US Practice Management Systems Market
Rising Pressure on Healthcare Institutions to Provide High-Quality Services at Reduced Costs Drives US Practice Management Systems Market Growth:
Administrative tasks pose major challenges for healthcare providers, impacting their overall performance. Finding and implementing solutions to lower the functional and operational costs to deal with the increasing government pressure regarding the elevating prices of drugs and medical devices is a core objective of healthcare businesses, which allows them to provide value-based health care to patients. As a result, healthcare providers focus on offering enhanced, evidence-based patient care and health plans, improving their regulations management strategies, and consolidating healthcare systems simultaneously.
Healthcare IT systems improve the real-time monitoring of patients’ health, thereby allowing healthcare providers to reduce the costs associated with chronic diseases. As per the American Diabetes Association in 2023, the estimated cost burden associated with diagnosed diabetes cases rose to US$ 412.9 billion. Despite the steady prevalence of diabetes, direct medical costs associated with diabetes grew by 7% from 2017 to 2022. The price can be efficiently managed by a clinical decision support system that further helps manage diseases and keep track of individual dosage patterns, which enables patients to get assistance with disease and medication management, along with helping them overcome the disease.
Burgeoning Use of Smartphones Creates Opportunities for US Practice Management Systems Market
A smartphone is one of the most dynamic and ubiquitous trends in communications and real-time location tracking. These devices also contribute to making healthcare practices more accessible and manageable by simplifying the process of collecting healthcare information or health data and offering services to patients. With the increasing adoption of smartphones, healthcare providers are looking for ways to streamline their practice management processes and improve patient engagement. Practice management systems are mobile-friendly and support appointment scheduling, billing, and patient communication, among other processes, through smartphone apps. Additionally, the use of smartphones can also enable healthcare providers to access patient records and manage their practice remotely, leading to greater efficiency and flexibility. As a result, the practice management systems market is expected to experience substantial growth in the coming years. In addition to their well-established applications such as e-mail and Internet browsing, smartphones are used in real-time location system (RTLS) solutions for tracking and monitoring patients, staff, and medical equipment. With easy access to an array of smartphone applications (apps), people can use mobile health apps to manage chronic conditions and change health-related behaviors. The burgeoning use of smartphones among healthcare professionals and patients is expected to provide significant opportunities for the practice management systems market.
US Practice Management Systems Market: Segmental Overview
The US practice management systems market has been segmented on the basis of product, component, delivery mode, application, and end user. Based on product, the market is bifurcated into integrated practice management systems and standalone practice management systems. The standalone practice management systems segment held a larger market share in 2022, and the same segment is anticipated to register a higher CAGR from 2022 to 2030. By component, the US practice management systems market is segmented into software and services. The software segment held a larger market share in 2022. The services segment is anticipated to register a higher CAGR during 2022–2030. In terms of delivery mode, the market is segmented as web-based practice management systems, cloud-based practice management systems, and on-premise practice management systems. The on-premise practice management systems segment held the largest market share in 2022. Based on application, the US practice management market is segmented into patient record tracking, administrative tasks, processing insurance claims, coding & billing, and others. The administrative tasks segment held the largest market share in 2022. In terms of end user, the market is segmented into hospitals and clinics, physician’s offices and labs, insurance companies, and others. The hospitals and clinics segment accounted for the largest share of the US practice management market in 2022; it is further anticipated to register the highest CAGR from 2022 to 2030
US Practice Management Systems Market: Competitive Landscape and Key Developments
A few of the major players in the US practice management systems market are WRS Health, PracticeEHR, AdvancedMD Inc, Azalea Health Innovations Inc, DrChrono Inc, PracticeSuite Inc, Meditab Software Inc, Microwize Technology Inc, MedicalMine Inc, Henry Schein Medical Systems Inc, and MEDENT. These leading players adopt strategies such as the launch of new products, expansion and diversification of their market presence, and expansion of new customer base for tapping business opportunities existing and emerging in the market.
Key Developments in US Practice Management Systems Market:
- In June 2021, Practice EHR launched Practice EHR Enterprise, an enterprise practice management solution built to improve the financial performance, productivity, and medical billing workflow of hospitals, medical practices, and medical billing companies.
- In May 2021, WRS Health launched a new EHR and practice management solution for oncologists. It is a cloud-based solution that fulfills the requirements of oncology professionals specializing in cancer diagnosis and treatment.
