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:
- oDesktop-only software - intended for single or few computer sharing access
- oClient-server software - which allows multiple users to share and access data, and
- oInternet-based software - which do need separate server for operation.
- Delivery Platform:
- Product Type:
- oDiagnostic 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.
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