Press release
Practice Management System Global Market Report 2024 - By Share, Size, Growth, Trends, Forecast To 2033
Practice Management System Market
The practice management system market size is expected to see strong growth in the next few years. It will grow to $19.06 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to advancements in artificial intelligence (ai) and automation, interoperability and health information exchange (hie), patient-centric care models, population health management strategies, global health crisis response. Major trends in the forecast period include focus on cybersecurity, consumerization of healthcare, advancements in health information technologies:, patient engagement tools, telehealth integration.
Market Overview -
Practice management system refers to a software solution designed to streamline and optimize various administrative and operational tasks within a practice or organization. Practice management software is designed to enhance clinical processes, automate billing procedures, aid in claims management, reduce operational costs, and boost overall effectiveness.
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Rising Demand For E-Prescriptions Drives Growth In The Practice Management System Market
The increasing popularity of e-prescriptions is expected to propel the growth of the practice management system market going forward. E-prescriptions refer to digital versions of traditional paper prescriptions that healthcare providers send directly to pharmacies or dispensing entities electronically, typically using specialized software or systems. The practice management system is used in e-prescriptions for auto-filling patient information, safely prescribing controlled medications, and providing alerts and warnings. For instance, in July 2023, according to Surescripts National Progress Report, a US-based information technology company, a significant 10.4% annual growth was seen in e-prescriptions, which reached 2.34 billion in 2022. Therefore, the increasing popularity of e-prescriptions is driving the growth of the practice management system market going forward.
Competitive Landscape -
Major companies operating in the practice management system market report are McKesson Corporation, General Electric Company, Henry Schein Inc., EPIC Systems Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., CompuGroup Medical SE & Co. KGaA., eClinicalWorks LLC, NextGen Healthcare Information Systems LLC, Medical Information Technology Inc., Practo Technologies Pvt. Ltd., AdvantEdge Healthcare Solutions Inc., CareCloud Corporation, Greenway Health LLC, Modernizing Medicine Inc. , Kareo Inc., Advanced-Data Systems Corporation, PracticeSuite Inc. , AdvancedMD Inc., Practice Fusion Inc., Luma Health, WRS Health, OfficeAlly Inc., DrChrono Inc., TherapyNotes LLC, SimplePractice LLC, CollaborateMD Inc., Accumedic Computer Systems Inc., Qminder OU
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