How Practice Management Systems Market Growth Mirrors Rapid Electric Health Record Adoption?

In February 2009, the U.S. government passed the Health Information Technology for Economic and Clinical Health (HITECH) Act to encourage the adoption of electronic health records (EHR). Similarly, the EHR standards were launched by Government of India in 2013 and amended in 2016. EHRs are electronic versions of patient records, which can include their prescriptions, doctor visit schedules, diagnosis summary, lab and imaging results, and insurance and medical billing information. The rising implementation of EHRs has given rise to a new occupation: practice management.

Thus, with the rapid digitization of the healthcare sector, the practice management systems market size is expected to witness a robust increase in its revenue, from $9.3 billion revenue in 2017 to $16.0 billion by 2023, at a 9.7% CAGR during 2018–2023 (forecast period). A practice manager looks after all the administrative and financial functions of a clinic or hospital, such as medical billing, governance, transcription utilization, essential supplies procurement, staff hiring, personnel policy and benefits management, regulatory compliance management, and service marketing.

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Practice management systems, which help in accomplishing the above-mentioned tasks, are available as standalone and integrate systems. Of these, the integrated variants had been more preferred till 2017, as they offer a single interface for all tasks. This improves the administrative and clinical efficiency and allows doctors and other healthcare professionals to engage with patients better, which ultimately results in an enhanced level of care at optimal costs. As the increase in the cost of medical services is a concern everywhere, the adoption of practice management systems is increasing.

Around the world, North America was the largest practice management systems market in 2017, as several companies here offer health information technology solutions and the fact that the documentation process here is being swiftly digitized. Asia-Pacific (APAC) would observe the fastest integration of these systems in medical practice in the coming years, on account of the rising government support for healthcare sector digitization and EHR, e-prescription platforms, and patient engagement solutions. Additionally, Europe- and North America-based providers of such solutions are rapidly expanding their operations in APAC, which would further spur the demand for them here.

Hence, as more and more healthcare processes and data shift to digital platforms and demand for cost-effective medical services increases, practice management systems would find an increasing number of takers in the coming years.