Clinical Practice Management Software Market | Top Key Players - Optum Inc. (U.S), Cerner Corporation (U.S), McKesson Corporation (U.S), Dell (U.S), Cognizant (U.S), Koninklijke Philips N.V. (U.S), Xerox Corporation (U.S)

Clinical practice management software is popular by its pseudonym medical practice management software. At its heart, it is a software that was specifically created for the healthcare sector. It is concerned with handling the daily activities of a medical set-up. The face of the medical industry has changed completely over the years. Owing to technological advancements, the entire industry is on its journey towards digitization. This fact has turned out to be highly advantageous for the global clinical practice management software.

More and more hospitals are choosing this technology to secure and integrate their data. This software enables users to store patient details, medical history, schedule appointments, preserve details of insurance payouts, generate reports and execute all the billing tasks.

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People often tend to confuse clinical practice management software with electronic medical records(EMR). There is no denying the fact that there are certain similarities in both of them. But the purpose is completely different, an EMR is employed for helping the medical personnel with clinical matters. On the other hand, a clinical practice management software is used for assistance in administrative and financial matters. EMR & clinical practice management software can be used in conjunction with one another. Their combined usage can take a lot of load off the healthcare professionals.

Market Scenario

Looking at the current advancements in the medical field, it would be pretty safe to say that the future looks bright for global clinical practice management software. Experts believe that during the forecast period of 2018-2022, the market will experience tremendous growth. In terms of CAGR, the market is expected to grow at the rate of 9.2%.

The development of the market can be attributed to a number of factors. The first and most important one is the high demand of an efficient data storage software in the medical industry. It is an obvious fact that storing such high amounts of data manually is a very tedious task. Thus, this need works in the favor of the market and drives its growth.

Other major growth factors can be listed as the rising need to store all the healthcare information in one place, improving healthcare wastes, demand to take the manual part out of the healthcare administration, consciousness towards patient care & the need to secure sensitive patient data.

The market may be restrained by certain aspects like expensiveness of the software, shortage of skilled and knowledgeable IT personnel. But as the industry develops it will cope with all of these restraints.

Market Segmentation

The worldwide clinical practice management software is divided into four equal parts. These include, deployment, types, end-users & regions.

On the basis of deployment, the market can be trifurcated into web-based, cloud based & on-premises. Out of these, the cloud-based segment accounts for the largest market share.

On account of types, the industry is bifurcated into integrated & standalone.               

Lastly, when it comes to end users, the market is segmented into pharmacists, doctors & physicians and laboratories.

Geographically, the clinical practice management software is spread across regions like North America, Asia Pacific, Europe & Rest of the World.

Market Players & Strategies

Some of the most renowned names of the clinical practice management software industry are Kareo, Cerner Corporation, Vitera Healthcare Solutions, EPIC, Nextgen Healthcare & Athenahealth. The major strategies employed by these companies are heavy investment in research and development activities and strategic partnerships.

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Innovations

In the worldwide clinical practice management software market innovations come in the form of novel product launches. One such noteworthy product is eClinic. It is a customizable practice management software that is available in both the deployment methods i.e. cloud & on-premise. It can provide the users with a number of benefits as it is highly effective and efficient in nature.

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