Medical Practice Management in healthcare can be defined as the process which deals with the day to day operation of a medical practice. Medical Practice Management software helps in streamlining operations, produce accurate claims and receive faster reimbursements. Practice Management Software (PMS) is mainly used for administrative and financial purposes.
This enables user to enter and track patients, schedule and track patient appointments, send out insurance claims and patient statements as part of the collection process, process insurance, patient and third party payments, and generate reports for the administrative and clinical staff of the practice.
The Global Medical Practice Management Market is estimated to be valued at USD XX billion in 2016 and is projected to reach USD XX billion by 2021, at a CAGR of XX% during the forecast period from 2016 to 2021. Initiatives and incentives program launched by government in order to streamline the medical practices and integrate healthcare sector, increasing need of curtail ever increasing healthcare cost, need to increase efficiency of current medical practices and institution are the key drivers of this market. Additionally, high return on investments, expansion of healthcare IT and need to improve quality of patientâs demographic and financial information are other key drivers of this market.
This Industry has some key constraints to overcome, such as lack of proper trained staff, lack of co-ordination among different departments and also among staffs of same department and poor work flow. However, industry has several opportunities as well. Growing economies with huge population base, government support in creating required infrastructure, increasing participation from smaller and innovative player in IT sector and technological advancement presents significant opportunities for this sector.
With continuously evolving regulation, increased consumerism, increased patient financial burden and increased participation from individual, RCM industry will have to change accordingly. Now, payers will have to focus on individuals as purchasers of healthcare. As individuals continue to have more responsibility for both the larger percentage and larger absolute value of their healthcare dollar, payers will try to help doctors and hospitals and providers address the challenges associated with increased patient responsibility. Itâs possible that high deductibles and increased patient responsibility may create opportunities for spot pricing in the provider market. This includes daily deals or an attempt to drive volume during patientâs slack time.
The global Medical Practice Management market is segmented on the basis of Product Type (Stand-alone and integrated), Application (Insurance claims tracking, Fee collection, Patients demographic information collection and others), Component (Software (Desktop-only software, Client- server software, Internet based software) and services), mode of delivery (Cloud-based Model, web- based model and On-premise Model), End-User (Pharmacist, diagnostics lab, physician and others), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The major player in this market are- Allscripts Healthcare Solutions, Inc., Cerner Corporation, Athenahealth, eClinicalworks, MediTouch, McKesson Corporation, NextGen Healthcare, EPIC Systems, GE Healthcare, and Greenway Health LLC. The primary stakeholders of this technology are healthcare IT firms, RCM vendors, care organizations, health insurance providers, healthcare payers, healthcare providers and venture capitalists.
Key Deliverables in the Study
Market analysis for the Global Medical Practice Management Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global Medical Practice Management market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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