The global practice management systems market is projected to generate $25,320.7 million revenue by 2030, advancing at a CAGR of 8.5% during 2022–2030. This will be due to the increasing complexity of managing the health of a large population, surging demand for value-added services, adoption of advanced healthcare information technologies, and rising pressure to curb the cost of care.
Various hospitals, clinics, and other healthcare facilities use CRM solutions to automate routine processes, such as patient registration, tracking, reporting, and accounting, via a well-integrated workflow process. This improves the overall quality and efficiency of healthcare services, allowing healthcare organizations to raise their profitability.
Software held the larger share in 2022. Software not only assists hospitals and medical practitioners in their practice but also significantly improves healthcare services for patients. The system can notify patients about their insurance coverage and the benefits provided by the insurance plan, so they are better informed about their eligibility for a treatment as well as any outstanding amount.
Aside from insurance coverage and service eligibility, PM programs also store the full medical histories of patients, allowing them or caregivers to adhere to the medication regimen. The technology also provides automated appointment reminders and alarms, thus reducing the likelihood of missing an appointment.
Moreover, the hospital category held the largest share in 2022. Practice management systems are required in hospitals to create a customized workflow for practice. Users can keep track of every aspect of the patient’s care with the help of automated technologies and digital processes. Scheduling, intake, insurance verification, and other automated functionalities help personnel do their job better. Data entry from the patient's chart, intake forms that are automatically integrated, pre-visit formalities and necessities, and bill payment alerts are examples of the automated features in a medical practice management system.
Moreover, the APAC practice management systems market is predicted to grow with a CAGR of over 10% during the forecast period, driven by the favorable government reforms that provide support for the adoption of patient engagement solutions, EHRs, and e-prescriptions. Moreover, the increasing commercialization of patient engagement solutions is boosting the market response. Furthermore, the rising need for the development of new systems and the replacement and progression of the medical infrastructure is expected to provide the market with lucrative growth opportunities over the forecast period.
Furthermore, the upward shift in medical expenditure and availability of ample insurance coverage also contribute to the growth of the regional market. The practice management systems market in China is expected to grow at a steady rate during the forecast period owing to the health reforms implemented by the Chinese government. Moreover, the presence of the Steering Committee of Health Informatics, which is supported by the Ministry of Health of China, is contributing to the growth of the market, as this committee focuses on the use of EHRs.
In addition, the practice management systems market in the MEA will boom during the forecast period due to the rising awareness about these solutions and the surging need to implement eHealth technologies. This rising awareness can be attributed to many U.S.-based non-government organizations operating in the region. Further, the high spending capacity of the population residing in the regional countries, such as the U.A.E. and Saudi Arabia, is creating a demand for high-end practice management systems. Moreover, a major area of focus for regional governments and healthcare organizations is generating mobile-health-based patient databases integrated with practice management systems.
The major players operating in the global practice management systems market are Allscripts Healthcare Solutions Inc., athenahealth Inc., Cerner Corporation, Epic Systems Corporation, eClinicalWorks LLC, McKesson Corporation, Medical Information Technology Inc., Quality Systems Inc., and Greenway Health LLC.