The practice management systems market size is projected to grow at a fast pace during the forecast period, according to the report published by P&S Intelligence. The market is mainly driven by improving infrastructure and digitalization of healthcare, increasing pressure to curb healthcare costs, and development and sales of value added services.
Development of value added services, i.e., integration of practice management systems with other healthcare information technology (HIT) solutions such as EHR, computerized physician order entry (CPOE), and laboratory information system (LIS) are anticipated to propel the demand of practice management over the forecast period. e-prescription allows real-time interaction between pharmacies and healthcare professionals, which minimizes communication error and improves prescription accuracy. This system improves efficiency, is cost efficient, provides patient safety along with expanding the reach of healthcare facilities, and integrates practice management with e-prescription. Whereas, the integration of EHR will lead to elimination of repetitive data entry, reduced cost, improved process management and streamlining of administrative data with medical information. These high-end features of practice management system integration lead to their increased adoption by healthcare providers, thus, boosting the growth of the market.
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Though, practice management offers huge data collection, it also poses risks related to its security and confidentiality. Using electronic devices along with wireless and cloud connectivity, hospitals, and clinics generate a pool of important patient information. Rising cybercrimes and hacking incidents pose a major constraint to the market in terms of providing secure and confidential platforms to patients. To combat this challenge, the Health Insurance Portability and Accountability Act (HIPAA) was enacted in 1996, by the U.S. Congress, which protects the right of patients toward confidentiality of their information. Rising incidence of medical record thefts is a global issue. More than 50.0% of such thefts are a result of cyber-attacks. Thus, various risk associated with data theft and healthcare fraud is anticipated to impede the growth of this market.