Behavioural health practices when integrated with electronic health records offer effective practice management and cost savings. Real-time monitoring system eases communication between care providers and patients. Owing to these factors the behavioural market is witnessing a rise, thus expanding the behavioural health market size. Latest technologies like real-time and tele-mental health are capable of overcoming difficulties such as information breach and confidentiality. Growing preference for these technologies is boosting the market. The rise in substance use and mental health cases is complementing the behavioural health market growth. According to the U.S Department of Health and Human Services, the healthcare budget for substance abuse is estimated to be around USD 38 billion.
The behavioural health market is bifurcated to component, delivery, function, end-users, and region. In terms of components, the software is expected to achieve notable growth owing to the increased adoption of technological solutions for management of administrative and clinical functions of mental health care acts. Through the mobile EHRs, customers can directly reach to the services and information. They also view the bills and secure a user-friendly portal. EHR systems are also integrated with complex long term billing procedures. Owing to these features, an increase in the behavioural health market size is observed.
Based on the delivery model, the subscription segment is expected to control the growth of the market. Small scale practices prefer subscription-based solutions within limited or cost-effective budgets. Features such as optimal return on investments are expected to further expand the behavioral health market size.
On the basis of functions, clinical functions are one of the many behavioral health market trends. Clinical functions are cost-effective and target a specific area that needs amendment. Owing to these features ample number of small scale healthcare facilities opted for clinical functions, thus expanding the behavioural health market size.
Based on end-users, providers are the leader of the market. The favorable reimbursement for mental disorders provided by providers for mental disorders is expected to increase the behavioral health market size.
Based on the region, North America is the global front runner of the market owing to the high adoption of modern technologies and the availability of investments in healthcare innovation. Europe ranks second in terms of behavioural health market share due to the rising awareness of benefits pertaining to EHR usage and government funding. The emerging economies in APAC are adopting the EHR systems in ample quantity due to a rise in per capita income and an increase in technology providers.
Prominent players of the market are Netsmart Technologies, Welligent, Core solutions, and Cerner Corporation.
● CMS in 2017 introduced behavioral health integration, psychiatric collaborative care model. New behavioral health integration coders were introduced
● Medicare provides reimbursement for tele-mental health services and cover costs including consultation charges and clinic visits
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Global Behavioural Health Market Segmentation:
● Support Services
By Delivery Model
▪ Clinical Decision Support
▪ Care Plans
▪ Patient/Client Scheduling
▪ Document Management
▪ Case Management
▪ Workforce Management
▪ Business Intelligence
▪ Revenue Cycle Management
▪ Managed Care
▪ General Ledger
▪ Hospitals & Clinics
▪ Community Centers
● North America
● Asia Pacific
● Latin America
● Rest of the World
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● Qualifacts Systems in 2017 introduced a software solution for mobile behavioral health. The software aims to provide fully functional mobile applications for the staff of behavioral healthcare
● Medicare introduced diagnostic codes for reimbursement of tele-mental healthcare services in 39 US states
FutureWise Key Takeaways
● Growth Prospects
● SWOT Analysis
● Key Trends
● Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global behavioural health market by component, by delivery model, by function, by end-user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• Evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies
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