Computer-assisted coding applications have the highest projected growth potential among U.S. hospitals, according to the latest data from HIMSS Analytics.
The organization evaluated 25 support service applications used most by hospitals across the country in terms of their market penetration compared with their projected sales volumes. The HIMSS Analytics Essentials of U.S. Hospital IT Market (Autumn 2014 edition) report found that computer-assisted coding applications are installed in fewer than 20 percent of hospitals and have a historical compound annual growth rate of 20 percent or greater.
In preparation for the shift to ICD-10, it is no surprise that the sales potential for coding solutions is high, said Lorren Pettit, vice president of market research for HIMSS Analytics. The findings suggest that market opportunities are ripe for vendors with computer-assisted coding solutions.
Five other applications are poised for a healthy growth trajectory (between 10 and 15 percent) over the next five yearsdictation with speech recognition, ambulatory EHR, disaster recovery system, single sign-on, and electronic forms managementwhile 15 applications reflected a growth trajectory of less than 10 percent during the same period.
The report covers the market utilization of each application in the marketplace at more than 5,400 U.S. hospitals. Nearly half of the applications (11 of the 25) profiled in the report were characterized as standard business tools due to their relatively high market penetration level.
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