Practice Management Systems Market - Trends And Opportunities For The Industry By 2024

Practice Management Systems Market: Overview

Medical practice is defined as the science and the art of healing in accordance with scientific diagnosis of the disease. Medical practice therefore, requires significant volume of patient data which is difficult to maintain in the long run especially if it’s recorded in the physical form of documents and files. The entry of computer software and software systems like SaaS (Software as a Service) has greatly assisted in the overall process of patient data and medical practice data management. Medical Practice Management System (PMS) is a software that helps medical organization (or clinic) to record patient data, fix appointments with practitioners, maintain record of insurance payment companies (and contacting them when required), perform billing related tasks and generate final reports. PMS nowadays are integrated with Electronic Medical Records (EMR) that deals strictly with patient medical data (medical and treatment history) as an all inclusive data management system.

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PMS is designed according to the volume of data that needs to be maintained, the size of the organization and their financial capacity. Generally PMS are classified as; desktop variants for limited computers, client-server (physical servers) for large institutions with strong finance and requirement for easy access to patient’s confidential data, and internet server (virtual/cloud servers) for institutions that require cost saving alternatives. Software companies offer services in different price ranges varying from few hundreds to thousands of dollars depending upon aforesaid parameters. Integrated systems (EMR and PMS) are more expensive in comparison to standalone services. Some companies that provide these services are Acrendo Softwares, Allegiance MD, WRS Health, Practo Ray and Athena Health to name a few.

Practice Management Systems Market: Opportunities and Trends

PMS have a great future ahead, as medical institutions worldwide see it as a better alternative to physical document records which have a very high error rate bringing into light the nature of human incompetency, that are minimized to a great extent in PMS. Also, medical errors result in severe adverse events and death, this is efficiently tackled by the presence of automated programmed software. Cost saving is another financial reason for a shift into PMS, it reduces data management costs and as a result the overall medical treatment costs. Medical insurance claims and payouts also see a positive change with fast processing times. Countries like the U.S. also offer subsidies to hospitals opting for such systems.

Practice Management Systems Market: Restraints

PMS however, is useful only as long as the personals are trained in the dynamics of the software, this requires training and practice. Many countries also have strict patient confidentiality laws, any breach or leak patient records may pose a great threat to the integrity of the whole process and shall render an institution liable for prosecution by the law. In such a situation, PMS becomes more of a liability than assistance. However, with entry of Asian software companies like Practo Ray who have developed portable android based software systems can be easily accessed and require minimum training. Cost effective alternatives are on the rise along with better algorithms to integrate the complete process of medical practice.

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Practice Management Systems Market: Regional Insight

PMS market is expected to increase owing to the presence of virtual/cloud based service systems, these enable companies far offshore to provide services at competitive prices. Service providers are at present largely based in the North America and European region, where the demand is the highest owing to large population patients with health insurance. The PMS market in Asia-Pacific is estimated to grow at the highest CAGR owing to more number of companies establishing business in this region coupled shift in service providers from the North American region to emerging economies. Also, with greater returns on investment a large number of Asian medical institutions are now opting for PMS.

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