High Installation Cost Hindering
Growth in Emerging Economies
The Practice
Management Systems Market share is mainly concentrated in the U.S. mainly
due to presence of dense network of hospitals and existing complex healthcare
service management and insurance systems. The healthcare system in the U.S., is
very unlike that in other countries. Health Maintenance Organizations (HMOs)
and Preferred Provider Organizations (PPOs) have been set up, and thus patients
tend to visit multiple physicians. Hence, maintenance of consistence treatment
history becomes difficult. The market is also growing in major European
countries such as the U.K., France, Germany, Italy, and Spain. The PMS market
is yet in its introductory phase in Asia Pacific, Latin America, Africa, and
Middle East regions, owing to low diagnosis and treatment rate combined with
financial challenges linked with deployment of expensive software systems.
Practice management system (PMS)
helps manage the daily operations of an organization. These systems find wide
application across various verticals in an industry. Increasing investments to
upgrade healthcare facilities, especially in developed regions and growth of
the healthcare IT industry in developing regions, is creating a highly
conducive environment for growth of the practice management systems market.
Increasing adoption of PMS has been witnessed in emerging nations such as
Indian, China, South Africa, and Brazil, in order to streamline operations and
in turn provide better healthcare facilities in these countries. PMS allows for
efficient management of health data, patient scheduling, billing process, and
referral policies.
Physicians and group organizations
need to maintain large amounts of data of day-to-day activities. Practice
management system addresses these needs, maintaining critical patient
information such as patient demographics, appointment schedule, insurance payer
data, billing, and diagnostic and treatment history. Practice management system
software are often synchronized with electronic medical record (EMR) or
electronic health records (EMR) software for better hospital management.
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Increasing hospital visiting on
the back of rising prevalence of Chronic and Infectious Diseases creating
favorable environment for market growth
World Health Organization (WHO)
estimates that there would be around 24 million cancer cases globally by 2035.
In the U.S., over one-third of the adult population is obese, as revealed by
statistics released by Centers for Disease Control and Prevention (CDC) (2016).
As obesity is a major predisposing factor to various diseases such as diabetes
and other cardiovascular diseases, steep rise in patient population is expected
in the near future.
Prevalence of infectious diseases
is also on the rise. Moreover, increasing instanced of drug-resistance has
mandated physicians to maintain medication history of patient.
Rapid rise in geriatric
population: According to WHO, over 2 billion individuals worldwide will be aged
60 years and above by 2050. A detailed report published by CDC projects that by
2030, 20% of the U.S. population would comprise of geriatric people. The report
also details that cardiovascular diseases is the leading cause of deaths in
adults aged 65 and above in the U.S.
Rapid rise in patients visiting
hospitals mandates efficient keeping of patient history and record maintenance,
in turn fueling growth of the practice management systems market.
Key Suppliers in the global
practice management systems market: Allscripts Healthcare Solutions, Inc. Henry
Schein MicroMD, Athenahealth, Inc., GE Healthcare, NextGen Healthcare
Information System LLC, Practice Fusion, McKesson Corporation, Greenway Medical
AdvantEgde Healthcare Solutions, MediTouch, and Accumedic Computer Systems.
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Key Developments
Major players are focused on
various business strategies such as product launches to expand their product portfolio.
For instance, in March 2018, Allscripts, a healthcare solutions provider,
launched Avenel, which is healthcare industry’s first machine learning
electronic health record (EHR). Avenel is built on Microsoft Azure cloud that
will offer new approach and mobility to users.
Key players are focused on
different business strategies such as merger and acquisition to gain
competitive advantage in the market. For instance, in July 2019, Henry Schein
acquired an Italian dental practice management software company Elite Computer
Italia. This deal will provide integrated software platforms to dental teams.
Major companies in the market are
involved in different business strategies such as partnership and
collaboration, in order to enhance their market presence. For instance, in
March 2019, McKesson Corporation collaborated with Navigating Cancer, in order
to provide an enhanced Patient Relationship Management (PRM) platform for
community-based oncologists. This software platform will offer improved patient
management in value-based care.
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