Improving Infrastructure and Digitalization of Healthcare is Bolstering the Practice Management Systems Market - P&S Intelligence

Practice management systems are healthcare software and solutions that deal with day-to-day operations in a medical practice. These systems frequently allow the end user to capture patient demographics, schedule appointments, maintain lists of insurance payors, perform billing tasks, and generate reports. Some of the common practice management systems include e-prescription, electronic health records (EHR), and patient engagement solutions.

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According to a recent report published by P&S Intelligence, the global practice management system market is projected to cross $16.0 billion by 2023. The changing dynamics in hospital/healthcare settings, development and sale of value added services, pressure to curb healthcare cost, and improving infrastructure and digitalization of healthcare are the major drivers of the practice management systems market.

The healthcare industry is extremely vast, and its centralization will help in synchronizing the entire work process along with providing economic benefits. All industries are aiming at achieving lean management and six-sigma incorporation in their work culture to optimize resource usage and increase efficiency. The rising demand of patients for better and faster healthcare provisions, and increasing disposable income further propels the centralization process. Practice management applications and services assist in this development by providing software for financial, administrative, diagnostics, and reporting purposes. These solutions allow internal centralization and collaboration with various organizations to form a common platform for medicine practice. The technology allows care managers and providers comprehend the challenges that patients encounter while being able to monitor them round the clock. Application of cloud computing is also expected to enhance the peer-to-peer sharing with ease and provide patients’ access to their information as and when required by them. Overall, centralization is expected to result in advanced healthcare facilities and satisfied patients, thereby driving the practice management system market.

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Difficulty in maintaining confidentiality of patient information is a major restraint in the practice management systems. Using the practice management system, EHR, picture archiving and communication system (PACS), and other healthcare IT applications, hospitals and clinics generate a pool of patient information inclusive of diagnostic data, recordings of patient interactions with physicians, and remote patient monitoring providing daily survey information. The network utilizes technical teams and internet to run the systems, increasing the chances of breach of security due to increasing number of individuals with access to patient records. During a teleconference, under the HIPAA regulations, providers take all the necessary actions to verify the identity of patients and healthcare professionals to prevent information fraud and abuse. Rising cybercrimes and hacking incidents pose as a major constraint to the patient management systems market in terms of providing secure and confidential platforms to patients.

Source: P&S Intelligence