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Practice Management System Market - Growth, Trends, and Forecasts (2020 - 2025)

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  • 113 Pages
  • August 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 5176183
The major factors for the growth of the practice management system market include the need to increase the efficiency of current medical practices and institutions, time and resources saving in the longer run, and high return on investments.
  • Electronic data is a rapidly-emerging topic in the healthcare IT market. Since its inception, the healthcare industry has generated a bulk amount of data, driven by record keeping, compliance and regulatory requirements, and patient care. A number of researchers and professionals have suggested that by better integrating big data, healthcare may save a huge amount of money each year, for everyone.
  • Traditionally, the number of time physicians have to spend on patients is wasted on the completion of paperwork. Medical practice management systems are becoming increasingly popular, as they enhance the ability to meet important regulatory requirements and ensure the completion of key regulatory data elements by the physician just with a notification alert, along with enhancing the ability to reduce time and resources needed for entry of details, manually.
  • These systems also provide improved and more accurate billing procedures and insurance details and alerts for obtaining advance beneficiary notice that minimizes claim denials. Hence, the usage of medical practice management software saves time and resources in the long run, which act as a driver for the growth of the market studied. Along with this, other factors, such as high return on investments and need to increase the efficiency of current medical practices and institution, are likely to boost the market growth.

Key Market Trends

Cloud Based is Expected to Show Better Growth Over the Forecast period

Modernization of operations and approaches in medical practice, by utilization of technological solutions, such as medical practice management software, has improved healthcare organizations. Cloud-based software systems help in storing the data on external servers, making it accessible via the web, as it requires only a computer with an internet connection to access the data. Cloud-based delivery in medical practice management helps healthcare providers to automate day-to-day medical tasks.

Cloud-based medical practice management is particularly useful for small- to medium-sized practices since there are no large hardware expenditures, and the software expense is consistent with a low subscription rate. Recently, in June 2018, one of the market player Patterson Veterinary announced a new joint venture with Cure Partners, together the companies have formed a new business, Technology Partner Innovations LLC, which is launching a new cloud-based practise management software, NaVetor. Furthermore, cloud-based medical practice management is cost and time effective and improves patient satisfaction, as it is accessible to medical professionals. Hence, with an increasing need for efficient medical practices and institutions, the market studied is expected to record a high CAGR, during the forecast period.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to dominate the market owing to the presence of better healthcare infrastructure and rising geriatric population. Medical practice management in the United States helps in every aspect of healthcare accounts, billing, appointments, and insurance details of the patients. In the United States, most of the medical practice management software systems are designed for small to medium-sized medical facilities. Some of the medical practice management software is used by third-party medical billing companies for healthcare facilities. Medical practice management software is often used for administrative and financial matters of medical care facilities and providers. Government funding is likely to speed up the adoption of medical practice management by healthcare providers and change the way players operate, across the sector. Hence, the increasing adoption of a patient-centric approach by healthcare payers, the need to increase the efficiency of current medical practices and institution, time and resources saving in the long run, and high return on investments are the major factors driving the market studied during the forecast period.

Competitive Landscape

The market studied is a moderately consolidated market owing to the presence of many small and large market players. Some of the market players are Allscripts Healthcare Solutions Inc., Athenahealth, CareCloud Corporation, eClinicalWorks, Advanced Data Systems, GE Healthcare, Greenway Health LLC, McKesson Corporation, and NextGen Healthcare.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Need to Increase Efficiency of Current Medical Practices and Institutions
4.2.2 Time and Resources Saving in the Longer Run
4.2.3 High Return on Investments
4.3 Market Restraints
4.3.1 Lack of Skilled IT Professionals in Healthcare
4.3.2 High Maintenance and Security Cost
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Product Type
5.1.1 Stand-alone Practice Management Software
5.1.2 Integrated Practice Management Software
5.2 By Component
5.2.1 Software
5.2.2 Services
5.3 By Mode of Delivery
5.3.1 On-premise
5.3.2 Cloud-based
5.4 By End User
5.4.1 Pharmacies
5.4.2 Diagnostics Lab
5.4.3 Hospitals
5.4.4 Other End Users
5.5 Geography
5.5.1 North America United States Canada Mexico
5.5.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.5.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.5.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.5.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Advanced Data Systems
6.1.2 Allscripts Healthcare Solutions Inc.
6.1.3 Athenahealth
6.1.4 CareCloud Corporation
6.1.5 eClinicalWorks
6.1.6 GE Healthcare
6.1.7 Greenway Health LLC
6.1.8 McKesson Corporation
6.1.9 NextGen Healthcare

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Advanced Data Systems
  • Allscripts Healthcare Solutions Inc.
  • Athenahealth
  • CareCloud Corporation
  • eClinicalWorks
  • GE Healthcare
  • Greenway Health LLC
  • McKesson Corporation
  • NextGen Healthcare