Market Overview

The practice management system market is expected to register a CAGR of nearly 8.3% during the forecast period, 2019-2024. The major factors for the growth of the practice management system market include the need to increase the efficiency of current medical practices and institutions, time and resources saving in the longer run, and high return on investments.

• Electronic data is a rapidly-emerging topic in the healthcare IT market. Since its inception, the healthcare industry has generated bulk amount of data, driven by record keeping, compliance and regulatory requirements, and patient care. A number of researchers and professionals have suggested that by better integrating big data, healthcare may save a huge amount of money each year, for everyone.
• Traditionally, the number of time physicians have to spend on patients is wasted on the completion of paperwork. Medical practice management systems are becoming increasingly popular, as they enhance the ability to meet important regulatory requirements and ensure the completion of key regulatory data elements by the physician just with a notification alert, along with enhancing the ability to reduce time and resources needed for entry of details, manually.
• These systems also provide improved and more accurate billing procedures and insurance details and alerts for obtaining advance beneficiary notice that minimizes claim denials. Hence, the usage of medical practice management software saves time and resources in the long run, which act as a driver for the growth of the market studied. Along with this, other factors, such as high return on investments and need to increase the efficiency of current medical practices and institution are likely to boost the market growth.

Scope of the Report

As per the scope of this report, practice management in healthcare can be defined as the process which deals with the day-to-day operation of medical practice. Medical practice management software helps in streamlining operations, produce accurate claims, and receive faster reimbursements. The market is segmented by software, component, mode of delivery, end users, and geography.

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Key Market Trends

Cloud Based is the Segment by Mode of Delivery is expected to be the Fastest Growing Segment

Modernization of operations and approaches in medical practice, by utilization of technological solutions, such as medical practice management software, has improved healthcare organizations. Cloud-based software systems help in storing the data on external servers, making it accessible via the web, as it requires only a computer with an internet connection to access the data. Cloud-based delivery in medical practice management helps healthcare providers to automate day-to-day medical tasks. Cloud-based medical practice management is particularly useful for small- to medium-sized practices since there are no large hardware expenditures and the software expense is consistent with a low subscription rate. Recently, in June 2018, one of the market player Patterson Veterinary announced a new joint venture with Cure Partners, together the companies have formed a new business, Technology Partner Innovations LLC, which is launching a new cloud-based practice management software, NaVetor. Furthermore, cloud-based medical practice management is cost and time effective and improves patient satisfaction, as it is accessible to medical professionals. Hence, with an increasing need for efficient medical practices and institutions, the market studied is expected to record a high CAGR, during the forecast period. However, high maintenance and security cost restrict the growth of the market studied, during the forecast period.

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