Top Companies in Clinical Documentation Improvement Market; In-depth Analysis Report by VMR

Market Overview:

The market size of the global Clinical Documentation Improvement market in the year 2021 is valued at 4,679.50 USD Million and is predicted to reach 7181.66 USD Million by the year 2028 at 7.40% CAGR during the forecast period. Market growth is largely driven by the increasing utilization of mid-RCM solutions to reduce healthcare costs, check the loss of revenue due to medical billing and coding errors, resolve issues raised by the decline in reimbursement rates, manage ever-increasing amounts of unstructured data, and maintain regulatory compliance.

Key Findings and Insights from the report:

• The report presents the estimated CAGR of 40% size of the Clinical Documentation Improvement market at the end of the forecast period.
• The report includes an overview of the market, the financial performance of key players its segmentation, its geographical scope.
• The report provides a detailed evaluation of the market by highlighting information on various aspects which include restraints, drivers, opportunities, and threats.
• The Global Clinical Documentation Improvement market is predicted to reach a value of 7181.66 USD Million by 2028.
• Insight also covers the price, production, share, and growth rate of these top manufacturers and examines the competitive scenario for a better understanding of the market synopsis.

Factors such as increasing healthcare expenditure, the rising need to manage unstructured healthcare data, and alterations in revenue due to medical billing errors are driving the growth of this market. While changing technological scenarios in developing economies and integrating AI with healthcare revenue cycle management provides great opportunities for this market to grow during the forecast period. However, constraints in the developing countries regarding IT infrastructure and data security concerns are expected to hinder the growth of this Clinical Documentation Improvement market to a certain extent.

On the other hand, IT infrastructural constraints in developing countries, a scarcity of skilled IT professionals, and the risks associated with HCIT solutions in terms of data security & privacy may restrain the growth of this market to a certain extent.

Following are the top 10 leading companies in Clinical Documentation Improvement market:

1. 3M

The 3M Company is an American multinational conglomerate corporation operating in the fields of industry, worker safety, U.S. health care, and consumer goods.  The company is listed as MMM (NYSE) in the stock exchange market. In 2020, the company generated revenue of USD 32.24 Billion and had 93,000 employees working across the globe. The company has numerous subsidiaries such as 3M Japan Ltd, 3M India ltd, Kinetic Concepts, and various others.

2. Optum

Optum, Inc. is an American pharmacy benefit manager and health care provider. It is a subsidiary of UnitedHealth Group since 2011. UHG formed Optum by merging its existing pharmacy and care delivery services into the single Optum brand, comprising three main businesses: OptumHealth, OptumInsight and OptumRx.

3. Nuance

Nuance is an American multinational computer software technology corporation, headquartered in Burlington, Massachusetts, that markets speech recognition and artificial intelligence software. Nuance merged with its competitor in the commercial large-scale speech application business, ScanSoft, in October 2005. 

4. M*Modal

M*Modal offers a new breed of speech understanding applications. The company hosted conversational documentation services help healthcare providers capture clinical information from dictation and transform it directly into accessible, retrievable, and shareable electronic files. M*Modal serves hospitals, medical clinics, and medical transcription companies representing a transaction volume of more than 400 million dictation minutes a year.

5. Dolbey Systems

Dolbey’s innovative technologies share a long and proud history. In 1914 John Dolbey formed a partnership with Thomas A. Edison to make available the earliest dictation inventions to the business community. During the 20th century, as dictation evolved from the wax cylinder to today’s digital recording, Dolbey & Company, Inc., successfully navigated these revolutionary changes. In the mid-1980s Dolbey & Company began developing its own medical transcription and document management software, laying the groundwork for today’s robust suite of Fusion Text® and Fusion Speech® transcription, and speech recognition products and modules. In 1994 Dolbey Systems, Inc., was formed and became a close partner, concentrating on dictation systems. Dolbey Systems’ Fusion Voice® has become an integral part of the company's Fusion Suite of products.

6. nThrive

Across thousands of health systems, hospitals, physician practices, and payors, the company's SaaS technology simplifies and automates the revenue cycle from end to end. It eliminates administrative burden and waste, reduces costly errors, expands staff knowledge, provides data insights, improves productivity, and increases profitability. Healthcare providers get paid faster and more accurately. Healthcare payors can ensure proper payment from the start. Patients receive correct estimates prior to undergoing care.

7. Streamline Health

Streamline Health Solutions, Inc. is a leader in pre-bill revenue integrity solutions for healthcare providers. The company’s eValuator™ Revenue Integrity Program includes integrated solutions, technology-enabled services, and analytics that drive compliant revenue across the enterprise. The company shares a common calling and commitment to advance the quality of life and the quality of healthcare for society, clients, the communities they serve, and the individual patient.

8. Vitalware

Vitalware® makes the business of healthcare easier with its industry-leading products for the mid-revenue cycle. Used by more than 1,000 hospitals, the company’s mid-revenue cycle solutions provide visibility and continuity in coding, billing regulation, charge capture, and chargemaster management.

9. Chartwise Mrdical Systems

ChartWise Medical Systems specializes in cloud-based solutions for Computer-Assisted Clinical Documentation Improvement.  AI-driven, integrated, and comprehensive, ChartWise’s scalable Software as a Service (SaaS) assists physicians and clinical documentation specialists and features prioritization, electronic queries, flexible workflow, robust reporting, and denials prevention. Developed by renowned physician Jon Elion, M.D., ChartWise is the only CDI software designed by CDI customers for CDI customers, offering reduced risk, actionable data, and a proven fast ROI.

10. Craneware

Craneware is the leader in automated value cycle solutions, collaborates with all U.S. healthcare providers to plan, execute and monitor value-based economic performance so they can continue to drive better outcomes for the communities they serve. Craneware’s Trisus platform combines revenue integrity, cost management, and decision enablement into a single SaaS-based platform. The company’s flagship solution, Chargemaster Toolkit®, has earned the KLAS No.1 ranking in Revenue Cycle  Chargemaster Toolkit®, has continually earned KLAS recognition in the Revenue Cycle Chargemaster Management category, and is part of the company value cycle management suite, which includes charge capture, strategic pricing, claims analytics, patient engagement, revenue recovery and retention, and cost and margin intelligence solutions.

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For More Information about each of these companies.   

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