KLAS: Computer-assisted coding market young, yet confident
Thirty-three percent of providers interviewed are planning to purchase an inpatient computer-assisted coding (CAC) technology within the next two years, based on a report from market researcher KLAS.
ICD-10 is the major motivator for these providers to look at a CAC tool, as they believe it can make up for some of the lost productivity and reimbursement that ICD-10 will create. For many of them, adding a CAC system is an integral part of their ICD-10 readiness strategy.
"Providers worry their staff will not be ready in time for ICD-10. Though the market is young and no vendor has fully proven itself in the inpatient space, provider confidence that computer-assisted coding technology will ultimately create greater efficiency, productivity and ICD-10 readiness is high," wrote report author Graham Triggs.
For this reason, many providers are looking to pull the trigger on a CAC purchase decision soon. By leveraging its large encoder market share, 3M has gained the highest mindshare in CAC achieving 50 percent of market sales, but OptumInsight is surging in its visibility among providers.
“Initially OptumInsight was in a unique position as having the only offering for inpatient, outpatient and professional, though now they are joined by 3M through the CodeRyte acquisition.”
A number of factors weigh into CAC selection decisions. According to the report, only 21 percent of providers have CAC and “[p]roviders considering CAC named integration with the EMR and encoder as the top purchasing criterion. In fact, some providers are holding off on purchasing a CAC tool until they can fully implement their EMR.”
While the market is young, provider confidence is high, the report concluded. “The jury is still out on whether CAC will deliver on these expectations.”
ICD-10 is the major motivator for these providers to look at a CAC tool, as they believe it can make up for some of the lost productivity and reimbursement that ICD-10 will create. For many of them, adding a CAC system is an integral part of their ICD-10 readiness strategy.
"Providers worry their staff will not be ready in time for ICD-10. Though the market is young and no vendor has fully proven itself in the inpatient space, provider confidence that computer-assisted coding technology will ultimately create greater efficiency, productivity and ICD-10 readiness is high," wrote report author Graham Triggs.
For this reason, many providers are looking to pull the trigger on a CAC purchase decision soon. By leveraging its large encoder market share, 3M has gained the highest mindshare in CAC achieving 50 percent of market sales, but OptumInsight is surging in its visibility among providers.
“Initially OptumInsight was in a unique position as having the only offering for inpatient, outpatient and professional, though now they are joined by 3M through the CodeRyte acquisition.”
A number of factors weigh into CAC selection decisions. According to the report, only 21 percent of providers have CAC and “[p]roviders considering CAC named integration with the EMR and encoder as the top purchasing criterion. In fact, some providers are holding off on purchasing a CAC tool until they can fully implement their EMR.”
While the market is young, provider confidence is high, the report concluded. “The jury is still out on whether CAC will deliver on these expectations.”