Practice Management Systems Market Scenario, Leading Players and Forecast Report 2023
In 2017, the global practice management systems market valued at $9.3 billion, and it is expected to attain a CAGR of 9.7% during the forecast period (2018–2023). The growth would be due to the development and sale of value-added services, desire to manage healthcare costs, ever-evolving scenario in hospital settings, and improvement in healthcare infrastructure and its digitalization. Software and solutions that help in managing the day-to-day operations in healthcare centers are referred to as practice management systems.
They enable the end users to maintain patient-related information such as appointment schedules, carry out billing tasks, maintain lists of insurance payers, and generate reports. Patient engagement solutions, e-prescriptions, and electronic health records (EHR) are a few examples of practice management systems. The involvement of multiple departments, working together, in the healthcare industry demands a centralized procedure to help streamline the whole process and make it more time saving and cost-effective.
Practice management systems help in catering to the demands of patients for a faster and less cumbersome healthcare process. Such systems include software for diagnostic, financial, reporting, and administrative purposes. The inclusion of cloud computing is expected to provide patients with an easy retrieval facility for their health records as per their convenience and also enhance information sharing among various departments. Hence, the practice management systems market is expected to grow in the coming years owing to the centralization of healthcare facilities.
As of 2017, North America is the leading region in the practice management systems market. The presence of key players that are involved in digitization of documents and health information exchange has influenced the North American market. A survey by the Canadian Medical Association (CMA) reported that in 2017, over 85.0% Canadian primary care physicians used electronic medical records. Therefore, with the demand for a faster and centralized healthcare process, the market for these systems will advance in the continent in the coming years.
Hence, it is clear that digitization in healthcare would be among the primary drivers for the market.
Know More: https://www.psmarketresearch.com/press-release/practice-management-systems-market
