Report analyzes and aims at estimating Clinical Documentation Improvement 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 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, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance.
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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.
Growth in the Clinical Documentation Improvement 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.
- In 2018, Nuance (US) formed a partnership with Epic Systems (US). Under the terms of this agreement, Epic incorporated Nuance’s artificial intelligence (AI)-powered virtual assistant platform (New Dragon Medical capabilities) into Epic EHRs.
- In 2018, M*Modal (US) formed a partnership with Enjoin (US). Through this partnership, M*Modal would explore Enjoin’s risk-adjustment services to advance outpatient CDI programs.
- In 2018, Vitalware (US) formed a partnership with BurstIQ (US). Through this partnership, VitalWare implemented BurstIQ’s blockchain-based advanced analytics and machine learning into its solutions and services.
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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).
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%
Download Complete Report on “Mid-Revenue Cycle Management/Clinical Documentation Improvement Market by Product & Service (Clinical Documentation, Clinical Coding (NLP, Structure Input), Charge Capture, CDI, DRG, Pre-Bill Review), End User, and Region – Global Forecast to 2023” Now at http://www.rnrmarketresearch.com/contacts/purchase?rname=1859225 .
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. The company’s leadership position is attributed to its focus on partnerships, collaborations, and acquisitions.
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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