Medical practice management software (PMS) is extensive healthcare software which is used in day to day operations of medical practices. Medical practice management software capture, stores, manages and transmits information related to the health of individuals or the activities of organizations that work within the healthcare sector. Medical practice management software helps in integration of electronic health records (EHR) to provide interoperability solutions and assist in the overall practice management process. In addition, the medical practice management software helps in real time verification of the patients, schedule appointments, patient’s registration. Medical practice management software also helps in various other processes such as medical billing, storing demographics data, maintaining list of insurance payers, claim management, billing tasks and others.
North America has the largest market for medical practice management software due to rising government initiatives in these regions. Europe followed by the Asia is expected to experience high growth rate in the global medical practice management software market. This is due to increasing awareness and increasing technological advancement in the region. Some of the key driving forces for medical practice management software market in emerging countries are large pool of patients and rising government funding in these regions.
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Increasing demand for better healthcare facilities, need of high return on investment, rising government initiatives, increasing need for integrated healthcare systems and raising investments from healthcare IT players are some of the key factors driving the growth for global medical practice management software market. In addition, increasing healthcare awareness is also driving the global medical practice management software market. However, lack of experienced professionals, interoperability issues, huge time consumptions for integration and high maintenance and service expenses are some of the major factors restraining the growth for global medical practice management software market.
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IT-enabled healthcare solutions for physicians and emerging markets are expected to offer opportunities to medical practice management software market. However, lack of data confidentiality and shortage of on-site IT support services are some of the challenges that have been observed for the global medical practice management software market. Wireless and cloud technology are getting popular. In addition, companies are focussing on development of products with patient centric approach. These are some major trends which have been observed in the medical practice management software market. Some of the major companies operating in the global medical practice management software market are
- GE Healthcare
- CERNER CORPORATION
- McKesson Corporation
- Epic Systems Corporation
- NextGen Healthcare Information System LLC