US Practice Management Systems Market Size and Forecasts (2020-2030)
US Practice Management Systems Market Size and Forecasts (2020 – 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Integrated Practice Management Systems and Standalone Practice Management Systems), Component (Software and Services), Delivery Mode (Web-Based Practice Management Systems, Cloud-Based Practice Management Systems, and On-Premise Practice Management Systems), Application (Patient Record Tracking, Administrative Tasks, Processing Insurance Claims, Coding & Billing, and Others), and End User (Hospitals and Clinics, Physicians Office and Labs, Insurance Companies, and Others) and Country
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Description
Burgeoning Use of Smartphones Will Provide Opportunity for Growth of US Practice Management System Market
The burgeoning use of smartphones among healthcare professionals and patients is expected to provide significant opportunities for the practice management systems market. A smartphone is one of the most dynamic and ubiquitous trends in communications and real-time location tracking. These devices also contribute to making healthcare practices more accessible and manageable by simplifying the process of collecting healthcare information or health data and offering services to patients. With the increasing adoption of smartphones, healthcare providers are looking for ways to streamline their practice management processes and improve patient engagement. Practice management systems that are mobile-friendly and offer features such as appointment scheduling, billing, and patient communication through smartphone apps are likely to be in high demand. Additionally, the use of smartphones can also enable healthcare providers to access patient records and manage their practice remotely, leading to greater efficiency and flexibility. As a result, the practice management systems market is expected to experience substantial growth in the coming years. In addition to their well-established applications such as e-mail and Internet browsing, smartphones are used in real-time location system (RTLS) solutions for tracking and monitoring patients, staff, and medical equipment. With easy access to a wide variety of smartphone applications (apps), people can use mobile health apps to manage chronic conditions and change health-related behaviors.
Product-Based Insights
Based on the product, the US practice management systems market is bifurcated into integrated practice management systems and standalone practice management systems. The standalone practice management systems segment held a larger market share in 2022. A higher CAGR is anticipated to register from 2022 to 2030. Standalone systems comprise only one module and are designed to address specific needs of healthcare settings. As the system deals with only one process, its installation and maintenance costs are lower than those of integrated systems. Additionally, an expanding range of physician setting options provided in standalone systems, considering specific needs and cost concerns in emerging nations, propel the adoption of standalone practice management systems.
Component-Based Insights
Based on components, the US practice management systems market is segmented into software and services. The software segment held a larger market share in 2022. The services segment is anticipated to register a higher CAGR during 2022–2030. Practice management software is used for performing clinical operations such as appointment scheduling, personal management, patient management, coding and billing, and medical record management. Currently, the healthcare sector is focused on offering value-based care and enhanced services to patients. As a result, healthcare providers allocate their resources for effective practice management to avoid dissatisfaction among patients, errors in medical billing, and additional labor charges, which drives the adoption of medical practice management software in the US. The use of intelligent algorithms also allows physicians to make informed decisions. Some of the practice management software solutions available in the market provide real-time analysis of patient data, waiting time, patient visits, and analysis of payers. Additionally, emphasis on the reduction of manual work and optimization of human resources would continue the growth of the market for practice management software.
Delivery Mode-Based Insights
In terms of Delivery Mode, the US practice management systems market is categorized into web-based practice management systems, cloud-based practice management systems, and on-premise practice management systems. The on-premise practice management systems segment held a larger market share in 2022. Hospitals or other healthcare entities use on-premise practice management systems to record and store the patient’s data while implementing a point-of-care system. These solutions are installed and operated on computers within the premises of facilities. An on-premise delivery mode offers a cost-efficient (in the long term) and portable solution for all types of healthcare practices. Additionally, the expanding networks of corporate hospital chains generate a high demand for on-premises practice management systems.
Application-Based Insights
The US practice management systems market, by application, is categorized into patient record tracking, administrative tasks, processing insurance claims, coding & billing, and others. The administrative tasks segment accounted for the largest market share in 2022. Administrative tasks are crucial in the healthcare sector as they help streamline day-to-day operations. These tasks include appointment scheduling, patient registration, insurance verification, billing and invoicing, and managing electronic health records. By implementing a practice management system, healthcare providers can automate these administrative tasks, reducing the likelihood of human error and improving overall efficiency. This allows staff to focus more on patient care and less on paperwork, ultimately leading to better health outcomes and increased productivity within medical practices. Additionally, practice management systems can provide valuable data analytics and reporting capabilities.
