Market Research Report
Global Long-term Care Software Market - Segmented by Product, Deployment, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708583|
|Published||Content info||122 Pages
Delivery time: 2-3 business days
|Global Long-term Care Software Market - Segmented by Product, Deployment, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 122 Pages||
The Global Long-term Care Software Market is expected to register a CAGR of nearly 12.2% during 2018-2023 (the forecast period). Long-term Care Software refers to software services that include electronic medical records, e-prescribing, medication management, patient monitoring, remote training etc. that enhance business operations needs, patient experience and outcomes.
The Health Information Technology for Economic and Clinical Health Act (HITECH) improves health care quality, safety, and efficiency including electronic health records (EHRs) and a private and secure electronic health information exchange. This type of information exchange is vital in proper disease management by timely alerting clinicians. In 2010 the Drug Enforcement Agency (DEA) implemented the E-Prescriptions for Controlled Substances (EPCS) to reduce errors, speed up the medication reconciliation process, track fulfillment of Prescriptions, and increase adherence to medications etc.
Effectively from January 1, 2018, US practitioners receive roughly USD 60.00 for remote patient monitoring (RPM), that involves accessing, reviewing, interpreting, and acting on various physiological data for at least 30 minutes over a 30-day period. RPM is a cost-effective method that reduces patient readmission and emergency department (ED) visits in case of chronic diseases. Medicare pays for Home Healthcare provided by agencies during episode of care (60 days) period that includes skilled nursing care (giving injections, tube feeding, wound dressing), Physical therapy, occupational therapy, and Counseling for emotional concerns. All the above will utilize the software platform or application for enhancing the patient health outcomes may contribute to the growth of the long term care software market. Other factors which are driving the Long-term Care Software Market growth are rise in aging population and shortage of nursing staff and doctors.
Software maintenance costs involve issues related to functionality enhancements and version upgrades, fixing bugs, correcting deployment challenges, correcting faults, and improvement of attributes. Small hospitals and clinics prefer to outsource to an IT services firm for maintenance of EHR system. There is upfront investment cost and post implementation maintenance costs.
Healthcare providers face challenge in selecting the EHR as it involves high cost. The upfront cost of cloud EHR and On-premise EHR is around USD 26,000 and USD 33000 approximately with a yearly cost of USD 8,000 and USD 4,000 respectively. There is also an uncertainty on Implementation cost, projected maintenance cost, consulting and training fees. Upon choosing an on-premise model, care providers should manage all the back-office technology involving data backup, data storage and servers. All the above may hinder the growth of the long term care software market. Other factors which are restraining the Long-term Care Software Market growth are unwillingness of the traditional long-term care providers to adopt software.
The United States long term care market will continue to grow on account of EMR, e-prescribing, medication management, clinical decision support systems, remote patient monitoring systems and remote training etc. The Drug Enforcement Administration (DEA) allowed practitioners to write prescriptions for controlled substances electronically. This allows reduction in prescription errors caused by illegible handwritten prescriptions. The government initiative policies that are supportive for the adoption of care management services are propelling long-term care market in United States.
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