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.
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.
Global Practice Management System Product Outlook (Revenue, USD Million; 2013 - 2024)
• Patient engagement
Global Practice Management System Component Outlook (Revenue, USD Million; 2013 - 2024)
Global Practice Management System Delivery Mode Outlook (Revenue, USD Million; 2013 - 2024)
• On Premise
• Web Based
• Cloud Based
Global Practice Management System End-Use Outlook (Revenue, USD Million; 2013 - 2024)
• Physician back office
• Ambulatory Settings
• Diagnostic Laboratories
• Other Settings
Practice Management System Regional Outlook (Revenue, USD Million; 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• South Africa
Research Support Specialist, USA