Boom Predicted in Worldwide Sales of Practice Management Systems in Future Years

 The rapid establishment of several small and medium hospitals in various countries such as the U.S. is causing a sharp surge in the worldwide demand for practice management systems. As per the data published by the American Hospital Association (AHA) in 2018, there were over 5,500 hospitals in the U.S as of 2018. Out of these, around 2,500 were non-profit organizations. Besides this, the soaring healthcare costs in many countries are also fueling the demand for practice management systems.

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Both developed and developing countries are heavily struggling in implementing quality and cost-effective healthcare for their citizens. Despite the availability of insurance programs and surging healthcare expenditure, the healthcare costs are soaring rapidly and making it very difficult for healthcare providers to deliver quality medical care at affordable prices. As practice management systems allow medical practitioners to provide quality treatment at affordable prices, the surging healthcare costs are propelling their sales across the globe.

This is subsequently fueling the expansion of the global practice management systems market. Software and services are the major components of practice management systems. Between these, the demand for software was observed to be higher during the last few years, primarily because of its large-scale adoption for patient engagement solutions, e-prescriptions, and electronic health records (EHR). Furthermore, the customized of practice management system software is quickly becoming a popular global trend.

This is credited to the fact that these systems offer higher administrative and clinical efficiency than the standalone ones. Web-based, cloud-based, and on-premise based are the most widely used types of delivery modes for practice management systems. Amongst these, the demand for cloud-based delivery mode will skyrocket in the upcoming years. This will be because the cloud-based practice management systems have achieved Health Insurance Portability and Accountability Act (HIPAA) compliance via data centers with high-level encryption methods and bank-level security.

Hence, it can be said with full confidence that the demand for practice management systems will shoot up across the world in the future years, mainly because of the increasing number of small and medium-sized hospitals in several countries and the growing requirement for cost-effective healthcare and medical treatment.

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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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