The Practice Management System market is expected to register a CAGR of 8.3% over the forecast period
The COVID-19 outbreak is expected to have a significant impact on the Practice Management System market as there is a huge surge in the COVID-19 infected patients and these solutions are expected to aid in the smooth workflow during the treatment process. Given this, most of the key players are involved in launching new products for the management of healthcare systems during the pandemic. For instance, in March 2020, Innovaccer launched COVID-19 Management System, which enables providers with free telehealth services and analytics to assess risk profiles and triage the influx at medical practices and primary care clinics during the pandemic. Thus, owing to the aforementioned factors, the studied market is expected to be significantly impacted due to COVID-19.
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. Several 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 most of time of the physicians is spent on the completion of paperwork.
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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. Additionally, 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 acts as a driver for the market’s growth. Along with this, other factors, such as high return on investments and the need to increase the efficiency of current medical practices and institutions, are likely to boost the market growth over the forecast period. However, the lack of skilled IT professionals in Healthcare, along with high maintenance and security cost is expected to hinder the studied market growth.
Key Market Trends
The Cloud-Based Sub-segment in Mode of Delivery Segment is Expected to Witness a Healthy 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. The installation cost for Cloud-based systems is lower than the on-premises systems and this software eradicates the need for in-house maintenance, which is expected to be the prime factor driving their increasing demand.
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. The cloud-based delivery model makes the software extremely flexible, regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow, by eliminating departmental silos of clinical information. The storage and server power for the organization are hosted off-premise. The cloud vendor provides all the off-premise system support resources. The cloud infrastructure also guarantees true disaster recovery and business continuity solutions, to support the quality of patient care. Hence, cloud-based services are expected to continue to witness a significant demand.
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Additionally, in August 2020, the Urology cloud, an Electronic Health Record, was launched by WRS Health, which enables Urologists to manage their practice and maximize their workflows efficiently and profitably. 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 witness significant growth during the forecast period.
North America Holds the Major Share and 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 a 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 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 institutions, 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 in the North American region.
Furthermore, the rising healthcare investment and the surge in adoption of big data analytics among end-users in the healthcare industry will also be expected to boost the market growth in the region. As per the data published by the Centers for Medicare and Medicaid Services (CMS), in the United States, 2019, national healthcare expenditure increased by 4.6% to USD 3.8 trillion in 2019, or USD 11,582 per person, and accounted for 17.7% of Gross Domestic Product (GDP) in 2019. Hospital expenditures increased by 6.2% to USD 1,192.0 billion in 2019, which was higher than the 4.2% growth in 2018. Additionally, physician and clinical services expenditures rose by 4.6% to USD 772.1 billion in 2019, which was a higher growth than the 4.0% in 2018 in the United States. Additionally, the national health spending is estimated to grow at an average annual rate of 5.4 percent for 2019-2028 and to expected reach USD6.2 trillion by 2028. Thus, the aforementioned factors are expected to drive the market growth in the region over the forecast period.
Competitive Landscape
The market studied is a moderately competitive market owing to the presence of many small and large market players. Some of the market players of the practice management system market are Allscripts Healthcare Solutions Inc., Athenahealth, CareCloud Corporation, eClinicalWorks, Advanced-Data Systems Corporation, GE Company (GE Healthcare), Greenway Health LLC, McKesson Corporation, and NextGen Healthcare Informations Systems LLC among others. the major players are evolving through various strategies such as acquisitions and collaborations, along with new product launches to secure the position in the global market.
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