Westford USA, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The North American region has seen a significant increase in medical practice management software (MPMS) adoption in recent years. Such progress can be attributed to the increasing focus on patient-centric healthcare practices by healthcare organizations. With a growing emphasis on providing high-quality care at a lower cost, healthcare organizations are turning to MPMS as a solution to help streamline their operations and improve patient outcomes. As the healthcare industry continues to evolve with time, the adoption of MPMS is likely to grow, providing lucrative scope for players operating in the medical practice management software market.
Based on SkyQuest's research, the healthcare sector experienced substantial growth in 2020, with healthcare expenditures rising by 9.8% to reach USD 4.3 trillion. This figure represents a significant portion of the gross domestic product, accounting for 18.4%. All these trends are predicted to continue in the coming years, with projections suggesting that healthcare expenditures in developed countries will surpass USD 7 trillion by 2028.
Browse in-depth TOC on "Medical Practice Management Software Market"
- Pages - 253
- Tables - 90
- Figures - 72
Medical practice management software (MPMS) is an essential tool for healthcare organizations. It plays a crucial role in streamlining day-to-day operations and improving patient care. This software is designed to manage various tasks, including patient scheduling, billing and coding, and document management. Having all this information in one centralized location allows healthcare providers to access patient records quickly and easily, reducing the risk of errors and improving overall patient care.
Prominent Players in Medical Practice Management Software Market
- Henry Schein, Inc.
- AdvantEdge Healthcare Solutions
- Allscripts Healthcare, LLC
- Cerner Corporation (Oracle)
- Athenahealth
- GE Healthcare
- Epic Systems Corporation
- Accumedic Computer Systems, Inc.
- McKesson Corporation
- eClinicalWorks
- NXGN Management, LLC
- Kareo, Inc.
- CoreCloud
- AdvancedMD, Inc.
- Practice Fusion, Inc.
- DrChrono, Inc.
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Software Segment to Offer Lucrative Revenue Growth Thanks to Increasing Emphasis on Detailed and Customized Medical Reporting
The software segment has emerged as the leader in the medical practice management software industry and generated the largest revenue share of over 58.50% in 2021. The ease of installation and recovery of records has made software a popular choice among healthcare providers, thanks to its user-friendly interface and frequent product upgrades. The availability of various applications for hospitals and health systems has also driven the demand for medical practice management software. These applications streamline various processes, making it easier for healthcare providers to manage patient data.
North America held the major share of the global medical practice management software market, with a staggering 52.3% in 2021. This dominance can be attributed to the region's high level of digital literacy, which has driven the demand for advanced healthcare IT solutions. In addition, the region has also witnessed a significant development in healthcare IT infrastructure, further fueling the development of the market. All these factors have made North America a key player in the industry and have cemented its position as the dominant market.
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Web Based Software Segment to Drive Higher Sales as Companies Prefer Data Accessibility across Platforms
In healthcare technology, the dominance of web based software is evident, as it accounted for over 50.7% of the total revenue generated in 2021. The automatic updating feature of web-based technology has proven to be a major advantage, as it ensures seamless integration with any changes that occur without disrupting the workflow. Despite this, many large healthcare systems and businesses still opt for on-premise solutions, as they offer a more reliable choice. In addition, these organizations can store vast amounts of data, are willing to make upfront investments, and are equipped to manage their servers.
The medical practice management software market is experiencing rapid growth and expansion, with the Asia Pacific region expected to be the fastest-growing segment over the next five years. From 2023 to 2028, the market is expected to see a high compound annual growth rate (CAGR) in the Asia Pacific region, driven by several key factors. Another factor contributing to market growth in the Asia Pacific region is the increasing prevalence of chronic diseases. These diseases produce a larger pool of patients who require ongoing medical care, increasing demand for medical practice management software.
The medical practice management software market is an ever-evolving space that is growing at a rapid pace. This report is designed to give manufacturers, distributors, and other market participants a clear understanding of industry trends, demand projections, and the competitive landscape. In addition, the report also provides a detailed analysis of the key players operating in the market, their market share, and other important metrics.
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Key Developments in Medical Practice Management Software Market
- iTech Workshop has recently joined forces with EllipseIntel Solutions to bring cutting-edge medical billing and practice management solutions to the gastroenterology and ambulatory surgery center markets in the United States. This strategic partnership will allow EllipseIntel Solutions to distribute iTech Workshop's expEDIum Suite of products and RCM services to their clients. In addition, the partnership between iTech Workshop and EllipseIntel Solutions will provide a complete solution for GI and ASCs to streamline their billing and practice management processes, improve their financial performance, and, ultimately, provide better patient care.
- Weave, a leader in providing innovative solutions for local businesses, has announced a new partnership with Fuse, a cloud-based dental practice management software from Patterson Dental. This partnership will provide dental practices with cutting-edge technology designed to help them streamline their operations and improve their overall performance. With the integration of Weave and Fuse, dental practices will have access to a powerful suite of tools that were previously only available to large corporations.
- Alpine Investors, a private equity firm known for its focus on people-driven investment strategies, has announced a significant investment in Medusind. Medusind is a well-established provider of revenue cycle management services to the healthcare industry. Medusind provides various revenue cycle management services to various healthcare specialties, including dentistry, anesthesia, pathology, emergency care, surgery, radiology, and others. In addition, the company's proprietary technology platforms allow healthcare provider practices to deliver superior outcomes and improve financial performance.
- Performant Capital has announced the formation of Provider Technology, LLC. This new company has been acquired through the acquisition of two established businesses - DavLong Business Solutions LLC, Administrative Advantage LLC, and On Demand Solutions Inc. As a result, the new company is well-positioned to provide high-quality services and support to physician practices and health systems, helping them streamline their operations and increase productivity.
Key Questions Answered in Medical Practice Management Software Market Report
- What is the projected size of the global market in the coming years, and what factors will drive its growth?
- What is the current outlook for the growth of the global market, and what are the key trends contributing to it?
- Which are the most promising regions within the global market, and what are the major developments behind these dynamics?
- What role have the leading players in the market played in shaping the industry's overall growth?
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