical documentation to improve accuracy, efficiency, and overall quality. Generative AI-based medical documentation involves using AI to automatically generate, manage, and enhance patient medical records. For instance, in April 2024, Augmedix Inc., a US-based provider of AI medical documentation and data solutions, introduced Augmedix Go. This fully automated, generative AI-powered product is designed for emergency departments and aims to enhance patient experiences at the point of care, increase productivity through improved documentation quality, reduce the cognitive load of note-taking for providers, and shorten chart closure times.

In September 2021, AGS Health, a US-based revenue cycle management technology provider, acquired EZDI Inc. for an undisclosed amount. This acquisition allows AGS Health to bolster its offerings by integrating EZDI’s AI-based platform, which combines clinical documentation improvement, computer-assisted coding, and auditing into a single solution. EZDI Inc. is a US-based provider of AI-driven clinical documentation and medical coding technology.

Major companies operating in the clinical documentation improvement market are Optum Inc., 3M Company, Cerner Corporation, Epic Systems Corporation, GEBBS Healthcare Solutions Private Limited, CorroHealth Inc., Accuity Holdings, Nuance Communications Inc, AGS Health Private Limited, Aquity Solutions India Private Limited, Vizient Inc., Health Catalyst Inc., The Craneware Group Inc., Optimum Healthcare IT LLC., Claro Healthcare LLC., Iodine Software LLC, Health Fidelity Inc., Vitalware LLC., Streamline Healthcare Solutions Private Limited, Medaxiom Cardiology LLC, Dolbey Systems Inc., ChartWise Medical Systems Inc., Qventus Inc.

North America was the largest region in the clinical documentation improvement market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical documentation improvement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the clinical documentation improvement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Clinical Documentation Improvement (CDI) refers to the process of enhancing the accuracy, completeness, and clarity of clinical documentation in healthcare settings. The objective of CDI is to ensure that medical records accurately represent a patient's clinical status, treatments, and outcomes. This is crucial for providing quality patient care, ensuring accurate coding, obtaining proper reimbursement, and meeting regulatory compliance requirements.

The main products and services in clinical documentation improvement include CDI solutions and consulting services. CDI solutions are tools and strategies designed to improve the accuracy, completeness, and quality of medical records. These solutions support better patient care and ensure adherence to regulatory standards and can be delivered either on-premise or via cloud-based platforms. They are utilized by end users such as healthcare providers and payers.

The clinical documentation improvement market research report is one of a series of new reports that provides clinical documentation improvement market statistics, including the clinical documentation improvement industry's global market size, regional shares, competitors with a clinical documentation improvement market share, detailed clinical documentation improvement market segments, market trends and opportunities, and any further data you may need to thrive in the clinical documentation improvement industry. This clinical documentation improvement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The clinical documentation improvement market includes revenues earned by entities by providing services such as review and analysis, coding support, education and training, compliance monitoring, query management, and data analysis and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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