The global long-term care software market size is anticipated to witness rapid growth during the forecast period owing to its extensive usage in healthcare industries. Long-term care (LTC) is becoming crucial due to rapidly aging baby boomers and increasing chronic disabilities. Long-term care services assist people with personal and medical care and help them live independently. These services are provided by various providers such as continuing care retirement community, nursing home, assisted living facilities, home care, senior housing, and daycare.
The dearth of skilled nursing staff is creating a demand for LTC software. Long -term care software includes user-friendly graphic user interface, centralized database, integrated electronic health record (EHR), and billing solution to help improve resident care, reduce labor cost, maintain compliance, and increase reimbursement. In addition, the software handles errors effectively and acts as an information base along with online assistance for end users. The growing need for healthcare IT solution to increase the work efficacy and timely care in long-term care facilities is the major factor contributing to the growth of long-term care software market.
The prominent players in the long-term care software market are Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, Cerner, McKesson Corporation, Omnicare, Omnicell, Inc., MatrixCare, Optimus EMR, Netsmart, and PointClickCare. Various strategic initiatives by key market players will boost the growth of the long-term care software market. For instance, in April 2018, Netsmart acquired Change Healthcare, formerly known as McKesson Homecare and McKesson Hospice. This acquisition is expected to strengthen the position of Netsmart in post-acute technology and services market. In June 2017, MatrixCare acquired Long-Term Care EHR SigmaCare to expand its product portfolio and gain a strong financial position in post-acute care market.
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