Increase in the need for integration of healthcare system, rise in focus for high return on investments, and high-quality care are the major factors that drive the growth of the practice management system market. In addition, the evolution of IT and rise in number of supportive federal initiatives to combine health records on a single platform fuels the growth of the PMS market.
However, high cost and time required for integration, lack of IT professionals for managing the PMS and data privacy and security concerns hamper the growth of the market. Furthermore, the development of new value-added services like integration of PMS with other IT solutions and the adoption of new technologies in PMS like cloud-based models are anticipated to create major opportunities in the global market.
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The key benefit of PMS is that it helps in faster reimbursement as it gets rid of the requirement for paper billing and records. The growth of electronic data in the healthcare industry is the dominating factor for the rise in the practice management system market growth.
The practice management system market is segmented into component, deployment mode, product type, end-user, and region. In terms of component, it is bifurcated into solution and services. On the basis of deployment mode, it is categorized into on-premise, web-based, and cloud.
As per product type, it is classified into integrated and standalone. In terms of end-user, it is segmented into physician office, pharmacies, diagnostic laboratories, and other. Based on region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the practice management system market analysis are Allscripts Healthcare Solutions Inc., Athenahealth, eClinicalWorks, GE Healthcare, Greenway Health LLC, AdvantEdge Healthcare Solutions Inc., Cerner Corporation, McKesson Corporation, Vitera Healthcare Solution, and Medical Information Technology Inc. Current and future practice management system market trends are outlined to determine the overall attractiveness of the market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global practice management system/ hospital management software market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analysis on the practice management system market share is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the practice management system industry.
- A quantitative analysis of the market is provided to determine the market potential.
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