Artificial Intelligence
Mid-Revenue Cycle Management/Clinical Documentation Improvement Market Worth $4.55 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis and Forecasts by Meticulous Research®
London, Jan. 29, 2021 (GLOBE NEWSWIRE) — According to a new market research report, titled “Mid-revenue Cycle Management/Clinical Documentation Improvement Market by Product & Service [Solutions (Coding, Charge Capture, DRG Group, Pre-Bill Review), Consulting Services], End User (Providers, Payers), and Geography – Global Forecast to 2027”, published by Meticulous Research®, the mid-revenue cycle management/clinical documentation improvement market is expected to grow at a CAGR of 6.6% from 2020 to reach $4.55 billion by 2027.
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Mid-revenue cycle management involves all processes associated with clinical and financial coverage. The mid-revenue cycle management/clinical documentation improvement market covers solutions and consulting services that improve financial and quality outcomes. With the shift towards value-based and pay-for-performance models, prioritizing clinical documentation improvement and coding, mid-revenue cycle management has become a focal point in healthcare. The growth of this market is mainly attributed to the alterations in revenue due to medical billing errors, increasing healthcare expenditure, and the growing need to manage unstructured healthcare data. The integration of AI with healthcare revenue cycle management and changing scenarios in developing economies are expected to boost the adoption of healthcare IT solutions and create opportunities for the growth of this market during the forecast period.
However, the limitations in the IT infrastructure of developing economies limit the growth of this market. Moreover, data security concerns also hinder the market’s growth to some extent.
Impact of COVID-19 on the Mid-Revenue Cycle Management/Clinical Documentation Improvement Market
Hospitals and health systems across the world have ramped up meeting the challenges of COVID-19. The global COVID-19 pandemic has affected 219 countries and territories around the globe. To combat the challenges faced during the outbreak of COVID -19, hospitals worldwide ramped up the testing and increased efforts to provide access to suitable treatment options to minimize the spread of infection.
Hospitals faced tremendous financial pressures, which presented a challenge for healthcare systems. Some of the financing implications faced by hospitals amid the COVID-19 pandemic are:
- The cost of care of the treatment of COVID-19 increased substantially, increasing healthcare spending
- Purchase of new essential medical supplies requiring investments in purchasing new equipment and PPE kits
- Revenue shortfalls due to cancellation of elective surgeries
- Compensation for the services provided by the non-contracted acute care facilities
- Shut down or layoffs within outpatient surgery centers, physician offices
These financial challenges have reduced budgets for implementation or upgradation of digital health solutions, negatively influencing the market growth.
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The COVID-19 pandemic is also projected to positively impact the market growth. For instance, after the reopening of outpatient surgery centers, the previously canceled elective surgeries were operated through outpatient surgery centers. The physicians and patients preferred outpatient surgery centers due to the COVID-19 pandemic’s safety concerns. This resulted in gradually growing cash flows in the outpatient surgery centers, requiring solutions like mid revenue cycle management. Further, the ambulatory surgery centers, to safeguard their staff, began outsourcing medical billing and coding and claim processing, positively influencing outsourcing revenue cycle operations. Additionally, in the U.S., the coding practices are altered under several instances like increasing reimbursement rates, the announcement of new CPT codes for reporting antigen testing of patients. Thus, alterations in coding practices is expected to drive the adoption of outsourced mid revenue cycle solutions, positively influencing the market growth.
The mid-revenue cycle management/clinical documentation improvement market study presents historical market data in terms of values (2018 and 2019), estimated current data (2020), and forecasts for 2027 by product & service [solutions (clinical coding, clinical documentation improvement, charge capture, clinical documentation, diagnosis-related grouping, pre-bill review), consulting services], end user [healthcare providers (inpatient settings, outpatient settings), healthcare payers] and geography. The study also evaluates industry competitors and analyses the market at regional and country levels.
In 2020, based on product & service, the solutions segment commanded the largest share of the overall mid-revenue cycle management/clinical documentation improvement market due to the increasing need for improving revenue cycle productivity by eliminating coding errors allied with manual coding practices and streamlining medical workflow.
In 2020, based on end user, the healthcare provider segment commanded the largest share of the overall mid-revenue cycle management/clinical documentation improvement market due to the growing adoption of revenue cycle solutions by the organizations for its ability to preserve and manage patient billing records, simplify billing collection cycles, and establish communication between EHRs and accounting systems.
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In 2020, geographically, North America dominated the global mid-revenue cycle management/clinical documentation improvement market, followed by Europe and Asia-Pacific. Increasing utilization of mid revenue cycle management solutions in the region to reduce healthcare costs, the growing need to reduce the loss of revenue due to medical billing & coding errors, and shift towards value-based care are some of the key factors driving the growth of this segment.
The report also includes an extensive assessment of the product portfolio, end-user analysis, geographic analysis, and key strategic developments adopted by the leading market participants in the industry over the past four years. The mid-revenue cycle management/clinical documentation improvement market has witnessed numerous new product & service launches; agreements, collaborations, & partnerships; and acquisitions & mergers.
The key players operating in the global mid-revenue cycle management/clinical documentation improvement market are nThrive, Inc. (U.S.), Dolbey Systems, Inc. (U.S.), 3M Company (U.S.), UnitedHealth Group Incorporated (U.S.), Streamline Healthcare Solutions, LLC (U.S.), Vitalware, LLC (U.S.), Iodine Software LLC (U.S.), Craneware plc (U.K.), Epic Systems Corporation (U.S.), ChartWise Medical Systems, Inc. (U.S.), Nuance Communications, Inc (U.S.), and Cerner Corporation (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/clinical-documentation-improvement-market-5012
Scope of the Report:
Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, by Product
- Solutions
- Clinical Coding
- Clinical Documentation Improvement
- Charge Capture
- Clinical Documentation
- Diagnosis-Related Grouping
- Pre-Bill Review
- Consulting Services
Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, by End User
- Healthcare Providers
- Inpatient Settings
- Outpatient Settings
- Healthcare payers
Mid-Revenue Cycle Management/Clinical Documentation Improvement Market, by Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific
- India
- China
- Indonesia
- Australia & New Zealand
- Japan
- Rest of Asia-Pacific (APAC)
- Latin America
- Brazil
- Argentina
- Chile
- Rest of Latin America
- Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of the COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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Content Source: https://www.meticulousresearch.com/pressrelease/288/clinical-documentation-improvement-market-2027
Artificial Intelligence
Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD
DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.
During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence
AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide
WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.
In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants. Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
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Artificial Intelligence
Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth
USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ — USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).
The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming: In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
CONTACT:USA NEWS [email protected](604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope AI Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares Scope AI Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Scope AI Corp. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Scope AI Corp. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
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