High Installation Cost HinderingGrowth in Emerging Economies
The PracticeManagement Systems Market share is mainly concentrated in the U.S. mainlydue to presence of dense network of hospitals and existing complex healthcareservice management and insurance systems. The healthcare system in the U.S., isvery unlike that in other countries. Health Maintenance Organizations (HMOs)and Preferred Provider Organizations (PPOs) have been set up, and thus patientstend to visit multiple physicians. Hence, maintenance of consistence treatmenthistory becomes difficult. The market is also growing in major Europeancountries such as the U.K., France, Germany, Italy, and Spain. The PMS marketis yet in its introductory phase in Asia Pacific, Latin America, Africa, andMiddle East regions, owing to low diagnosis and treatment rate combined withfinancial challenges linked with deployment of expensive software systems.
Practice management system (PMS)helps manage the daily operations of an organization. These systems find wideapplication across various verticals in an industry. Increasing investments toupgrade healthcare facilities, especially in developed regions and growth ofthe healthcare IT industry in developing regions, is creating a highlyconducive environment for growth of the practice management systems market.Increasing adoption of PMS has been witnessed in emerging nations such asIndian, China, South Africa, and Brazil, in order to streamline operations andin turn provide better healthcare facilities in these countries. PMS allows forefficient management of health data, patient scheduling, billing process, andreferral policies.
Physicians and group organizationsneed to maintain large amounts of data of day-to-day activities. Practicemanagement system addresses these needs, maintaining critical patientinformation such as patient demographics, appointment schedule, insurance payerdata, billing, and diagnostic and treatment history. Practice management systemsoftware are often synchronized with electronic medical record (EMR) orelectronic health records (EMR) software for better hospital management.
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Increasing hospital visiting onthe back of rising prevalence of Chronic and Infectious Diseases creatingfavorable environment for market growth
World Health Organization (WHO)estimates that there would be around 24 million cancer cases globally by 2035.In the U.S., over one-third of the adult population is obese, as revealed bystatistics released by Centers for Disease Control and Prevention (CDC) (2016).As obesity is a major predisposing factor to various diseases such as diabetesand other cardiovascular diseases, steep rise in patient population is expectedin the near future.
Prevalence of infectious diseasesis also on the rise. Moreover, increasing instanced of drug-resistance hasmandated physicians to maintain medication history of patient.
Rapid rise in geriatricpopulation: According to WHO, over 2 billion individuals worldwide will be aged60 years and above by 2050. A detailed report published by CDC projects that by2030, 20% of the U.S. population would comprise of geriatric people. The reportalso details that cardiovascular diseases is the leading cause of deaths inadults aged 65 and above in the U.S.
Rapid rise in patients visitinghospitals mandates efficient keeping of patient history and record maintenance,in turn fueling growth of the practice management systems market.
Key Suppliers in the globalpractice management systems market: Allscripts Healthcare Solutions, Inc. HenrySchein MicroMD, Athenahealth, Inc., GE Healthcare, NextGen HealthcareInformation System LLC, Practice Fusion, McKesson Corporation, Greenway MedicalAdvantEgde Healthcare Solutions, MediTouch, and Accumedic Computer Systems.
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Key Developments
Major players are focused onvarious business strategies such as product launches to expand their product portfolio.For instance, in March 2018, Allscripts, a healthcare solutions provider,launched Avenel, which is healthcare industry’s first machine learningelectronic health record (EHR). Avenel is built on Microsoft Azure cloud thatwill offer new approach and mobility to users.
Key players are focused ondifferent business strategies such as merger and acquisition to gaincompetitive advantage in the market. For instance, in July 2019, Henry Scheinacquired an Italian dental practice management software company Elite ComputerItalia. This deal will provide integrated software platforms to dental teams.
Major companies in the market areinvolved in different business strategies such as partnership andcollaboration, in order to enhance their market presence. For instance, inMarch 2019, McKesson Corporation collaborated with Navigating Cancer, in orderto provide an enhanced Patient Relationship Management (PRM) platform forcommunity-based oncologists. This software platform will offer improved patientmanagement in value-based care.
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