Healthcare IT Market Worth $511.06 Billion by 2027| 2019-2027|

According to a new market research report "Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare)- Global Forecast to 2027", published by Meticulous Research, the healthcare IT market is expected to grow at a CAGR of 13.8% from 2019 to reach $511.06 billion by 2027.

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Health Information Technology (Healthcare IT) is a broad term that defines the technology and infrastructure utilized to record, analyze, and share patient health data in healthcare organizations. The aim of Healthcare IT solutions is to offer better care for patients and help accomplish health equity. It also endorses recording of patient data to improve healthcare delivery and allow for analysis of information for both healthcare practitioners and ministry of health/government agencies.

The factors such as high return on investment (RoI), increasing incidence of medication errors, increasing need to integrate the healthcare system, rising need to curtail soaring healthcare cost, and government mandates such as meaningful use are driving the growth of the practice management system market. In addition, rising demand to streamline the workflow and improving healthcare infrastructure among emerging economies further support the growth of this market.

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Emerging trends in Practice Management System Market:

Integration of EMR and Practice Management software

In order to improve the patient outcomes and enhance quality care while reducing the healthcare costs, many healthcare practices are adopting a host of software platforms. The adoption of such platforms can serve as an administrative headache for the end-users, when it comes to workflow, efficient use of manpower, and the cost of maintaining separate clearinghouse contracts with various vendors.

The integration of the system will tackle this challenge up to some extent. The companies are focusing on integration of the system that used to operate separately. One of the recent practices is the integration of practice management system with that of Electronic Health Record (EHR). It helps in saving a lot of time as well as helps its users to increase their revenues by utilizing the data in one system.

Consolidating patient data increases the accuracy of reports generated and ensure the seamless transition of data between the practice management system and the EHR system.
Thus, the integration of practice management system with the EHR eases and tackle the challenges of practitioners to manage medical scheduling, medical billing, and patient information.

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Utilization of Analytics Tools in Practice Management System

Effective practice management includes tracking & reporting patient outcomes, efficiently managing revenue cycle, and tracking market changes & growth opportunities. Properly and well-managed practices successfully balance supply & demand on a daily, weekly, and long-term basis. Ineffective practice management can result in poor patient satisfaction, overloaded staff, and billing errors. Such problems may affect the revenue of the organization, raise the costs, cause dissatisfaction among healthcare professionals, and cause patients to seek care elsewhere.
With advanced analytics tools, effective practice management can be achieved. The tools help the organization to utilize the data properly and extract the key insights from them which can be further utilized to improve the overall quality.

The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). The healthcare IT solutions market has witnessed number of new product launches, agreements, partnerships & collaborations, expansions, and acquisitions in the recent years. For instance, in October 2019, Cerner collaborated with ResMed (U.S.) to help providers make more informed treatment decisions, control costs, and deliver seamless care across health systems. Similarly, in July 2019, McKesson opened its new distribution center in Puyallup, Washington, U.S. to serve hospitals, health systems, community pharmacies, and national retail pharmacies across the state of Washington.

The key players operating in the global healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.) among others.

TOP 10 COMPANIES IN HEALTHCARE IT MARKET - 2020
https://meticulousblog.org/top-10-companies-in-healthcare-it-market/

Healthcare IT solutions promise to modernize and streamline healthcare and to connect different stakeholders in the e-health market. Broadly defined, health IT refers to hardware and software, including electronic information systems, used to create, store, transmit, receive and analyze health information.

Key Questions
What is Healthcare IT Market?
What is the market size forecasts and CAGR for the period of 2019-2027?
Which are the largest and fastest-growing product segments of the market?
Which are the largest and fastest-growing end-user segments of the market?
Which are the largest and fastest-growing component segments of the market?
What are the major drivers of the market?
What are the major restraints of the global Healthcare IT market?
Who are the major key players operating in the global Healthcare IT market?
What are high growth countries/regions in the market?

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Meticulous Research's Healthcare IT Market Report Mentions, Practice Management System Market to Reach $618.3 Million by 2027 @ https://www.globenewswire.com/news-release/2020/04/02/2010656/0/en/Meticulous-Research-s-Healthcare-IT-Market-Report-Mentions-Practice-Management-System-Market-to-Reach-618-3-Million-by-2027.html

Meticulous Research's Healthcare IT Market Report Mentions, Telehealth Solutions Market to Reach $4.4 Billion by 2027 @ https://www.globenewswire.com/news-release/2020/04/01/2009901/0/en/Meticulous-Research-s-Healthcare-IT-Market-Report-Mentions-Telehealth-Solutions-Market-to-Reach-4-4-Billion-by-2027.html

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