Market Research Report
Global Medical Practice Management Market - Segmented by Product Type, Component, Mode of Delivery, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||390858|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Global Medical Practice Management Market - Segmented by Product Type, Component, Mode of Delivery, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: May 1, 2018||Content info: 112 Pages||
The Medical Practice Management Market is expected to register a CAGR of about 15%, during the forecast period, 2018 to 2023. Medical Practice Management in healthcare can be defined as the process, which deals with the day to day operation of a medical practice. Medical Practice Management software helps in streamlining operations, produce accurate claims and receive faster reimbursements. Practice Management Software (PMS) is mainly used for administrative and financial purposes. This enables user to enter and track patients, schedule and track patient appointments, send out insurance claims and patient statements as part of the collection process, process insurance, patient and third party payments, and generate reports for the administrative and clinical staff of the practice.
Time and Resources Saving in the Longer Run
Excess paperwork prevents most physicians them from spending enough time with patients. In The Practice Profitability Index, the percentage of physicians who spend more than one day per week on paperwork increased from 58% in 2013 to 70% in 2014. The resources that could have been used otherwise for the patients gets used up by the doctors in paper work regarding finances and processes which are traditionally done manually. This makes medical practice management a lucrative option, and this will act as a driver for the growth of the medical practice management market. Along with this, other factors, such as high return on investments and need to increase efficiency of current medical practices and institution will boost the market growth.
Lack of Skilled IT Professionals in Healthcare
Medical practice management software requires expert IT professionals for operation and management. The lack of IT professionals working in the healthcare industry is scarce and this makes it difficult to find people with the required skills to work with such software. Also, this makes the labor expensive and defeats the ultimate purpose of dealing better with finances. In developing countries it becomes even more difficult for medical practice management to prove useful in any way due to the lack of skilled professionals. This acts as a restraining factor for the growth of the medical practice management market. Along with this high maintenance and security cost also act as restraints for the growth of the medical practice management will lead to the slowdown of the growth of the market.
North America to Witness Considerable Growth in the Forecast Period
North America is the largest revenue generator for market, followed by Europe. Both the markets are estimated to register high growth rates for the next five years. Asia projects robust growth outlook during the analysis period owing to the urbanization, huge investment opportunities in these immature markets, and the developing healthcare IT infrastructure in these regions. The growth of the market will be mainly driven by countries, such as China, India, Australia, New Zealand, and countries in the Middle East.
Key Developments in the Market
January 2018 - Epic, creator of the most widely used comprehensive health record and interoperability network, today announced "One Virtual System Worldwide" so clinicians across all organizations using Epic can not only exchange more data, but can interact with each other on that data
Major players - ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., ATHENAHEALTH, ECLINICALWORKS, EPIC SYSTEMS, GE HEALTHCARE, GREENWAY HEALTH LLC, MCKESSON, MEDITOUCH AND NEXTGEN HEALTHCARE, amongst others.
Reasons to Purchase this Report
Current and future medical practice management 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 fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
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