The “Practice Management System Market by Products (Integrated, Standalone), Components (Services, Software), Delivery Mode (On-Premises/Desktop-Only, Web-Based, Cloud-Based) & by End-Users (Physician, Pharmacist, Diagnostic Labs) - Global Trends & Forecast to 2018”provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue and share analysis.
Browse 69 market data tables and 16 figures spread through 173 pages and in-depth TOC on “Practice Management Software Market”
The Practice Management system offers advanced scheduling, patient registration, medical billing, reporting, claims management, and stores patient demographic data. The growing need to integrate healthcare systems, rising incidences of claim failure, firm government support and initiatives, increase in patient awareness, and better healthcare facilities are the major factors driving the growth of the Practice Management systems market. In addition, the growing inclination towards patient-centric care approach and cloud-based practice management systems present significant growth opportunities for the future.
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The cloud-hosted Practice Management systems will see double-digit growth in the next five years as it reduces capital expenses and offers enhanced data accessibility and real-time analysis. It has emerged as a significant model to deliver integrated or standalone practice management solutions. This helps healthcare organizations to share information stored across different systems, in real time. Furthermore, cloud computing also reduces the burden on healthcare systems, as it lowers the dependency on the IT staff. This results in an increased productivity and cost efficiency. The cloud-based delivery mode also complements the working environment in healthcare settings, as confidential data is needed to be shared across locations. It also helps in the fast and secure transfer of the data between organizations. These advantages offer significant growth opportunities to the cloud-based Practice Management system vendors in this market. On the other hand, the healthcare industry is in its early stages of embracing cloud-based technologies. The slow adoption rate is mainly due to the concerns about safeguarding confidential patient information and compliance with regulations such as Health Insurance Portability and Accountability Act (HIPAA). The act’s privacy rule standards address the use and disclosure of the individuals’ health information called protected health information (PHI). The cloud-based segment accounted for over 10.0% share of the PM delivery mode market in 2013.
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New product launches along with partnerships and agreements were the two most preferred strategies followed by the key players. Industry giants adopted these strategies to enhance their product offerings, increase their market shares, meet customers’ demands, and consolidate their market presence. For instance, in June 2013, Gaargle Solutions Inc. introduced Dovetail, a cloud-based electronic medical record (EMR) integrated with practice management software for dental professionals. It is suited for practices of all sizes. This new launch helped the company to ensure better services to its customers. Similarly, in May 2013, Athena health partnered with INTEGRIS Health, a U.S.-based non-profit corporation. Under this partnership, INTEGRIS Health deployed Athena Collector, Athena Communicator, and Athena Clarity to manage its growing patient population. The alliance helped Athena health to further expand its customer base.
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