The physicians practice management systems (PPMS) market in the United States is increasingly shifting from stand-alone to integrated solutions. Physicians across the United States are realizing the substantial efficiency gains offered by integrated systems and this is driving a strong replacement trend in the market.
“Integrated PPMS seamlessly bring together all patient-related data at the physician’s office, thus enhancing the efficiency of the practice,” says Frost & Sullivan Research Analyst S. Priyan Viswanathan. “These solutions increase the productivity, reliability, and revenues of the physician’s practice, which in turn, improves the quality of healthcare rendered to patients.”
New analysis from Frost & Sullivan (healthcare.frost.com), U.S. Physicians Practice Management Systems (PPMS) Markets - Scheduling; Reporting; Billing and Claims for Ambulatory Care Providers finds that the U.S. PPMS market earned revenues of 1.04 billion in 2005, and estimates this to reach $1.66 billion in 2012.
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Electronically submitted claims also stand a better chance of speedy reimbursement compared to those submitted on paper. This is an important factor given that physicians’ offices have been facing growing challenges in claims and claims denial management. Denied claims can affect the credibility and performance of the physician’s office, apart from placing a burden on patients.
In addition, there are as many as 1,500 insurance provider companies in the United States, with most of them having their own systems that operate on different formats of processing claims data. Since it is highly unlikely that physicians are able to maintain a uniform format for submitted claims, this could affect the probability of a claim’s approval. Thus, efficient electronic practice management systems such as integrated PPMS could help address this challenge, giving them a distinct edge over stand-alone systems.
However, the initial and recurring maintenance cost of an integrated PPMS solution is a significant restraining factor for physicians. The potential loss of data when replacing or upgrading existing systems is another area of concern. Providing a reasonably-priced PPMS solution as well as ensuring better training for physicians is likely to expand the market potential for these systems, as well as help deliver superior healthcare.
“PPMS vendors must develop consolidated products at more affordable prices,” says Viswanathan. “Closer interaction between vendors and physicians will not only help the vendor understand physicians’ requirement, but also help the latter realize the full potential of the system.”
One of the most significant trends in the U.S. PPMS market is the increasing incorporation of electronic medical records (EMR) in PPMS. Physicians have started using EMR systems extensively in line with U.S. Federal Government regulations, leading PPMS to cash in on this trend by including EMR in their PPMS.
However, many small and medium-sized physicians’ offices cannot afford an integrated PPMS or PPMS/EMR solution due to cost constraints. PPMS providers that can offer such practices invest in a stand-alone system that can later be easily upgraded to an integrated system, and even configured to include EMR are likely to be well-placed to address the needs of this segment.
At the same time, the market is also seeing a distinct trend toward the use of wireless technologies and the Internet. For instance, many physicians have started using handheld devices that enable them to access PPMS wherever they are. These devices are linked to the PC in the office, and are continuously updated with patient data and records, thereby considerably enhancing the efficiency of the practice. Observing this trend, some practice management vendors have started building systems that are compatible with such devices, and this is likely to drive continued growth of the U.S. PPMS market.
U.S. Physicians Practice Management Systems (PPMS) Markets - Scheduling; Reporting; Billing and Claims for Ambulatory Care Providers provides an in-depth analysis of the PPMS markets, including forecasts on trends among physicians with regard to choosing stand-alone or integrated PPMS. It also provides revenue forecasts for both stand-alone and integrated PPMS, and profiles leading companies in the small, medium, and large-sized physician practices. Interviews with the press are available.
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U.S. Physicians Practice Management Systems (PPMS) Markets - Scheduling; Reporting; Billing and Claims for Ambulatory Care Providers