Black Book based its findings on customer satisfaction reviews from 3,107 revenue cycle and coding management professionals at 313 hospitals and 2,005 physician practices across the country. Black Book conducted the survey between April and October.
The survey found 79 percent of hospitals and 94 percent of physician practices surveyed reported cutting transcription costs in half or more while improving the transparency of dictation and transcription processes within one year of implementing end-to-end coding, CDI and transcription software tools. Additionally, 87 percent of providers realized operational efficiencies without impacting clinician workflows.
According to the survey, 81 percent of hospital CFOs also said comprehensive coding, CDI and transcription programs delivered among the most rapid return on all technology investments in 2016.
Overall, Black Book projects the medical transcription, clinical documentation and coding and speech recognition IT spending market to grow at a compound annual growth rate of 12.9 percent from 2016-2020.
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