Clinical documentation improvement market is expected to reach USD 4.5 billion by 2023 from USD 3.1 billion in 2018, at a CAGR of 7.9%. Market growth is largely driven by the increasing utilization of mid-RCM solutions to reduce healthcare costs, check the loss of revenue due to medical billing and coding errors.
Clinical documentation improvement Market growth is largely driven by the increasing utilization of mid-RCM solutions to reduce healthcare costs, check the loss of revenue due to medical billing and coding errors, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance.
Healthcare providers segment is projected to witness the highest growth during forecast period. Healthcare providers segment is projected to grow at the highest rate over the next five years.
Growth in the mid-revenue cycle management solutions market for healthcare providers can be attributed to the significant demand for these solutions from healthcare providers for improving data accuracy in clinical documentation, maximizing hospital revenues by minimizing coding errors, and shortening the claims reimbursement cycle.
3 Executive Summary
4 Premium Insights
4.1 Mid-Revenue Cycle Management Solutions Market Overview
4.2 North American Mid-Revenue Cycle Management Solutions Market
4.3 Mid-Revenue Cycle Management Solutions Market: Major Geographic Regions
4.4 Geographic Mix: Mid-Revenue Cycle Management Solutions Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Key Market Drivers
5.2.1.1 Increasing Healthcare Expenditure
5.2.1.2 Loss of Revenue Due to Medical Billing and Coding Errors
5.2.1.3 Declining Reimbursements
5.2.1.4 Growing Need to Manage Increasing Unstructured Healthcare Data
5.2.2 Key Market Restraints
5.2.2.1 It Infrastructural Constraints in Developing Countries
5.2.3 Key Market Opportunities
5.2.3.1 Rising Use of NLP in Documentation
5.2.4 Key Market Challenges
5.2.4.1 Data Security Concerns
5.2.4.2 Reluctance to Switch From Conventional Methods
5.2.4.3 Scarcity of Skilled It Professionals
6 Industry Insights
6.1 Introduction
6.2 Coding Guidelines
6.2.1 US
6.2.2 Europe
6.2.3 Japan
6.2.4 Australia
6.3 Trends in NLP-Enabled Documentation & Coding
On the other hand, IT infrastructural constraints in developing countries, a scarcity of skilled IT professionals, and the risks associated with HCIT solutions in terms of data security & privacy may restrain the growth of this market to a certain extent.
Revenue losses due to medical billing and coding errors, declining reimbursement rates, and the need to reduce the rising healthcare cost are other key factors supporting the growth in the demand for these solutions. The APAC region is projected to grow at the highest rate over the next five years.
The improving healthcare infrastructure and the rising healthcare insurance coverage and medical tourism are supporting the growth of the mid-revenue cycle management solutions market in the APAC.
Prominent players in clinical documentation improvement market are 3M Company (US), Optum (US), Nuance (US), M*Modal (US), nThrive (US), Dolbey Systems (US), Streamline Health (US), Vitalware (US), Chartwise (US), Craneware (US), Epic Systems (US), Cerner (US), eZDI Inc. (US), Iodine Software (US), Flash Code (US), and TruCode (US).
North America accounted for a major share of clinical documentation improvement market. The market is well-established in North America, with the US dominating the market in this region.
The healthcare insurance industry in the US, with programs such as Medicare and Medicaid, plays a primary role in the country’s healthcare delivery system. More recently, the demand for advanced computer-assisted coding systems in the country has increased due to the implementation of ICD-10 coding standards.
The report analyzes and aims at estimating the market size and future growth potential of the mid-revenue cycle management/clinical documentation improvement market for different segments such as product& service, end user, and region. The report also includes an in-depth competitive analysis of key players along with their company profiles, product offerings, recent developments, and key market strategies.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–30%, Tier 2–50% and Tier 3–20%
- By Designation – C-level–45%, Director Level–30%, Others–25%
- By Region – North America–65%, Europe–15%, Asia Pacific–10%, Rest of the World–10%
Growth in the mid-revenue cycle management solutions market for healthcare providers can be attributed to the significant demand for these solutions from healthcare providers for improving data accuracy in clinical documentation, maximizing hospital revenues by minimizing coding errors, and shortening the claims reimbursement cycle.
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Originally Published On: Whatech
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