Challenges and Opportunities in the U.S. Practice Management Systems Market
The U.S. practice management system market size is anticipated to reach USD 10.1 billion by 2030, growing at a CAGR of 9.40% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market's growth can be attributed to the changing dynamics of hospital/healthcare settings and increasing pressure to curb healthcare costs. With the help of practice management systems, healthcare providers can offer the right treatment at an effective price, thus reducing treatment costs.
The rising demand for value-added products and services contributes to the adoption and utilization of practice management systems (PMS). PMS software helps streamline administrative tasks, such as appointment scheduling, billing, and electronic health record (EHR) management. Integrating value-added services into PMS platforms enhances the overall patient experience, optimizes workflow efficiency, and improves practice profitability. For instance, in December 2023, Veradigm LLC launched a conversational AI agent for Practice Fusion Billing Services. The AI can help answer questions in a conversational format and simplify the billing process for independent healthcare providers. This enhancement aimed to optimize financial management for healthcare providers and meet their needs.
Gather more insights about the market drivers, restrains and growth of the U.S. Practice Management Systems Market
U.S. Practice Management System Market Report Highlights
• Based on product, the integrated segment held the largest market share in 2023. This can be attributed to the product benefits such as improved efficiency and communication across different departments, as well as decreased administrative and medical errors.
• Based on component, the software segment dominated with the largest revenue share in 2023, owing to the new product launches and advancements in technology with the implementation AI and IoT.
• Based on delivery mode, the web-based segment dominated the market in 2023, owing to the benefits such as rapid Return on Investment (RoI), affordability, and ease of deployment.
• Based on end-use, physician back office dominated the U.S. market for practice management systems in 2023. This can be attributed to the growing adoption of these systems in the physician offices.
• In October 2023, Bone & Joint of Albany announced the adoption of Athenahealth, Inc.’s cloud-based suite of integrated EHR, patient engagement, and medical billing solutions. This implementation aims to provide enhanced care quality and accelerate operational efficiency.
U.S. Practice Management System Market Segmentation
Grand View Research has segmented the U.S. practice management system market based on product, component, delivery mode, and end-use:
U.S. Practice Management System Product Outlook (Revenue, USD Million, 2018 - 2030)
• Integrated
o Integrating Software
o EHR/EMR
o e-Rx
o Patient Engagement
o Others
• Standalone
U.S. Practice Management System Component Outlook (Revenue, USD Million, 2018 - 2030)
• Software
• Services
U.S. Practice Management System Delivery Mode Outlook (Revenue, USD Million, 2018 - 2030)
• On Premise
• Web-Based
• Cloud-Based
U.S. Practice Management System End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Physician Back Office
• Pharmacies
• Diagnostic Laboratories
• Other Settings
List of Key Players in the U.S. Practice Management System Market
• Henry Schein, Inc.
• Veradigm LLC (Allscripts Healthcare, LLC)
• AdvantEdge Healthcare Solutions
• Athenahealth, Inc.
• Cerner Corporation (Oracle)
• GE Healthcare
• McKesson Corporation
• EPIC Systems Corporation
• NXGN Management, LLC.
• eClinicalWorks
• CareCloud, Inc.
• Kareo, Inc.
• AdvancedMD, Inc.
• DrChrono, Inc. (EverCommerce)
• CollaborateMD Inc. (EverCommerce)
• OfficeAlly Inc.
Order a free sample PDF of the U.S. Practice Management Systems Market Intelligence Study, published by Grand View Research.
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