End User-Based Insights
Based on end users, the US practice management systems market is categorized into hospitals and clinics, physician’s offices and labs, insurance companies, and others. The hospitals and clinics segment dominated the market in terms of revenue share in 2022. The market for this segment is anticipated to grow at the highest CAGR from 2022 to 2030. Practice management systems tailored to the specific needs of hospitals and clinics play a pivotal role in streamlining a wide range of administrative tasks, from appointment scheduling, patient registration, and resource allocation to billing and claims processing. The implementation of practice management systems confers the seamless coordination of patient care across departments and specialties in these facilities. These systems aid in centralized scheduling, resource management, and patient data accessibility, allowing for efficient patient flow, reduced wait times, and improved care coordination. Additionally, integrated billing and claims management functionalities support accurate reimbursement processes, revenue cycle management, and regulatory compliance, empowering hospitals and clinics to optimize financial performance while delivering high-quality care. By streamlining administrative workflows, these systems allow clinicians to focus more on patient care.
A few of the major primary and secondary sources referred to while preparing the report on the US practice management system market are the Centers for Disease Control and Prevention, the International Diabetes Federation, and the Osteoarthritis (OA) Action Alliance.
Summary Info
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Software called a Practice Management System, or PMS, assists medical practices with billing and administrative duties. It can be used for insurance claim processing, patient record tracking, and appointment scheduling. For healthcare companies, a practice management system (PMS) is a vital tool. By facilitating work automation, enhancing patient communication, and offering data-driven insights, PMSs can contribute to the effectiveness and efficiency of practices.
Administrative tasks pose major challenges for healthcare providers, which impact their overall performance. Finding and implementing solutions to lower the functional and operational costs to deal with the increasing government pressure regarding the elevating prices of drugs and medical devices is a core objective of healthcare businesses, which allows them to provide value-based health care to patients. As a result, healthcare providers focus on offering enhanced, evidence-based patient care and health plans, improving their regulations management strategies, and consolidating healthcare systems simultaneously.
Healthcare IT systems improve the real-time monitoring of patient’s health, thereby allowing healthcare providers to reduce the costs associated with chronic diseases. As per the American Diabetes Association, the estimated cost burden associated with diagnosed diabetes cases rose to US$ 412.9 billion. Despite the steady prevalence of diabetes, direct medical costs associated with diabetes grew by 7% from 2017 to 2022. The price can be efficiently managed by a clinical decision support system that further helps manage diseases and keep track of individual dosage patterns, which can help patients get assistance with disease and medication management, along with helping them overcome the disease.
Thus, the increasing pressure on healthcare institutions to provide high-quality services at reduced costs is a significant driver for the growth of the practice management system market.
WRS Health, PracticeEHR, AdvancedMD Inc., Azalea Health Innovations Inc., DrChrono Inc., PracticeSuite Inc., Meditab Software Inc., Microwize Technology Inc., MedicalMine Inc., Henry Schein Medical Systems Inc., MEDENT are among the leading companies operating in the US practice management system market.
The report segments the US practice management system market as follows:
The US practice management systems market has been segmented on the basis of product, component, delivery mode, application, and end user. Based on the product, the market is bifurcated into integrated practice management systems and standalone practice management systems. The standalone practice management systems segment held a larger market share in 2022, and the same segment is anticipated to register a higher CAGR from 2022 to 2030. By component, the US practice management systems market is segmented into software and services. The software segment held a larger market share in 2022. The services segment is anticipated to register a higher CAGR during 2022–2030. In terms of delivery mode, the market is segmented as web-based practice management systems, cloud-based practice management systems, and on-premise practice management systems. The on-premise practice management systems segment held the largest market share in 2022. Based on application, the US practice management market is segmented into patient record tracking, administrative tasks, processing insurance claims, coding & billing, and others. The administrative tasks segment held the largest market share in 2022. In terms of end users, the market is segmented into hospitals and clinics, physician’s offices and labs, insurance companies, and others. The hospitals and clinics segment accounted for the largest share of the US practice management market in 2022; it is further anticipated to register the highest CAGR from 2022 to 2030
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the US practice management system market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the US practice management system market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth market trends and outlook coupled with the factors driving the US practice management system market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Practice Management Systems Market – Key Industry Dynamics
