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 Geography Forecast till 2026.
Changes in Health Reimbursement Policies to Favor Growth in North America
The market is geographically fragmented into the Middle East & Africa, Latin America, North America, Asia Pacific, and Europe. Out of these, North America is expected to procure high medical practice management software market revenue in the coming years on account of the rapid adoption of advanced technology. Apart from that, persistent changes in health reimbursement policies would aid growth in this region. In the Asia Pacific and Europe, the market would expand because of the increasing number of speciality clinics and hospitals. Besides, the ongoing improvements in health infrastructure would accelerate growth in both regions.
Key Players Focus on Acquisitions & Partnerships to Gain Competitive Edge
Reputed organizations present in the market are either collaborating with other prominent enterprises or are acquiring them to increase their product portfolio and broaden consumer bases. They are also aiming to gain the maximum medical practice management software market share during the forecast period. Below are a few of the latest key industry developments:
January 2020: MTBC, Inc., a healthcare IT company based in the New Jersey, successfully completed its acquisition of CareCloud, a provider of cloud-based practice management and electronic health record headquartered in Florida. The deal is estimated to be worth USD 40.5 million. It will bring in CareCloud’s suite of tools for independent physician practices, namely, analytics, billing, patient experience, RCM, PM, and HER into MTBC’s own offerings.
March 2019: Allscripts Healthcare Solutions, Inc., a global leader in healthcare IT headquartered in Chicago, teamed up with Opargo, to reduce schedule churn and improve healthcare efficiency through real-time schedule optimization. This partnership would add very crucial values for the consumers of Allscripts.
January 2019: DAS Health, a specialist in healthcare business and IT solutions, acquired Altex Business Solutions, a digital health company based in Houston. It would help DAS in keeping up with their nationally recognized growth. It would further expand its Lytec, Practice Partner, Medisoft, eMDs, and Aprima product representation. The consumers of Altex will now possess a substantially improved value proposition as DAS owns multiple award-winning offerings, namely, security risk assessments (SRA), HER and practice management software sales, chronic care management, mental & behavioral health screenings, MIPS/MACRA reporting & consulting, and other value-based care solutions.
Some of the most renowned companies present in the medical practice management software market. They are as follows:
- Bizmatics Inc.
- CareCloud Corporation
- Athenahealth Inc.
- AllegianceMD Software Inc.
- QSI Management LLC.
- Infor-Med Inc.
- Kareo Inc.
- Medsphere Systems Corporation
- Greenway Health LLC.
Author’s Bio –
Name: Reeti Banerjee
Reeti Banerjee is currently working as a content writer in a prominent market research firm named Fortune Business Insights™. She specializes in writing articles, press releases, blogs, and news reports. She believes in maintaining simplicity throughout her content to provide the clients with a seamless reading experience.