Clinical Documentation Improvement Market Market is Expected to Grow at a CAGR of 7.40% from 2022 To 2028

Clinical Documentation Improvement
  • Clinical Documentation Improvement Market

Clinical documentation improvement is the process of reviewing and monitoring medical record documentation. It enables to track patient assessment, review of the disease process, and details about admission, diagnostic findings, and clinical tests. To bridge the gap between accurate coding and clinical documentation is the primary demand driver for clinical documentation improvement. CDI collects the patients’ clinical record status and with an accurate representation of the same, it converts that into coding data. CDI ensures topmost accuracy and offers a number of benefits including secure timely compensation, keeps constant acquiescence with regulations, aids in detecting the risk adjustment scores.

The increasing healthcare spending is anticipated to augment the growth of the Clinical Documentation Improvement Market market during the forecast period. As per the estimations by the Centers for Medicare & Medicaid Services for the United States, the national healthcare expenditure grew by 9.7% in 2020 with USD $4.1 trillion and is estimated to grow at an average annual rate of 5.4% for 2019-28 and reach $6.2 trillion by 2028. Further, it is estimated that Medicare spending grew by 3.5% to $829.5 billion in 2020 which is 20% of total national healthcare expenditure and the Medicaid spending grew by 9.2% to $671.2 billion in 2020 which is 16% of total national healthcare expenditure. Additionally, the federal government spending for health care grew by 36.0% in 2020 due to the COVID-19 pandemic outbreak and the hospital expenditures grew by 6.4% to $1,270.1 billion in 2020. As seen from the statistics of CMS, the healthcare expenditure is growing considerably every year which in turn is expected to create demand for clinical documentation improvement in the near future.

However, the IT infrastructural constraints in developing countries and the data security concerns along with the lack of skilled IT professionals may hinder the growth of the market in the years to come. Moreover, an increase in the use of NLP in documentation is expected to create immense opportunities for the growth of the market within the forecast period. Additionally, the growing need to manage increasing unstructured healthcare data is also anticipated to support the market growth.

North America held the largest shares in 2021. The US dominated the North American market in 2021. This is attributable to the demand for advanced computer-assisted coding systems as it offers improved insights about health conditions and care management, along with predictive analytics and improved health outcomes. Furthermore, the increasing trend of decreasing reimbursement rates along with rising in healthcare spending is also expected to fuel the regional growth of the market.

Some of the prominent players operating in the globalClinical Documentation Improvement Marketmarket include3M (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).