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Practice Management Systems Market Production, Revenue, Price Trend & Forecast Report 2020-2027 | Henry Schein, eClinicalWorks, Epic, Athena Health
Practice Management System Market
The practice management systems market was valued at US$ 3,143.76 million in 2019 and is expected to grow at a CAGR of 10.2% from 2020 to 2027 to reach US$ 6,740.84 million by 2027.
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The practice management systems market, by component, is segmented into software and services. Software segment held the largest share of the market in 2019. Currently, healthcare industry is focusing on offering value based care as well as enhanced services to the patients. On account of fulfilling these facilities, the healthcare resources are focusing on effective practice management in order to avoid patient dissatisfaction, errors in medical billing, and additional labor charges. These factors are expected to drive the adoption of medical practice management software, which in turn will uplift the growth of this segment. Additionally, some of the software in the market have ability to provide real time analysis of patient data, waiting time, patient visits, and analysis of payers which plays a vital role in treatment decisions. Additionally, emphasis on reduction of manual work and human resource optimization is predicted to drive the growth of the software segment in the global practice management software market during the forecast period.
Company Profiles in Practice Management System Market are:
o Allscripts Healthcare Solutions, Inc.
o Athena Health
o Cerner Corporation
o Epic
o eClinicalWorks
o GE Healthcare
o McKesson Corporation
o Medical Information Technology, Inc.
o Nextgen Healthcare Information System, LLC
o Henry Schein
Administrative tasks are one of the major challenges faced by healthcare providers, which impacts their overall performance. A core objective of healthcare solutions is to lower the functional and operational costs with an aim to reduce the overall cost of healthcare. Currently, the healthcare sector is under a constant pressure to condense the healthcare delivery costs, which calls for enhancements in evidence-based patient care and health plans, improvements in regulations management strategies, and consolidation of healthcare systems. Such conditions are likely to boost the growth of the practice management systems market during the forecast period.
The standalone systems captured the largest share in the global practice management systems market. Standalone systems comprises only one module and are designed to address specific need in healthcare settings. As the system deals with only one process, the installation and maintenance cost of this system is less compared to integrated systems. Additionally, growing number of physician settings with specific needs and cost concerns in emerging nations are uplifting the standalone practice management systems market during the forecast period.
Collaborations and technology partnerships by the operating players in the market with an aim to bridge the demand-supply gap is anticipated to play a major role in growth of the practice management systems industry during the forecast period. Moreover, increasing adoption of intelligent software systems with an aim to deal with shortage of primary healthcare resources and increasing burden of patients is predicted to accelerate the market in near future.
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