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.
