Medical Practice Management Software Market Size, Share and Global Trend By Interface Type (HL7, Accredited Standards Committee X12 (ASC X12), Others), By Technology (Web-based software, Cloud-based software), By End User (Hospitals, Clinics, Ambulatory Surgery Centres, Diagnostic Centres, Others), and Regional Forecast, 2024-2032

Any healthcare establishment whether new or old such as hospitals, clinics, and others requires a provision to manage and store the patient data, manage appointment schedules, medical billing, revenue cycle management, and others. All of these functions can be easily performed using the medical practice management software market. Medical practice management software market is a healthcare software which deals with daily operation in the healthcare settings. It allows to maintain patient demographics, appointment scheduling, maintain insurance payer list, medical billing, and report generation all on a single platform.

Medical practice management software can be easily connected with electronic medical records, thus providing improved healthcare delivery. With the introduction of big data and predictive analysis, medical practice management software market is expected to achieve an upward trajectory growth. Also, a strategic collaboration between the key players is expected to extend the geographical reach, thus favoring the medical practice management software market. For example, in February 2019, DAS HEALTH VENTURES, INC. acquired Altex Business Solutions, a Houston based company on digital health in order to expand its product portfolio and geographical presence.

The growth in medical practice management software market is being driven by the increase in several hospitals and clinics and growing need to integrate the healthcare system backed by strong government support. Furthermore, the technological advancement in web-based and cloud-based technology and increased storage capacity is expected to favor the medical practice management software market.

However, lack of training for the optimized use and the patient data privacy concern are the major factors that inhibits the growth in global medical practice management software market.

Key Players Covered

Some of the major companies present in the global medical practice management software market are Allscripts, Athenahealth Inc., QSI Management LLC., Kareo Inc., Bizmatics Inc., Greenway Health LLC., Medsphere Systems Corporation, Infor-Med Inc., CareCloud Corporation, AllegianceMD Software Inc. and other players.

SEGMENTATION

Among the segmentation of the medical practice management market, the hospital segment is anticipated to dominate the global medical practice management software during the forecast period owing to a huge number of patients visit in the hospitals worldwide and the complicated managerial aspects of the hospitals thus demanding for medical practice management.

Key Insights

• Key mergers and acquisitions
• Overview of key start-ups
• New system launch
• Technological developments in medical practice management market

Regional Analysis

Geographically, the medical practice management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the medical practice management software market is expected to boom in the forecast duration owing to frequent changes in health reimbursement and rapid adoption to advanced technology. The global medical practice management software market is anticipated to expand in Europe and the Asia Pacific during the forecast period owing to the improving health infrastructure and increase in several hospitals & specialty clinics.

Key Industry Developments

• In March 2019, Allscripts entered into a strategic collaboration with Opargo for the development of integrated technology in practice management to improve scheduling and practice workflows.
• In February 2019, DAS HEALTH VENTURES, INC. acquired Altex Business Solutions, a Houston based company on digital health in order to expand their product portfolio and geographical presence.
• In October 2017, Medsphere Systems Corporation merged with Stockell Healthcare Systems in order to unite Medsphere's electronic health record system and Stockell's tools for revenue cycle management.