U.S. Practice Management Systems Market Size, Share & Trends Report

U.S. Practice Management Systems Market Size, Share & Trends Analysis Report By Product (Integrated, Standalone), By Component (Software, Services), By End-use, By Delivery Mode, And Segment Forecasts, 2018 - 2025

  • Published Date: Aug, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-193-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 116

Industry Insights

The U.S. practice management systems market size was valued at USD 5.0 billion in 2017. It is likely to expand at a CAGR of 10.3% over the forecast period. Demand for practice management systems is increasing on account of rapid growth of IT and rising number of supportive federal initiatives to amalgamate health records on a single platform.

U.S. practice management systems market

Increasing pressure to curb healthcare costs along with the changing dynamics of the hospital/healthcare settings industry is fueling the demand for practice management systems. In addition, rising focusing on implementing cost-effective and high-quality care is also likely to contribute toward the market development. The healthcare institutes are witnessing a paradigm shift in U.S. as a result of the changing dynamics of the business models.

According to the American Healthcare Association, there were more than 5,000 hospitals in U.S. in 2013, out of which approximately 3,000 hospitals are nonprofit organizations. A rise in the number of small- and medium-scale hospitals across the U.S. region is further anticipated to drive the market demand.

Development of new value-added services like integration of practice management system with other healthcare IT solutions, such as Computerized Physician Order Entry (CPOE), Laboratory Information Systems, and others, is anticipated to propel the market demand over the next few years.

Product Insights

Based on products, the U.S. practice management systems market is segmented into integrated and standalone systems. Integrated solutions comprise of a mix of Electronic Health Records (EHR), e-Prescription, patient engagement, and other software along with the billing systems. Standalone systems primarily focus on the billing and administrative function, particularly scheduling, of the organization. Integrated software is gaining popularity due to the trend of centralization within the healthcare industry and the rising complexities related to patient care and payments.

U.S. practice management systems market

Integrated management systems are expected to capture the largest market share over the forecast period. Practice management systems can be used cohesively along with various other software to enhance efficiency and communication across different departments. In case of large-scale facilities, this is highly popular as it helps reduce the administrative and medical errors.

Component Insights

The component segment includes software and services offered by the key companies. Software segment is anticipated to account for the largest market share over the forecast period. Government reforms and rising technological advancements in the field of healthcare IT are driving the market growth.In addition, constant new product launches in this segment or improvements in the versions of existing systems are also supporting the segment development.

For instance, Henry Schein introduced the upgraded version of MicroMD PM in April 2016. This software is equipped for managing administrative and revenue functions, as well as electronically verifying and issuing prescriptions (ePA). Also, GE Healthcare launched the latest version of Centricity Practice Solution in 2013, post its certification.

Services segment is projected to expand at a lucrative CAGR, as there is a prevailing trend of outsourcing these services. Healthcare companies lack resources and skill sets required for the deployment of integrated practice management solutions, thus these services are generally outsourced.

Delivery Mode Insights

Based on delivery mode the market is segmented into cloud-based, web-based, and on-premise. Web-based practice management systems accounted for the largest share owing to their benefits, such as affordability, quick Return on Investment (RoI), and ease of deployment.

However, cloud-based segment is expected to witness a faster CAGR higher reliability and faster processing. Moreover, it also offers readily available information that can be accessed in remote locations. This technology is being highly exploited across the country owing to the rapidly evolving healthcare IT scenario.

Although the growth of cloud-based segment is sluggish in rural regions, it will improve over the forecast period, thereby boosting the market demand. One of the predominantly used practice management solution, Practice Studio, offers both web- and cloud-based versions in order to promote higher usability in urban, as well as rural, regions across the country.

End-use Insights

Based on end use, the market is segmented into physician’s offices, pharmacies, diagnostic laboratories, and others. Others may be further defined as emergency care centers, community health centers, nursing stations, and hospital and clinic workstations. Physician’s office segment held the largest share in 2016 and is projected to witness remunerative growth over the forecast period.

However, other settings are expected to witness the fastest growth owing to factors such as heavy investments by hospitals, healthcare centers, and clinical workstations for workflow digitalization and centralization. Practice management systems integrated with revenue-cycle management, patient portals, and clinical intelligence systems support this centralization. Furthermore, rise in the number of these facilities propels higher revenue generation.

U.S. Practice Management Systems Market Share Insights

Some of the key companies in the market are Henry Schein MicroMD; Allscripts Healthcare Solutions, Inc.; AdvantEdge Healthcare Solutions, Inc.; Cerner Corporation; GE Healthcare; and McKesson Corporation. Most of these market players adopt strategies such as product launch, collaborations, partnerships, and M&A to strengthen their industry position.

For instance, in April 2018, Henry Schein and Internet Brands established a joint venture to create an integrated dental technology that would empower them with enhanced practice management, marketing, and patient communication tools.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2014 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million & CAGR from 2018 to 2025

Country scope

U.S.

Report coverage

Revenue, company share, competitive landscape, growth factors, trends

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Segments Covered in the Report

This report forecasts revenue growth specifically at the country level and provides an analysis on industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the U.S. practice management systems market report on the basis of product, delivery mode, component, and end-use:

  • Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Integrated

    • Standalone

  • Component Outlook (Revenue, USD Million, 2014 - 2025)

    • Software

    • Services

  • Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)

    • On-premise

    • Web-based

    • Cloud-based

  • End-use Outlook (Revenue, USD Million, 2014 - 2025)

    • Physician Office

    • Pharmacies

    • Diagnostic Laboratories

    • Other Settings

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