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The Practice Management System Market is Segmented by Product Type, Component, Mode of Delivery (On-premise and Cloud-based), End Users, and Geography.
Fastest Growing Market:
The practice management system market is expected to register a CAGR of nearly 8.3% during the forecast period, 2019-2024. The major factors for the growth of the practice management system market include the need to increase the efficiency of current medical practices and institutions, time and resources saving in the longer run, and high return on investments.
As per the scope of this report, practice management in healthcare can be defined as the process which deals with the day-to-day operation of medical practice. Medical practice management software helps in streamlining operations, produce accurate claims, and receive faster reimbursements. The market is segmented by software, component, mode of delivery, end users, and geography.
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Modernization of operations and approaches in medical practice, by utilization of technological solutions, such as medical practice management software, has improved healthcare organizations. Cloud-based software systems help in storing the data on external servers, making it accessible via the web, as it requires only a computer with an internet connection to access the data. Cloud-based delivery in medical practice management helps healthcare providers to automate day-to-day medical tasks. Cloud-based medical practice management is particularly useful for small- to medium-sized practices since there are no large hardware expenditures and the software expense is consistent with a low subscription rate. Recently, in June 2018, one of the market player Patterson Veterinary announced a new joint venture with Cure Partners, together the companies have formed a new business, Technology Partner Innovations LLC, which is launching a new cloud-based practice management software, NaVetor. Furthermore, cloud-based medical practice management is cost and time effective and improves patient satisfaction, as it is accessible to medical professionals. Hence, with an increasing need for efficient medical practices and institutions, the market studied is expected to record a high CAGR, during the forecast period. However, high maintenance and security cost restrict the growth of the market studied, during the forecast period.
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North America is expected to dominate the market owing to the presence of better healthcare infrastructure and rising geriatric population. Medical practice management in the United States helps in every aspect of healthcare accounts, billing, appointments, and insurance details of the patients. In the United States, most of the medical practice management software systems are designed for small to medium-sized medical facilities. Some of the medical practice management software is used by the third-party medical billing companies for healthcare facilities. Medical practice management software is often used for administrative and financial matters of medical care facilities and providers. Government funding is likely to speed up the adoption of medical practice management by healthcare providers and change the way players operate, across the sector. Hence, the increasing adoption of patient-centric approach by healthcare payers, the need to increase the efficiency of current medical practices and institution, time and resources saving in the long run, and high return on investments are the major factors driving the market studied during the forecast period.
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The market studied is a moderately consolidated market owing to the presence of many small and large market players. Some of the market players are Allscripts Healthcare Solutions Inc., Athenahealth, CareCloud Corporation, eClinicalWorks, Advanced Data Systems, GE Healthcare, Greenway Health LLC, McKesson Corporation, and NextGen Healthcare.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Need to Increase Efficiency of Current Medical Practices and Institutions
4.2.2 Time and Resources Saving in the Longer Run
4.2.3 High Return on Investments
4.3 Market Restraints
4.3.1 Lack of Skilled IT Professionals in Healthcare
4.3.2 High Maintenance and Security Cost
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Stand-alone Practice Management Software
5.1.2 Integrated Practice Management Software
5.2 By Component
5.2.2 Client-server Software
5.2.3 Internet-based Software
5.2.5 Other Components
5.3 By Mode of Delivery
5.4 By End User
5.4.2 Diagnostics Lab
5.4.4 Other End Users
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.4 Middle East & Africa
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
5.5.5 South America
188.8.131.52 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Advanced Data Systems
6.1.2 Allscripts Healthcare Solutions Inc.
6.1.4 CareCloud Corporation
6.1.6 GE Healthcare
6.1.7 Greenway Health LLC
6.1.8 McKesson Corporation
6.1.9 NextGen Healthcare
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments