Report: Big Growth Potential for Computer-Assisted Coding Apps
October 20, 2014 in News
Computer-assisted coding applications have the most projected growth potential among U.S. hospitals, compared with other support service applications and medical devices included in a HIMSS Analytics report, Health Data Management reports (Slabodkin, Health Data Management, 10/17).
Details of Report
For the report, researchers used data from the HIMSS Analytics Database to compare the market penetration of 25 medical devices and support service applications at 5,400 U.S. hospitals with their projected volume of sales (HIMSS Analytics release, 10/15).
The report found that computer-assisted coding applications have a 20% or greater historical compound annual growth rate, but fewer than 20% of hospitals have installed such applications.
HIMSS Analytics Vice President of Market Research Lorren Pettit said the high growth potential for computer-assisted coding was “no surprise” as hospitals prepare to transition to ICD-10 code sets.
U.S. health care organizations are working to transition from ICD-9 to ICD-10 code sets to accommodate codes for new diseases and procedures. The switch means that health care providers and insurers will have to change out about 14,000 codes for about 69,000 codes.
Meanwhile, researchers found that five other applications had a “healthy” projected growth trajectory of between 10% and 15% over the next five years:
- Ambulatory electronic health record applications;
- Dictation with speech recognition applications;
- Disaster recovery system applications;
- Electronic forms management applications; and
- Single sign-on applications.
Further, researchers found that 15 applications had a projected growth trajectory of less than 10% over the same time period.
Overall, the report found that 11 of the 25 applications had a relatively high market penetration level and could therefore be characterized as standard business tools (Health Data Management, 10/17).