In terms of revenue, the Global Clinical Documentation Improvement Market is expected to reach 7181.66 USD Million by 2028, growing at a CAGR of 7.40% from 2022 to 2028. The increasing utilization of mid-RCM solutions to decrease healthcare costs, prevent the loss of earnings due to medical billing and coding mistakes are the boosting factors for Clinical Documentation Improvement Market.
- Under the products & service segment solutions, sub-segment is anticipated to dominate the segment for Clinical Documentation Improvement Market and grow at a substantial CAGR. This can be attributed to the advantages offered by mid-revenue cycle solutions when they are combined with EHRs/EMRs, encoder techniques, voice/text/speech recognition software, CDI, transcription procedures, and other hospital data administration systems.
- Healthcare providers sub-segment held a market significant share in 2021. This is the fastest segment growing in Clinical Documentation Improvement Market. As attributed to the considerable need for these solutions from healthcare providers for enhancing data precision in clinical documentation, maximizing hospital revenues by minimizing coding mistakes.
- North America is the largest regional segment. This is due to its high adoption of different mid-RCM solutions by healthcare providers.
Some of key players in Clinical Documentation Improvement Market includes, 3M (US), Optum (US), Nuance (US), M*Modal (US), Dolbey Systems (US), nThrive (US), Streamline Health (US), Vitalware (US), Chartwise (US), Craneware (US), Epic Systems (US), Cerner (US), eZDI Inc. (US), and Iodine Software (US).
Aspects such as growing healthcare expenses, the rising need to manage unstructured healthcare data, and alterations in income due to medical billing errors are driving the growth of this market. While changing technological scenarios in growing economies and combining AI with healthcare revenue cycle management delivers significant opportunities for this market to grow in the forecast period.
Healthcare groups made huge efforts in growth for providing testing and conveyed accessibility with appropriate therapy options to minimize the virus's spread. Some of the health systems' industries comprise appointing test tents, rising hospital bed capacity, and developing COVID-19 isolation and treatment units, thus rescuing hospital personnel and other patients' security. These economic challenges have decreased budgets for performance have up-gradation of digital health solutions, positively influencing the market growth.
North America is expected to emerge as potential market for Clinical Documentation Improvement Market. The healthcare insurance industry in the US, with agendas, of a primary role in the country’s healthcare delivery method. More recently, the need for progressive computer-assisted coding methods in the government has grown the market in this region.