London, April 02, 2020 (GLOBE NEWSWIRE) -- Practice management system is designed to improve the clinical & financial productivity of healthcare providers. It helps healthcare professionals to manage the appointments & schedules across the premises and letting physicians and staffs to enter and access the patient information. This system also helps the healthcare payers in preparing the billing statements and generating electronic claims based on the patient information.

According to a report,Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) - Global Forecast to 2027”, published by Meticulous Research®, the practice management system market is expected to reach $618.3 million by 2027, growing at a CAGR of 10.4% from 2019; whereas, the overall healthcare IT market is projected to grow at a CAGR of 13.8% from 2019 to 2027 to reach $511.06 billion by 2027.

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The factors such as high return on investment (RoI), increasing incidence of medication errors, increasing need to integrate the healthcare system, rising need to curtail soaring healthcare cost, and government mandates such as meaningful use are driving the growth of the practice management system market. In addition, rising demand to streamline the workflow and improving healthcare infrastructure among emerging economies further support the growth of this market.

Emerging trends in Practice Management System Market:

  • Integration of EMR and Practice Management software

In order to improve the patient outcomes and enhance quality care while reducing the healthcare costs, many healthcare practices are adopting a host of software platforms. The adoption of such platforms can serve as an administrative headache for the end-users, when it comes to workflow, efficient use of manpower, and the cost of maintaining separate clearinghouse contracts with various vendors.
The integration of the system will tackle this challenge up to some extent. The companies are focusing on integration of the system that used to operate separately. One of the recent practices is the integration of practice management system with that of Electronic Health Record (EHR). It helps in saving a lot of time as well as helps its users to increase their revenues by utilizing the data in one system.
Consolidating patient data increases the accuracy of reports generated and ensure the seamless transition of data between the practice management system and the EHR system.
Thus, the integration of practice management system with the EHR eases and tackle the challenges of practitioners to manage medical scheduling, medical billing, and patient information.

  • Utilization of Analytics Tools in Practice Management System

Effective practice management includes tracking & reporting patient outcomes, efficiently managing revenue cycle, and tracking market changes & growth opportunities. Properly and well-managed practices successfully balance supply & demand on a daily, weekly, and long-term basis. Ineffective practice management can result in poor patient satisfaction, overloaded staff, and billing errors. Such problems may affect the revenue of the organization, raise the costs, cause dissatisfaction among healthcare professionals, and cause patients to seek care elsewhere.
With advanced analytics tools, effective practice management can be achieved. The tools help the organization to utilize the data properly and extract the key insights from them which can be further utilized to improve the overall quality.

To know more about the practice management system market and other key solutions in the healthcare IT market, please visit: https://www.meticulousresearch.com/product/healthcare-it-market-5084/

Key questions answered in the healthcare IT market research report-

  • Which are the high growth market segments in terms of products, components, delivery mode, end-users, and region/countries?
  • What was the historical market for healthcare IT solutions across the globe?
  • What are the market forecasts and estimates for the period of 2019-2027?
  • What are the major drivers, restraints, opportunities, and challenges in the healthcare IT market?
  • Who are the major players in the healthcare IT market?
  • How is the competitive landscape and who are the market leaders in the global healthcare IT market?
  • What are the recent developments in the global healthcare IT market?
  • What are the different strategies adopted by the major players in the global healthcare IT market?
  • What are the geographical trends and high growth regions/ countries?

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