The major factors for the growth of the practice management system market include the need to increase the efficiency of current medical practices and institutions, time and resources saving in the longer run, and high return on investments.
- Electronic data is a rapidly-emerging topic in the healthcare IT market. Since its inception, the healthcare industry has generated a bulk amount of data, driven by record keeping, compliance and regulatory requirements, and patient care. A number of researchers and professionals have suggested that by better integrating big data, healthcare may save a huge amount of money each year, for everyone.
- Traditionally, the number of time physicians have to spend on patients is wasted on the completion of paperwork. Medical practice management systems are becoming increasingly popular, as they enhance the ability to meet important regulatory requirements and ensure the completion of key regulatory data elements by the physician just with a notification alert, along with enhancing the ability to reduce time and resources needed for entry of details, manually.
- These systems also provide improved and more accurate billing procedures and insurance details and alerts for obtaining advance beneficiary notice that minimizes claim denials. Hence, the usage of medical practice management software saves time and resources in the long run, which act as a driver for the growth of the market studied. Along with this, other factors, such as high return on investments and need to increase the efficiency of current medical practices and institution are likely to boost the market growth.
Key Market Trends
Cloud Based is Expected to Show Better Growth Over the Forecast period
Modernization of operations and approaches in medical practice, by utilization of technological solutions, such as medical practice management software, has improved healthcare organizations. Cloud-based software systems help in storing the data on external servers, making it accessible via the web, as it requires only a computer with an internet connection to access the data. Cloud-based delivery in medical practice management helps healthcare providers to automate day-to-day medical tasks.
Cloud-based medical practice management is particularly useful for small- to medium-sized practices since there are no large hardware expenditures and the software expense is consistent with a low subscription rate. Recently, in June 2018, one of the market player Patterson Veterinary announced a new joint venture with Cure Partners, together the companies have formed a new business, Technology Partner Innovations LLC, which is launching a new cloud-based practice management software, NaVetor. Furthermore, cloud-based medical practice management is cost and time effective and improves patient satisfaction, as it is accessible to medical professionals. Hence, with an increasing need for efficient medical practices and institutions, the market studied is expected to record a high CAGR, during the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market owing to the presence of better healthcare infrastructure and rising geriatric population. Medical practice management in the United States helps in every aspect of healthcare accounts, billing, appointments, and insurance details of the patients. In the United States, most of the medical practice management software systems are designed for small to medium-sized medical facilities. Some of the medical practice management software is used by the third-party medical billing companies for healthcare facilities. Medical practice management software is often used for administrative and financial matters of medical care facilities and providers. Government funding is likely to speed up the adoption of medical practice management by healthcare providers and change the way players operate, across the sector. Hence, the increasing adoption of a patient-centric approach by healthcare payers, the need to increase the efficiency of current medical practices and institution, time and resources saving in the long run, and high return on investments are the major factors driving the market studied during the forecast period.
The market studied is a moderately consolidated market owing to the presence of many small and large market players. Some of the market players are Allscripts Healthcare Solutions Inc., Athenahealth, CareCloud Corporation, eClinicalWorks, Advanced Data Systems, GE Healthcare, Greenway Health LLC, McKesson Corporation, and NextGen Healthcare.
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