DUBLIN–(BUSINESS WIRE)–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
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
Major Market Developments
- McKesson Corporation completed the previously announced acquisition of
Medical Specialties Distributors.
- Allscripts Healthcare Solutions Inc.
- Cerner Corporation
- 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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