What is Specialty Practice Management Software?
Specialty practice management software is intended to improve the efficiency of medical offices of all sizes but of specific medical speciality. Speciality practice management software is often used by small and medium-sized practises to manage everyday operations like as financial and administrative duties; some offices also use it to link with electronic medical records. With the advancements in specific medical specialities, and the growth of the speciality medical doctors, the requirement for speciality practice management software has risen. Increasing requirement to enhance the back office operations as well as growing adoption of digital solutions by healthcare providers has led to the growth of the speciality practice management software. North America is the fastest growing market.
The market study is broken down and major geographies with country level break-up.
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
GE Healthcare (United States), Cerner Corporation (United States), Allscripts Healthcare Solutions, Inc. (United States), McKesson Corporation (United States), Henry Schein MicroMD (United States), AdvantEdge Healthcare Solutions, Inc. (United States), ChiroTouch (United States), MyChartsOnline (United States), Raintree Systems, Inc. (United States) and MPN Software Systems (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Patterson Dental (United States), ChiroFusion (United States) and Eyefinity, Inc. (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Specialty Practice Management Software market by Type, Application and Region.
On the basis of geography, the market of Specialty Practice Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Specialty , the sub-segment i.e. Chiropractic will boost the Specialty Practice Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Hospitals will boost the Specialty Practice Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Specialty Practice Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment , the sub-segment i.e. On Premise will boost the Specialty Practice Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2019, Nextech Systems, a United States based leader in specialty-focused technology solutions has announced acquisition of SRS Health Software LLC, which is a specialty EMR solution provider. SRS Health has created specific solutions for the ambulatory industry, with an emphasis on Orthopedic practises. The combined synergies and expertise of both the entities is expected to enable them to provide customer centric services as well as enhance their speciality specific services.
In 2021, Nextech Systems, a leading healthcare technology solutions provider for specialty physician practices has announced acquisition of MyMedLeads, which is a web-based software tool designed for patient engagement and marketing software. MyMedLeads helps medical providers run their companies by providing unique lead management, marketing automation, and patient communication tools.
Market Trend
- Dental Accounts for Significant Market Share
Market Drivers
- Growing Requirement to Declutter and Enhance the Back Office Operations in Healthcare
- Increasing Adoption of Digital Solutions by Healthcare Sector
Opportunities
- Integrated Software Solutions Comprising of EHR, e-Prescription, Patient Engagement, Billing Systems and Others
Restraints
- Training of Existing Employees is required
Challenges
- High Costs Beared by Clinics or Individual Practitioners for Deploying Speciality Practice Management Software
Key Target Audience
Specialty Practice Management Software Developers and Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.