Rapid Growth of the Healthcare Industry to Augment the Practice Management System Market Growth

 


Practice management system helps manage the
daily operations of an organization. The system helps organization (or
facility) to settle meetings with specialists, record persistent information,
keep up record, create last reports, etc. A medical practice management system
provides staff members with real-time visibility into each patient's
availability, enabling them to quickly identify potential scheduling problems.
The system send email or text message (appointment reminders) to patients, reducing
the possibility of a full-blown event that could negatively impact patient
flow. Practice management system find wide application across various verticals
in an industry.



Market
Dynamics:



Increasing integration of healthcare system
with practice management solutions is expected to propel the growth of the practice
management system market. For instance, in January 2021, Brevium, an innovative
SaaS company in the healthcare sector announced that it has extended the
integration of its software with one of the premier electronic practice
management systems in the U.S., Nextech.



Moreover, rising incentives by federal
government are also expected to foster the practice management system market
growth.



Growing inclination towards patient-centric
care approach, increasing number of mobile health applications for better
practice management, and cloud-hosted models are expected to offer lucrative
growth opportunities for players active in the market. For instance, in January
2021, WRS Health announced that it has expanded its footprint with the
availability of Neurology-Cloud. A new EHR (electronic health record) and
practice management solution for neurologists.



Merger and acquisition by key players to
enhance their market share is also expected to fuel the growth of the practice
management system market. For instance, in 2019, Henry Schein acquired Elite
Computer Italia, a dental practice management software company to enhance its
presence in Italian market.



However, the high cost, dearth of skilled
professionals, privacy and security concerns, and time required for integration
are some of the factors expected to restrain the growth of the practice
management system market.



Competitive
Analysis:



Key players operating in the practice
management system market are Accumedic Computer Systems, MediTouch, Greenway
Medical AdvantEgde Healthcare Solutions, McKesson Corporation, Practice Fusion,
NextGen Healthcare Information System LLC, GE Healthcare, Athenahealth, Inc., Henry
Schein, and Allscripts Healthcare Solutions, Inc.



Key players in the market are adopting
various strategies, such as collaboration and partnership, to enhance their
market presence. For instance, in 2019, McKesson Corp. joined forces with
Navigating Cancer to offer oncologists enhanced software platform for improved
patient management in value-based care.

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