4.1 Key Market Drivers
4.1.1 Rising Pressure on Healthcare Institutions to Provide High-Quality Services at Reduced Costs
4.1.2 Rising Prevalence of Chronic Diseases
4.2 Key Market Restraints
4.2.1 Concerns Regarding Data Privacy
4.3 Key Market Opportunities
4.3.1 Burgeoning Use of Smartphones
4.4 Key Future Trends
4.4.1 Remote Monitoring Eliminating Need for Routine Visits to Hospitals
4.5 Impact Analysis:
5. Practice Management Systems Market – Market Analysis
5.1 Practice Management Systems Market Revenue (US$ Mn), 2022 – 2030
6. Practice Management Systems Market – Revenue and Forecast to 2030 – by Product Type
6.1 Overview
6.2 Practice Management Systems Market Revenue Share, by Product, 2022 & 2030 (%)
6.3 Integrated Practice Management Systems
6.3.1 Overview
6.3.2 Integrated Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
6.4 Standalone Practice Management Systems
6.4.1 Overview
6.4.2 Standalone Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
7. Practice Management Systems Market – Revenue and Forecast to 2030 – by Component.
7.1 Overview
7.2 Practice Management Systems Market Revenue Share, by Component 2022 & 2030 (%)
7.3 Software
7.3.1 Overview
7.3.2 Software: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
8. Practice Management Systems Market – Revenue and Forecast to 2030 – by Delivery Mode
8.1 Overview
8.2 Practice Management Systems Market Revenue Share, by Delivery Mode, 2022 & 2030 (%)
8.3 Web-Based Practice Management Systems
8.3.1 Overview
8.3.2 Web-Based Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Cloud-Based Practice Management Systems
8.4.1 Overview
8.4.2 Cloud-Based Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
8.5 On-Premise Practice Management Systems
8.5.1 Overview
8.5.2 On-Premise Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
9. Practice Management Systems Market – Revenue and Forecast to 2030 – by Application
9.1 Overview
9.2 Practice Management Systems Market Revenue Share, by Application, 2022 & 2030 (%)
9.3 Patient Record Tracking
9.3.1 Overview
9.3.2 Patient Record Tracking: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
9.4 Administrative Tasks
9.4.1 Overview
9.4.2 Administrative Tasks: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
9.5 Processing Insurance Claims
9.5.1 Overview
9.5.2 Processing Insurance Claims: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
9.6 Coding & Billing
9.6.1 Overview
9.6.2 Coding & Billing: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
10. Practice Management Systems Market – Revenue and Forecast to 2030 – by End Users
10.1 Overview
10.2 Practice Management Systems Market Revenue Share, by End Users, 2022 & 2030 (%)
10.3 Hospitals and Clinics
10.3.1 Overview
10.3.2 Hospitals and Clinics: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
10.4 Physicians Office and Labs
10.4.1 Overview
10.4.2 Physicians Office and Labs: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
10.5 Insurance Companies
10.5.1 Overview
10.5.2 Insurance Companies: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
10.6 Others
10.6.1 Overview
10.6.2 Others: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
11. Practice Management Systems Market–Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Practice Management Systems Market
11.3 Inorganic Growth Strategies
11.3.1 Overview
11.4 Organic Growth Strategies
11.4.1 Overview
12. Company Profiles
12.1 WRS Health
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 PracticeEHR
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 AdvancedMD Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Azalea Health Innovations Inc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 DrChrono Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 PracticeSuite Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Meditab Software Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Microwize Technology Inc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 MedicalMine Inc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Henry Schein Medical Systems Inc
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 MEDENT
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
13. Appendix
13.1 About Us
13.2 Glossary of Terms
LIST OF TABLES
Table 1. Practice Management Systems Market Segmentation
Table 2. Recent Inorganic Growth Strategies in the Practice Management Systems Market
Table 3. Recent Organic Growth Strategies in the Practice Management Systems Market
Table 4. Glossary of Terms, US Practice Management Systems Market
LIST OF FIGURES
Figure 1. Practice Management Systems Market Segmentation, By Geography
Figure 2. Practice Management Systems Market – Key Industry Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Practice Management Systems Market Revenue (US$ Mn), 2022 – 2030
Figure 5. Practice Management Systems Market Revenue, Geography (US$ Mn), 2022 – 2030
Figure 6. Practice Management Systems Market Revenue Share, by Product, 2022 & 2030 (%)
Figure 7. Integrated Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Standalone Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Practice Management Systems Market Revenue Share, by Component 2022 & 2030 (%)
Figure 10. Software: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Services: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. Practice Management Systems Market Revenue Share, by Delivery Mode, 2022 & 2030 (%)
Figure 13. Web-Based Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Cloud-Based Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. On-Premise Practice Management Systems: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 16. Practice Management Systems Market Revenue Share, by Application, 2022 & 2030 (%)
Figure 17. Patient Record Tracking: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 18. Administrative Tasks: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 19. Processing Insurance Claims: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 20. Coding & Billing: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 21. Others: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. Practice Management Systems Market Revenue Share, by End Users, 2022 & 2030 (%)
Figure 23. Hospitals and Clinics: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 24. Physicians Office and Labs: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 25. Insurance Companies: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 26. Others: Practice Management Systems Market – Revenue and Forecast to 2030(US$ Million)
Figure 27. Growth Strategies in the Practice Management Systems Market
The List Companies – US Practice Management Systems Market
o WRS Health
o PracticeEHR
o AdvancedMD Inc
o Azalea Health Innovations Inc
o DrChrono Inc
o PracticeSuite Inc
o Meditab Software Inc
o Microwize Technology Inc
o MedicalMine Inc
o Henry Schein Medical Systems Inc
o MEDENT
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