Practice Management Systems Market: Overview

Practice management system (PMS) helps to manage the daily operations of an organization. With its application in every company, office, health centers and organizations, use of PMS in health care yet has immense potential. With increasing investments in upgrading the healthcare facilities and growth in the healthcare IT industry, demand for PMS is growing globally. Even the healthcare centers and clinics in emerging nations such as Indian, China, South Africa, and Brazil are demanding the implementation of PMS to streamline their operations. PMS allows more efficient management of health data, patient scheduling, billing process, and referral policies.
Individual physicians and group organizations need to maintain a large amount of data of day-to-day activities. Practice management system addresses these needs maintaining critical patient information such as patient demographics, appointment schedule, insurance payer data, billing and diagnostic and treatment history. Practice management system softwares are often synchronized with the electronic medical record (EMR) or electronic health records (EMR) software for better hospital management.

Practice Management Systems Market Taxonomy:

The global Practice management systems market is analyzed in following categories

• Software type:

o Desktop-only software - intended for single or few computer sharing access
o Client-server software - which allows multiple users to share and access data, and
o Internet-based software - which do need separate server for operation.

• Delivery Platform:

o Web-based
o Cloud
o On-premise

• Product Type:

o Integrated
o Standalone

• Components:

o Hardware
o Software
• End-Users:

o Physicians
o Pharmacists
o Diagnostic Laboratories

Increasing hospital visiting on the back of rising prevalence of Chronic and Infectious Diseases creating favorable environment for market growth

• World Health Organization (WHO) estimates that there would be approximately 24 million new cancer cases globally by 2035. In the U.S. more than one-third adults are obese according to Centers for Disease Control and Prevention (CDC). As obesity is a major predisposing factor to various diseases such as diabetes, cardiovascular diseases and others, steep rise in patient
population is expected in the near future.

• Prevalence of infectious diseases is also on the rise. Moreover, developing drug-resistance has mandated the physician to maintain medication history of patient.

• Rapid rise in elderly population: According to WHO, over 2 billion individuals will be aged 60 years and above by 2050 globally. A detailed report published by CDC mentions that by 2030, 20% of the U.S. population will account for older adults. The report also details that cardiovascular diseases is the leading cause of deaths in adults aged 65 and above in the U.S.

Rapid rise in patients visiting hospitals mandates efficient keeping of patient history and record maintenance, in turn fueling growth of the practice management systems market.

High Installation Cost Hindering the Growth in Emerging Nations

The market is mainly concentrated in the U.S. dense network of hospitals, and complex healthcare service management and insurance systems are key market drivers. In the U.S., healthcare system is different as compared to other countries. With Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) in place, patients often visit multiple physicians. Hence maintenance of consistence treatment history becomes difficult. The market is also growing in major European countries such as U.K., France, Germany, Italy and Spain. The market is yet in its introductory phase in Asia Pacific, Latin America, Africa and Middle East regions owing to low diagnosis and treatment rate combined with financial inability for installation of expensive software.
Key Suppliers in this Market:Allscripts Healthcare Solutions, Inc. Henry Schein MicroMD, Athenahealth, Inc., GE Healthcare, NextGen Healthcare Information System LLC, Practice Fusion, McKesson Corporation, Greenway Medical AdvantEgde Healthcare Solutions, MediTouch, and Accumedic Computer Systems.

ABOUT US

COMPANY OVERVIEW

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. Our global team of over 100 research analysts and freelance consultants provide market intelligence from the very molecular country level and also provide a global perspective of the market. Our team is of the most vital cog in our robust machinery that gives us the ability to deliver independent insight relying on our cognitive defusion training module.This allows for an objective and unbiased assessment of the market. We pride ourselves in my constantly striving to update our extremely in-depth understanding of the market by closely monitoring and analyzing markets, trends, and emerging best practices, across allfathomable industries under the sun. This enables us to equip our valued clientele with key decisive inputs to capitalize on lucrative growth opportunities in the market and to follow firmly position themselves on a high growth path in the future.