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.
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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.
Irrespective of the economic status of a country, the increasing healthcare costs are a worry for all. Despite numerous insurance programs and state and private funding, healthcare providers are struggling to provide quality but cost-effective healthcare to patients. Practice management systems are reducing the healthcare costs in many ways, such as by providing accommodation to more patients, enhancing the performance of healthcare professionals, helping offer quality healthcare, and improving efficiency in every-day tasks, thus eliminating the chances of errors and making it a faster process.
The development of new business models has brought a shift in the working of healthcare institutions. For instance, the American Hospital Association (AHA) published a data in 2018 that said that out of the more than 5,500 hospitals in the U.S., about 2,500 were non-profit organizations. The increasing number of small and mid-size hospitals across the U.S. is expected to drive the demand for practice management systems. The practice management systems market is anticipated to grow owing to the digitalization and centralization of back-end processes in healthcare settings.
Hence, it is clear that digitization in healthcare would be among the primary drivers for the market.