Epic held leadership position in the Practice Management System market in 2013 owing to its strong brand name and customer loyalty.
The practice management system market is highly fragmented with more than 400 vendors operating in this field. The major players include Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), Greenway Medical (U.S.), MEDITECH (U.S.), McKesson Corporation (U.S.), and NextGen Healthcare Information System LLC (U.S).
Epic held the leadership position in the practice management system market with a share of 16% in 2013. The company has extensive product portfolio ranging from software solutions like practice management, electronic medical record, revenue management, and clinical systems to handheld devices, and health plans. The privately held firm enjoys high reputation in the market. Moreover, the company has strong customer base to capture substantial market share in the healthcare IT domain. Currently, products offered by the company connect up to 250,000 physicians which imply that one in four physicians in the U.S. use Epic’s solutions.
New product launches along with partnerships & agreements were the two most preferred strategies followed by the key players. Industry giants adopted these strategies to enhance their product offerings, increase their market shares, meet customers’ demands, and consolidate their market presence. The cloud-based PM models, integrated systems, and developing market of Middle-East, Australia, New Zealand, China, India, and Malaysia are the blue-eyed markets for the players to invest in.
The use of mobile PM apps has recently been on the rise for better management of the clinics and physician offices. This is due to their greater flexibility and accessibility and low operational cost. In addition, the integration of electronic health records (EHRs) with practice management system to streamline workflow is the emerging trend in the market. They present new growth opportunities for the companies.
Related Reports:
Practice Management System Market by Products (Integrated, Standalone), Components (Services, Software), Delivery Mode (On-Premises/Desktop-Only, Web-Based, Cloud-Based) & by End-Users (Physician, Pharmacist, Diagnostic Labs) - Global Trends & Forecast to 2018
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