Global Practice Management System (PMS) Market (2018-2023) to Grow at a CAGR of 8.3% - Growing Burden to Minimize Healthcare Costs Will Drive the Market - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 10, 2018--The “Global Practice Management System Market - Segmented by Product (Integrated and Standalone Systems), Deployment (Web-Based, Cloud-Based and on-Premise), Component, End-User, and Geography - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The Global Practice Management System Market is expected to register a CAGR of nearly 8.3% during 2018-2023. Practice Management System refers to solutions that support various hospitals and medical facilities to reduce their costs and increase their operational efficiency and productivity.
Growing Burden to Minimize Healthcare Costs Will Drive PMS Market
There is an increasing burden of rising healthcare costs on providers with the new regulations like Medicare moving to value-based system through its Medicare Shared Savings Program (MSSP) and through Value-Based Purchasing (VBP) schemes. Hospitals are striving to reduce costs and improve the efficiency of care.
As per American Hospital Association, the Medicare and Medicaid margins are getting squeezed tighter due to low increase in payments. These factors result in less gap between the hospital’s cost of providing care and the reimbursement they receive from private payers.
In 2014, the Medicare inpatient payment increase was 0.5% percent, and the outpatient payment increase was 1.8%. The Centers for Medicare & Medicaid Services evaluates and publishes hospital performance data publicly which can be used in selecting a provider. The hospitals, in order to survive, have to be efficient in all the operations, Documentation, Billing, Claiming and reduce operation costs which increases the overall productivity.
All the above factors which affect hospital’s operational efficiency and revenue provide an opportunity for the growth of Practice Management System market as it ensures efficient medical billing and payment.
Other factors which are driving the Practice Management System Market growth are increasing need to integrate healthcare system will propel adoption of PMS solutions and rising incentives by federal government to fuel the PMS system market.
Data Privacy & Security Issues to Decelerate Market Growth
There is an increasing concern over how healthcare providers use these patients’ information and protect its confidentiality. Other factors which are hindering the Practice Management System Market growth are high cost & time required for integration and scarcity of trained IT professionals.
Major Market DevelopmentsMcKesson Corporation completed the previously announced acquisition of Medical Specialties Distributors.
Companies ProfiledAllscripts Healthcare Solutions Inc. AthenaHealth Cerner Corporation eClinicalWorks EPIC GE Healthcare McKesson Corporation Medical Information Technology Inc. Nextgen Healthcare Information System LLC Vitera Healthcare Solutions
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
6. Market Dynamics
7. Market Segmentation
8. Company Profiles & Competitive Landscape
9. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/45ck3k/global_practice?w=4
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INDUSTRY KEYWORD: PRACTICE MANAGEMENT HEALTH
SOURCE: Research and Markets
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PUB: 10/10/2018 11:59 AM/DISC: 10/10/2018 11:59 AM