The U.S. Behavioral Health Care Software And Services Market size is expected to reach USD 2.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.8% from 2021 to 2028. An increase in the adoption of technological solutions for the management of clinical, administrative, and financial functions associated with mental healthcare practices is responsible for market growth.
Although more than 25.0% of the American population suffers from mental health issues, only 44.0% of those actually receive the treatment. The mental health treatment scenario in the rest of the world remains similar. Hence, the adoption of behavioral healthcare software by the care providers is likely to improve the treatment prospects and management of mental health issues. Behavioral health practices can adopt integrated EHRs for cost savings and effective practice management.
The COVID-19 pandemic has increased the demand for software by providers of behavioral health. To address the growing need, telemedicine has helped in providing mental health support. Comprehensive, accessible, and systematic mental health support was made available via online platforms for the public and healthcare workers. The adoption of telehealth was supported by positive changes in reimbursement policies for telehealth. For instance, the CMS issued temporary changes in receiving care through telehealth services for patients enrolled in Children’s Health Insurance Program (CHIP), Medicaid, and Medicare.
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U.S. Behavioral Health Care Software And Services Market Report Highlights
- The integrated software segment is expected to register the fastest growth rate over the forecast period as it provides various functionalities such as telehealth, e-prescription, and billing and claims management in one single package
- The subscription services segment dominated the market in 2020 in terms of revenue share. The segment is expected to register the fastest growth rate over the forecast period due to increasing preference for subscription services over purchasing
- The clinical functions segment dominated the market in 2020 in terms of revenue share. The behavioral healthcare software provides clinical functions such as scheduling appointments, claim filings, documentation, and billing that help to increase the productivity of healthcare facilities
- Key players are adopting strategies such as mergers and acquisitions to strengthen their market presence. In February 2021, Cerner Corporation announced integrating the virtual mental health platform of SilverCloud Health with its Electronic Health Records (EHR) solution. This integration will enable clinicians to prescribe various digitally delivered, scientifically-backed, and on-demand therapeutic care for behavioral health needs