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.

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Digital Health Market is Predicted Substantial Growth at a CAGR of 21.1% During Forecast Period

Smartphones, tablets, and other internet platforms are the epitomes of innovation in the world. Over the last five years (2013–2017), there has been an exponential increase in the use of smartphones and tablets. The innovations have greatly helped sectors such as education, transportation, business, and healthcare reach the masses. Digitization of healthcare has considerably improved the doctor–patient interaction, thereby leading to the growth of the digital health sector.

Offering an insight into the scenario, P&S Intelligence has predicted substantial growth in the global digital health market at a CAGR of 21.1% during 2018–2023. Digital health refers to the integration of information technology into healthcare services. Individuals, hospitals, and clinics are the end-users of digital healthcare solutions. Among these, individuals are expected to constitute the largest end-user base globally, progressing at a CAGR of 21.9% during the forecast period.

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Smartphones and other technologies have made a major contribution to the growth of the digital health market. According to a European Union press release, among all devices, smartphones were the preferred platform to access the internet in 2016, accounting for over 79% of all internet users. With advancements in technology, the adoption of the latest mobile applications in healthcare has increased considerably. Apart from smartphones, the progress of the digital health market can be credited to the use of tablets and other internet platforms, such as desktops and laptops.

Telemedicine, mHealth, electronic health records (EHRs), and healthcare analytics are the various divisions of the technology segment of the domain. Of these, mhealth had the largest share, of 31.5%, in the market during the historical period, and it is expected to register 33.5% CAGR during the forecast period. Government initiatives toward the implementation of mhealth and rising awareness about its advanced applications have driven the digital health market growth to a great extent.

Some of the other key players in the digital health industry are Qualcomm Incorporated, Cerner Corporation, eClinicalWorks LLC, Epic Systems Corporation, McKesson Corporation, athenahealth Inc., General Electric Company, Koninklijke Philips N.V., Cisco Systems Inc., and AT&T Inc.

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Rising Need for Advanced Healthcare Systems Augmenting the EHR Market Growth

The global EHR market was valued at $22.3 billion in 2017 and is estimated to progress at a CAGR of 5.4% during the forecast period 2018–2023. Rising need for an advanced healthcare information system, increasing investments by healthcare IT players, growing demand for better healthcare facilities, and surging government initiatives are the key factors driving the growth of the market.

Electronic health record (EHR) is a systematized collection of a patient’s health data in the digital format. The data includes all the details, such as the patient’s medical history, medication, treatment plans, diagnoses, immunization dates, radiology images, allergy information, and pathology test results. This data helps healthcare providers take an informed decision about the patient’s care while sitting in any corner of the world.

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An integrated healthcare information system offers better healthcare quality by supporting clinical decision making, digitizing patient records, and enabling coordinated patient care. It has been noted that dispersed healthcare information (associated with diagnosis, billing, and administrative data, medical history, patient demography, and medication) and the coordination gap between healthcare professionals and patients often degrade the quality of healthcare and increases the overall treatment cost. Thus, there is a requirement for integrated healthcare information systems to minimize medical errors and provide better patient care, which is boosting the electronic health record market.

The report further stated that over 78.0% of all REC-enrolled PPCPs or 112,804 providers had exhibited meaningful use (MU) of certified EHR technology (CEHRT) in areas, including e-prescribing, clinical quality reporting, and medication reconciliation, thereby improving the overall patient care. A key driver of EHR implementation here has been the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009. Via the EHR Incentives Programs, it offers incentives to healthcare professionals who adopt and display the meaningful use of the technology, thus aiding in the EHR market growth.

Now, talking of market insights, the domain has been segmented by delivery mode, component, end user, and region. On the basis of delivery mode, the market is classified into on-premises and web/cloud-based server. Out of these, the web/cloud-based category accounted for the largest share (51.0%) in the electronic health record market in 2017. A number of advantages, such as low maintenance and infrastructure requirements, low licensing and start-up cost, and wider accessibility, are escalating the demand for web/cloud-based EHR. In addition, a web-based EHR offers higher productivity along with faster and smoother implementation.

Hence, advancements in technology, such as integrated healthcare information system, and increasing replacement rate of traditional data storage system with digital variants are predicted to propel the growth of the electronic health record market.

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