7th January 2020 – Global Practice
Management System Market is estimated to grow considerably in the
forecast period owing to the increase in need for integrated and improved
healthcare systems.(PMS) practice management system is a type of software,
which is specially designed for medical offices for dealing with daily
operations using an internet-based and desktop software.
Practice management software automates
administrative and billing operations pertaining to medical domain. The
software potentially records patient demographics, fix appointments, registers
the patient for benefit checks or insurance, maintains a list of insurance
payers and generates crucial reports.
Practice management system is predicted
to rise substantially in the near future due to the presence of cloud-based
services, which enable companies from different geographies to offer services
at competitive prices. Practice management systems are beneficial only as long
as staffs are trained for the dynamics of the software, which requires practice
and training.
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Most countries have stringent patient
confidentiality regulation concerning breach of patient’s records that may be a
threat for the entire process including reputation of institution and also for
practice management systems industry. At such times, PMS may become a liability
rather than a tool of assistance. Nevertheless, few Asian software
organizations like Practo Ray have developed systems based on android which are
easily accessible and avoid extensive training. Economical alternatives for PMS
are growing with improved algorithms to integrate entire medical practice
process. PMS holds a bright future ahead since global medical institutions are
eyeing on the system as a better alternative to the traditional procedures. The
systems are also said to be accurate in terms of every medical process.
Practice management systems market is
categorized on the basis of product type, software type, delivery platform,
components, end user, and geography. On the basis of product type, the market
is divided into standalone and integrated. Integrated segment is expected to
hold larger share of share market in the coming years due to government
compulsion for integrating (EHR) electronic health records with PM system and
righteous use incentive program.
Based on software type, practice
management system industry is divided into desktop-only software intended for
single or few computer sharing access, internet-based software needs separate
server for operation and client-server software - allow multiple users to share
and access data. In terms of delivery platform, practice management system
market web-based, cloud and on premise. Cloud based delivery platform is
witnessing a market traction due to low investment and higher ROI (return on
investment).
On the basis of components, practice
management systems industry is classified into hardware and software. Hardware
segment is predicted to lead the market growth due to higher accessibility of
components. In terms of end users, the market is classified into physicians,
pharmacists, and diagnostic laboratories. Physicians segment is expected to
dominate the market in future owing to wide applications.
Geographically, practice management
systems market is segmented as North America, Europe, Asia Pacific, and RoW.
Owing to the presence of large service providers and upcoming opportunities,
North America and European countries are expected to register significant
growth in the years to come.
Currently, the service providers are
mostly from North America and European countries where the demand for PMS is
high due to health insurance and growing population of patients. Also, in Asia
Pacific countries, the market is expected to rise impressively due to large
number of companies establishing business here. Asian medical institutions are
also opting PMS due to greater return on investment.
The major players in practice management
system industry are Allscripts Healthcare Solutions, Greenway Medical
AdvantEgde Healthcare Solutions, Inc., NextGen Healthcare Information System
LLC, Athenahealth, Inc., GE Healthcare, Practice Fusion, McKesson Corporation,
MediTouch, Accumedic Computer Systems, and Henry Schein MicroMD.
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