Computer Assisted Coding Global Market Report 2024

The computer assisted coding market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth observed during the historical period can be attributed to several factors, including a significant increase in data volume, regulatory compliance requirements, growing demand for business intelligence, efforts to enhance customer experience, cost reduction and efficiency measures, as well as heightened awareness and education within the industry.

The computer assisted coding market size is expected to see rapid growth in the next few years. It will grow to $9.26 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the upcoming period can be attributed to the integration of artificial intelligence (AI) and machine learning (ML), increased demand for predictive analytics, cross-industry adoption of advanced technologies, enhanced security measures, and the implementation of real-time analytics. Key trends expected in the forecast period include advancements in technology, improvements in natural language processing (NLP), AI-powered automation, multimodal content processing, and the utilization of real-time analytics.

The anticipated rise in the adoption of electronic health records (EHR) is poised to drive the expansion of the computer-assisted coding market in the coming years. Electronic health records (EHRs) serve as digital repositories of patients' paper charts, systematically gathering health information in a computerized format. Computer-assisted coding (CAC) plays a vital role in optimizing the efficiency and accuracy of electronic health records by automating the extraction and allocation of medical codes from clinical documentation. For example, data from the National Trends in Hospital and Physician Adoption of Electronic Health Records, a US-based intergovernmental organization, revealed that in 2021, nearly all non-federal acute care hospitals (96%) and almost four out of five office-based physicians (78%) had integrated a certified electronic health record (EHR), signifying significant progress compared to previous years. Consequently, the increasing adoption of electronic health records (EHR) is a key driver behind the growth of the computer-assisted coding market.

Leading companies in the computer-assisted coding market are dedicated to developing innovative products equipped with advanced technologies, including integration with natural language processing (NLP) technology, to deliver dependable services to their customers. Natural Language Processing (NLP) plays a crucial role in computer-assisted coding by analyzing medical documentation to extract pertinent information for efficient and accurate medical coding. For instance, in September 2022, AGS Health, a US-based healthcare analytics technology company, unveiled the AGS AI platform. This platform revolutionizes revenue cycle management in healthcare by automating tasks such as insurance authorization, medical billing, and claim denials through revenue cycle automation. Leveraging intelligent robotic process automation (RPA), it streamlines workflows to enhance productivity and quality. The platform integrates Natural Language Processing and Understanding (NLP/NLU) to facilitate efficient data navigation and incorporates intelligent authorization for rapid service access. Additionally, it features computer-assisted coding and clinical documentation improvement, employing RPA, machine learning, and NLP to boost productivity.

In September 2021, AGS Health, a US-based healthcare analytics technology company, completed the acquisition of EZDI for an undisclosed sum. This acquisition is expected to enhance AGS Health's medical coding and revenue cycle management (RCM) services. By leveraging EZDI's AI-based platform, which combines clinical documentation improvement, computer-assisted coding, and auditing into a unified platform, AGS Health aims to assist clinical staff in accurately predicting medical codes and identifying missed documentation, ultimately leading to more efficient processes and improved outcomes.

Major companies operating in the computer assisted coding market report are UnitedHealth Group Inc., McKesson Corporation, Microsoft Corporation, Oracle Corporation, 3M Company, GE HealthCare Technologies Inc., Epic Systems Corporation, Athenahealth Inc., Cerner Corporation, FinThrive Revenue Systems LLC, eClinicalWorks, NextGen Healthcare Inc., Medical Information Technology Inc., Computer Programs and Systems Inc., Availity LLC, Craneware plc, AGS Health, CareCloud Inc., ezDI Inc., Streamline Health Solutions Inc., ZyDoc Corporation, Codifyd Inc., Dolbey Systems Inc., Alpha II LLC, M-Scribe Technologies LLC, ChartWise Medical Systems Inc., Saince Inc., Talix Inc., Apervita Inc., Artificial Medical Intelligence Inc.

North America was the largest region in the computer assisted coding market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the computer assisted coding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the computer-assisted coding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The computer-assisted coding market consists of revenues earned by entities by providing services such as automated code assignment implementation and consulting, data migration, quality assurance, and performance monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. The computer-assisted coding market also includes sales of speech recognition microphones, foot pedals, ergonomic keyboards, and large monitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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).

Computer-assisted coding (CAC) is a technology that utilizes advanced algorithms to automatically interpret clinical documentation and generate accurate medical codes for specific terms and phrases within the document. This technology aids healthcare providers by improving the speed and precision of medical coding, which is essential for billing and insurance purposes.

The primary product categories of computer-assisted coding include software and services. CAC software utilizes natural language processing (NLP) and machine learning to analyze clinical documentation and recommend appropriate medical codes for patient records. These solutions are delivered through various modes including web-based and cloud-based platforms, as well as on-premises installations. They find applications in automated computer-assisted encoding, management reporting and analytics, clinical coding auditing, and are utilized by various end users including hospitals, physicians, academic medical centers, clinical labs, diagnostic centers, and other healthcare providers.

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

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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