Global Practice Management System Market - Segmented by Product (Integrated and Standalone Systems), Deployment (Web-Based, Cloud-Based and on-Premise), Component, End-User, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The Global Practice Management System Market is expected to register a CAGR of nearly 8.3% during 2018-2023 (the forecast period). Practice Management System refers to solutions that support to various hospitals and medical facilities to reduce their costs and increase their operational efficiency and productivity.
Growing Burden To Minimize The Healthcare Cost Will Drive PMS Market
There is a increasing burden of rising healthcare costs on providers with the new regulations like Medicare moving to value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals are striving to reduce costs and improve the efficiency of care. As per American Hospital Association, the Medicare and Medicaid margins are getting squeezed tighter due to low increase in payments. These factors result in less gap between the hospital’s cost of providing care and the reimbursement they receive from private payers. In 2014, the Medicare inpatient payment increase was 0.5% percent, and the outpatient payment increase was 1.8%. The Centers for Medicare & Medicaid Services evaluates and publishes hospital performance data publicly which can be used by in selecting a provider. The hospitals in order to survive has to efficient in all the operations, Documentation, Billing, Claiming and reduce operation costs which increases the overall productivity. All the above factors which effects hospital’s operational efficiency and revenue provides an opportunity for the growth of Practice Management System market as it ensures efficient medical billing and payment. Other factors which are driving the Practice Management System Market growth are increasing need to integrate healthcare system will propel adoption of PMS solutions and rising incentives by federal government to fuel the PMS system market.
Data Privacy and Security Issues to Decelerate Market Growth
Healthcare being the most personal services provided in our society, for safer and appropriate delivery of care to patients and management of patient access solutions activities, most providers collect various data points on patient personal information such as: medication history, disease history and surgical procedures undergone etc. There is an increasing concern over how healthcare providers use these patient’s information and protect its confidentiality. The Ponemon Institute that conducts independent research on privacy, data protection and information security policy states that the healthcare data breach cost USD 6.2 billion per year. Almost 90% of healthcare organizations are prone to data theft. As per HIPPA journal in first quarter of 2018, the most common cause of data breaches are unauthorized access/disclosure followed by Hacking/It incident. Healthcare providers (St. Peter’s Surgery & Endoscopy Center data breach in 2018) data is the worst affected by healthcare data breaches. Other factors which are hindering the Practice Management System Market growth are high cost & time required for integration and scarcity of trained IT professionals
US Lead the Market in North America Region
In United States, profits in medical practices are shrinking due to decline in reimbursements, rising costs, coding and billing changes and implementation of the Affordable Care Act. Big and small private medical Practitioners are using the practice management systems to combat the rising costs by automation of tasks like appointment registration and scheduling, billing and medical claims submission, accounts receivable management, and financial and administrative reporting. The revenue loss due to incorrect documentation reporting and strict scrutiny in medicare payments is an important factor driving the practice management systems market and has become common in practice. Majority of the US hospitals are able to increase patient satisfaction after the implementation of Practice Management systems as the software eliminates the hassle of administrative responsibilities. Errors which arise from manual billing and claiming are eliminated and on time submission of large volume of records is helpful in efficient billing system. All the above may contribute the growth of Practice Management systems market over the forecasted period.
Key Developments in the Practice Management System Market
• Jun 2018: McKesson Corporation completed the previously announced acquisition of Medical Specialties Distributors
Major Players: ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., ATHENAHEALTH, CERNER CORPORATION, ECLINICALWORKS, EPIC, GE HEALTHCARE, MCKESSON CORPORATION, MEDICAL INFORMATION TECHNOLOGY, INC., NEXTGEN HEALTHCARE INFORMATION SYSTEM, LLC., AND VITERA HEALTHCARE SOLUTIONS among others.
Reasons to Purchase the Report
• Current and future Global Practice Management System Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Practice Management System Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
Growing Burden To Minimize The Healthcare Cost Will Drive PMS Market
There is a increasing burden of rising healthcare costs on providers with the new regulations like Medicare moving to value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals are striving to reduce costs and improve the efficiency of care. As per American Hospital Association, the Medicare and Medicaid margins are getting squeezed tighter due to low increase in payments. These factors result in less gap between the hospital’s cost of providing care and the reimbursement they receive from private payers. In 2014, the Medicare inpatient payment increase was 0.5% percent, and the outpatient payment increase was 1.8%. The Centers for Medicare & Medicaid Services evaluates and publishes hospital performance data publicly which can be used by in selecting a provider. The hospitals in order to survive has to efficient in all the operations, Documentation, Billing, Claiming and reduce operation costs which increases the overall productivity. All the above factors which effects hospital’s operational efficiency and revenue provides an opportunity for the growth of Practice Management System market as it ensures efficient medical billing and payment. Other factors which are driving the Practice Management System Market growth are increasing need to integrate healthcare system will propel adoption of PMS solutions and rising incentives by federal government to fuel the PMS system market.
Data Privacy and Security Issues to Decelerate Market Growth
Healthcare being the most personal services provided in our society, for safer and appropriate delivery of care to patients and management of patient access solutions activities, most providers collect various data points on patient personal information such as: medication history, disease history and surgical procedures undergone etc. There is an increasing concern over how healthcare providers use these patient’s information and protect its confidentiality. The Ponemon Institute that conducts independent research on privacy, data protection and information security policy states that the healthcare data breach cost USD 6.2 billion per year. Almost 90% of healthcare organizations are prone to data theft. As per HIPPA journal in first quarter of 2018, the most common cause of data breaches are unauthorized access/disclosure followed by Hacking/It incident. Healthcare providers (St. Peter’s Surgery & Endoscopy Center data breach in 2018) data is the worst affected by healthcare data breaches. Other factors which are hindering the Practice Management System Market growth are high cost & time required for integration and scarcity of trained IT professionals
US Lead the Market in North America Region
In United States, profits in medical practices are shrinking due to decline in reimbursements, rising costs, coding and billing changes and implementation of the Affordable Care Act. Big and small private medical Practitioners are using the practice management systems to combat the rising costs by automation of tasks like appointment registration and scheduling, billing and medical claims submission, accounts receivable management, and financial and administrative reporting. The revenue loss due to incorrect documentation reporting and strict scrutiny in medicare payments is an important factor driving the practice management systems market and has become common in practice. Majority of the US hospitals are able to increase patient satisfaction after the implementation of Practice Management systems as the software eliminates the hassle of administrative responsibilities. Errors which arise from manual billing and claiming are eliminated and on time submission of large volume of records is helpful in efficient billing system. All the above may contribute the growth of Practice Management systems market over the forecasted period.
Key Developments in the Practice Management System Market
• Jun 2018: McKesson Corporation completed the previously announced acquisition of Medical Specialties Distributors
Major Players: ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., ATHENAHEALTH, CERNER CORPORATION, ECLINICALWORKS, EPIC, GE HEALTHCARE, MCKESSON CORPORATION, MEDICAL INFORMATION TECHNOLOGY, INC., NEXTGEN HEALTHCARE INFORMATION SYSTEM, LLC., AND VITERA HEALTHCARE SOLUTIONS among others.
Reasons to Purchase the Report
• Current and future Global Practice Management System Market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Practice Management System Market Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs
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