A three-pronged approach was followed for deducing the U.S. behavioral health care software and services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for U.S. behavioral health care software and services market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of U.S. behavioral health care software and services market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The U.S. behavioral health care software and services market was categorized into five segments, namely component (Software, Support Services), delivery model (Ownership, Subscription), function (Clinical, Administrative, Financial), end-use (Providers, Payers, Patients), and by disorder type (Anxiety, Post-Traumatic Stress Disorder, Substance Abuse, Schizophrenia, Bipolar Disorders)
The U.S. behavioral health care software and services market was segmented into component, delivery model, function, end-use, and by disorder type. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The U.S. behavioral health care software and services market was analyzed at a regional level.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The U.S. behavioral health care software and services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Cerner Corporation: The company offers solutions and services related to healthcare information technology. Cerner focuses on services and solutions that are specially designed for the management of clinical, administrative, operational, and financial functions of the organizations. The company serves nearly 27,500 healthcare facilities worldwide. In June 2022, the company was acquired by Oracle.
Core Solutions, Inc.: The company provides software solutions and services to behavioral healthcare providers. Core Solutions, Inc. mainly focuses on EHR technology specially designed for behavioral health care. The web-based solutions offered by the company automate the collection, processing, reporting, and analysis of clinical, financial, and administrative data of behavioral healthcare practices. Software solutions provided by the company are used by nearly 30,000 users.
Epic: The company was founded in 1979 and is headquartered in the U.S. The company is privately held and is engaged in the development of software solutions for healthcare organizations. The company provides its products to around 190 million consumers across the globe. The company offers solutions such as revenue cycle management, population health management, managed care, and mobile applications for behavioral health organizations.
Meditab: The company offers multispecialty EHR software solutions, including specially designed solutions for mental health organizations and private practices. In 2000, the company launched Intelligent Medical Software (IMS), an EHR platform. Over 41,000 healthcare professionals use IMS solutions with more than 1,600 clinics running on IMS.
Holmusk: Holmusk is a digital health company that focuses on the management of chronic diseases. The company has headquarters both in the U.S. as well as Singapore with offices in London, Basel, Shanghai, and Malaysia. The company operates from three locations in the U.S. and offers digital behavioral health programs that combine technology with clinical research for the delivery of better health care. The company entered the behavioral health EHR space with the acquisition of MindLinc in 2016 from Duke University School of Medicine.
Netsmart Technologies, Inc.: The company is engaged in the design and development of healthcare information technology. Netsmart offers EHR systems, care coordination software solutions, and Health Information Exchange (HIE) software for integrated consumer healthcare. The company is privately held. The company’s platform provides easily accessible, accurate, and up-to-date information for care team members in behavioral health, home care, senior living, and social services. Leaders in behavioral health across the United States, including AltaPointe, Missouri Behavioral Health Council, Mind Springs, Denver & Los Angeles County Mental Health Center, rely on Netsmart's Behavioral Health EHR to help integrate care.
Qualifacts Systems, LLC: Qualifacts is among the leading behavioral health, rehabilitative services, and human services EHR vendors in the U.S. The company offers technology solutions, including electronic medical records, billing, scheduling, and reporting systems. The solutions by Qualifacts are specifically designed for providers of mental health services across the U.S. The company also offers clinical, administrative, and financial management systems for the healthcare industry.
Welligent, Inc.: The company is engaged in the design and development of EHR systems for the healthcare industry. The product offerings of the company mainly focus on EHRs specific to behavioral health care, cloud-based EHRs, patient portals, electronic billing, mobile apps, dashboard reporting, secure messaging, and caseload management. The company’s fully configurable software offers information collection, scheduling & referral, intake & assessment, case management, clinical documentation, organizational compliance, billing, and reporting functionality. Solutions.
SimplePractice, LLC: The company is a provider of practice management software for mental health practitioners. Its software aims to simplify the business side of private medical practice by providing various innovative features such as telehealth. It caters to around 90,000 plus medical practitioners and the product is compliant with the Health Insurance Portability and Accountability Act (HIPPA), National Institute of Standards and Technology (HITRUST), California Consumer Privacy Act (CCPA), and the ISO 27001/2 framework.
TherapyNotes, LLC: The company is a provider of EMR and practice management software. The company is partnered with the American Psychology Association; National Alliance on Mental Illness (NAMI); Group Practice Exchange; National Register of Health Service Psychologists; and PESI, Inc., among others, to provide resources to clients such as providing education to medical care providers, creating brand recognition of their medical practice, & increasing referrals. It adopts strategies, such as providing free services for a limited time, to attract more customers.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
GET A FREE SAMPLE
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member