This extensive healthcare software known as medical practice management software is used in daily procedures of medical practices. The software first collects the information related to an individual’s health or the activities of organizations that work in the healthcare sector, and then store manages and transmit it. Medical practice management software also assists in integrating EHR (Electronic Health Records) to offer solutions in interoperability and help in the overall process of practice management.
Apart from this, this software helps in patient’s real-time verification, scheduling their appointment and the registration. Billing tasks, medical billing, claim management, storing demographics data and maintaining a list of insurance payers are some of the other processes handled by medical practice management software. Considering increasing importance of this software, QY Research has come up with a new report titled, “Global Medical Practice Management Software Market Size, Status and Forecast 2019-2025,” for the forecasted period of 6-years, i.e. between 2019 and 2025. According to this report, the global medical practice management software market was valued more than US$ 3 Bn in 2018 with a robust growth rate during the forecasted period.
North America to Lead Global Medical Practice Management Software Market
Rising initiatives from the government are expected to make North America the largest market in medical practice management software. Europe and the Asia Pacific regions are also likely to experience a healthy growth in the global market for medical practice management software. This growth is observed because of growing awareness and rising technological advancement in these two regions. In developing countries like India and China, increasing funding from the government and a large pool of patients are some of the driving factors that are supporting the growth of the market.
Global Medical Practice Management Software Market- Drivers and Restraints
Growing investment from key manufacturers in IT and healthcare sector, rising demand for better facilities in healthcare, swelling need for an integrated system in healthcare and increasing need of better returns on investment are some of the factors which are propelling the growth of the global market for medical practices management software. Besides, rising awareness of the healthcare sector is also creating a positive impact on the market. However, high expenses in the maintenance and service, lack of experts and professionals, huge time consumption and various interoperability issues are some of the factors which are hampering the growth of the global market.
Global Medical Practice Management Software Market- Segmental Analysis
The market is segmented into type and application. By type, the market is segmented into cloud-based, web-based and on-premise, while on the basis of application, the market is segmented into pharmacies, hospitals, diagnostic laboratories, and Other. Cloud-based segmentation is leading the market in terms of attractiveness index due to the increasing popularity of cloud technology.
Global Medical Practice Management Software Market- Competitive Landscape
Due to the presence of established key players, intense competition can be seen in the market. Some of the key players operating in this market are Adroit Infosystems, AthenaHealth, Bestosys Solutions, Allscripts, Insta Health Solutions, TotalMD, Virence Health, ChartPerfect, McKesson Corporation, CareCloud, Cerner Corporation, CollaborateMD, Henry Schein, NexTech Systems, eClinicalWorks, NextGen Healthcare, Epic Systems, Aprima Medical Software, MPN Software Systems, Greenway Health and AdvancedMD
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