Long-term Care Software Market: Key Growth Factors and Forecast 2021

Long-term care is a service which helps meet medical and non medical needs of people with chronic illnesses or disabilities. It involves a variety of services designed to meet a person's health or personal care needs during a short or long period of time. These services assist people to live independently and safely when they can no longer perform everyday activities on their own. Long-term care is provided in different places by different caregivers, depending on a person's needs.

Home care, day program, senior housing, nursing home, continuing care retirement community, and assisted living are various levels of long-term care. People often need long-term care when they have a serious, ongoing health condition such as after a heart attack, stroke, or disability. Most often, these health conditions develop gradually, as people get older or an illness or disability gets worse.

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Long-term care software is a fully-integrated electronic health record and billing solution to improve resident care, maintain compliance, reduce labor cost, and increase reimbursement. In the software data is entered by user once and it flows through the system for various facilities. It also streamlines the specialized elements of financial management, reporting and analysis, and revenue cycle management.

The software helps provide good quality care with accurate information, saves time, boosts efficiency and productivity, and reduce risk of redundancy by eliminating inconsistencies in documentation. It also provides consolidated reports for multiple facilities, automatic inter-facility accounting, and maintains records over long periods of time. Long-term care software is mainly comprises of clinical and non-clinical software and used in home health agencies, nursing homes, and assisted living facilities and hospice facilities.

North America dominates the global market for long-term care software due to rise in geriatric population and rising need to lower healthcare costs in the region. The market in Asia is expected to show high growth rates in the next five years, with China and India being the fastest growing markets in the region. The key driving forces for the long term care software market in developing countries are the large pool of patients, increasing awareness about diseases, improving healthcare infrastructure, changing demographic trends, and rising government funding in the region.

Rise in aging population, shortage of nursing staff and doctors, increase in healthcare expenditure, rising prevalence of chronic diseases, increasing healthcare developments, and rising number of initiatives by various governments and government associations are some of the key factors driving the growth of the global long-term care software market. However, high software maintenance cost, low adoption of software in developing countries, and reluctance of traditional long-term care providers to adopt software are major restraints for the growth of the global long term care software market.

Remote patient monitoring and cloud-based software can help create opportunities for the global long-term care software market. Growing demand for cloud-based solutions, partnerships and collaborations, and new product launches are some of the trends in the global long-term care software market. The major companies operating in the global long term care software market are Allscripts Healthcare Solutions, Inc., Cerner Corporation, McKesson Corporation, Omnicare, Inc., Omnicell, Inc., Advanced Answers On Demand, Inc., HealthMEDX, Kronos Incorporated, Matrix Care, and Optimus EMR.

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