Insights Into The Clinical Documentation Improvement Market’s Growth Potential 2024-2033
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The clinical documentation improvement market size has shown strong growth in recent years, projected to increase from $3.69 billion in 2023 to $3.99 billion in 2024, at a CAGR of 8.0%. This growth during the historical period can be linked to the shift towards value-based care models, changes in regulations and compliance requirements, the ICD-10 coding transition necessitating more detailed documentation, widespread adoption of EHR systems improving data capture and documentation practices, optimization of revenue cycle management, and the reduction of claim denials through data analytics. The clinical documentation improvement market size is expected to see continued growth, reaching $5.44 billion in 2028 at a CAGR of 8.1%. Factors contributing to this anticipated growth include an increasing focus on interoperability driving improvements in documentation practices, the growth of precision medicine, the incorporation of patient-generated health data, adaptations required by the rise of telemedicine, and new regulations and compliance standards. Key trends expected in the forecast period encompass AI-driven documentation, integrated data systems, precision medicine documentation, real-time patient data, adaptations for remote care, and advanced analytics.
The rising chronic disease burden is expected to drive the growth of the clinical documentation improvement market in the coming years. This increase in chronic diseases primarily results from aging populations, lifestyle factors like poor diet and lack of exercise, and the rising prevalence of risk factors such as obesity and smoking. Clinical documentation improvement plays a crucial role in chronic disease management by ensuring accurate and comprehensive patient records, which facilitate better care coordination, treatment planning, and outcomes. For instance, in January 2024, the British Heart Foundation, a UK-based cardiovascular research charity, reported that approximately 7.6 million people in the UK were affected by heart and circulatory diseases, with about 4 million males and 3.6 million females living with these conditions. These diseases account for roughly 27% of all deaths in the country, leading to over 170,000 deaths annually, which equates to approximately 480 deaths each day or one every three minutes. Therefore, the rising chronic disease burden will significantly drive the growth of the clinical documentation improvement market.
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What Are The Key Trends That Influence Clinical Documentation Improvement Market Share Analysis?
Major companies in the clinical documentation improvement market are dedicated to creating advanced solutions, such as generative artificial intelligence-based medical documentation, to enhance accuracy, efficiency, and overall documentation quality. Generative artificial intelligence-based medical documentation refers to the use of AI to automatically create, manage, and improve patient medical records and documentation. For instance, in April 2024, Augmedix Inc., a US-based provider of artificial intelligence medical documentation and data solutions, launched Augmedix Go. This fully automated, generative AI (GenAI) powered medical documentation product is designed for emergency departments. It enhances patient experience at the point of care, boosts productivity through improved documentation quality, lessens the cognitive load of note-taking for providers, and reduces chart closure time.
Which Market Players Are Driving Growth In The Clinical Documentation Improvement Market?
Major companies operating in the clinical documentation improvement market are Optum Inc., 3M Company, Cerner Corporation, Epic Systems Corporation, GEBBS Healthcare Solutions Private Limited, CorroHealth Inc., Accuity Holdings, Nuance Communications Inc, AGS Health Private Limited, Aquity Solutions India Private Limited, Vizient Inc., Health Catalyst Inc., The Craneware Group Inc., Optimum Healthcare IT LLC., Claro Healthcare LLC., Iodine Software LLC, Health Fidelity Inc., Vitalware LLC., Streamline Healthcare Solutions Private Limited, Medaxiom Cardiology LLC, Dolbey Systems Inc., ChartWise Medical Systems Inc., Qventus Inc.
How Is The Global Clinical Documentation Improvement Market Segmented?
The clinical documentation improvement market covered in this report is segmented –
1) By Product And Service: Solutions, Consulting Services
2) By Delivery Mode: On-Premise, Cloud-Based
3) By End Users: Healthcare Providers, Healthcare Payers
Read The Full Clinical Documentation Improvement Market Report Here
The Clinical Documentation Improvement Global Market Report 2024 provides an overview of the clinical documentation improvementmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The clinical documentation improvement market forecast analyzes clinical documentation improvement market size, clinical documentation improvement market share, leading competitor and their market positions.
The Table Of Content For The Clinical Documentation Improvement Market Include
1. Clinical Documentation Improvement Market Executive Summary
2. Clinical Documentation Improvement Market Segments
3. Clinical Documentation Improvement Market Size And Template Market Growth Rate
4. Key Clinical Documentation Improvement Market Trends
5. Major Clinical Documentation Improvement Market Drivers
……
25. Key Mergers And Acquisitions In The Clinical Documentation Improvement Market
26. Top Clinical Documentation Improvement Companies
27. Clinical Documentation Improvement Market Opportunities And Strategies
28. Clinical Documentation Improvement Market, Conclusions And Recommendations
29. Appendix
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