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.