ERP or Enterprise Resource Planning technologies in healthcare industry assists in automating various manual tasks that consume time and resources from healthcare professionals and streamlining data flow through numerous departments in a medical facility. These systems are used for the improved management and real-time tracking of the available resources and reducing operational costs. Services in global healthcare ERP market can be availed to offer enhanced patient care and patient – practitioner relationships and to minimize clinical errors. These software tools can effectively handle and manage huge amount of data produced through EHR and offer attractive solutions to improve the efficiency of client or back office related processes.
Integration of cutting-edge technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) is favoring the growing global healthcare ERP market. Industry players have started integrating AI technologies for various applications such as gaining actionable and detailed insights and providing customized and personalized patient engagement at lower cost. AI can assist in automating various tedious and time consuming tasks such as data entry, billing, records management, expenses tracking, and feedback. Growing adoption of artificial intelligence technologies in global healthcare ERP market can offer promising opportunities for market players in coming years. AI technologies can be a great way to manage and improve customer engagement as it opens up many doors to enhanced and technologically advanced patient-clinician interactions.
Growing Adoption of EHR Favors Expansion of Global Healthcare ERP Market
Services in global healthcare ERP market can be used for numerous applications in medical and healthcare facilities such as supply chain management, finance and billing, revenue cycle management, inventory management, medical equipment management, and patient relationship management. ERP systems in healthcare sector can play a pivotal role in synchronizing vast patient database to offer enhanced medical professional or clinician and patient interaction. This trend is bolstered by the growing adoption of electronic health records (EHR) in healthcare industry. Rising trend of digitalization and IT infrastructure integration in healthcare industry is anticipated to favor the global healthcare ERP market in coming years.
Types of software solutions in global healthcare ERP market can be delivered in two modules, namely cloud based software and on premise software. Services provided in the global healthcare ERP market include installation services, consulting services, maintenance services, and support services. Back office module services offered by players in global healthcare ERP market can include human resources management, accounts or financial management, front desk management, equipment maintenance systems, payroll management, store and inventory management, and reporting systems.
Applications of services and software in global healthcare ERP market can include core modules, departmental modules, patient and care management modules, and electronic medical records or EHR. Modules that provide hospital and clinic support in global healthcare ERP market are Central Sterile Services Department or CSSD, waste management, housekeeping, billing systems, diet and kitchen, and medical dashboards. End-users in global healthcare ERP market include hospitals, short and long term healthcare facilities, clinics, and nursing facilities, among others.
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Rising Number of Healthcare Facilities Triggers Growth in Asia Pacific Healthcare ERP Market
Growing healthcare infrastructure and supportive government initiatives that promote and aid in establishing strong IT infrastructure in healthcare facilities are key trends motivating the Asia Pacific healthcare ERP market. Other factors influencing the growth of this regional market include increasing number of healthcare facilities in the region, ever growing population, and heightened competition in regional healthcare market. The healthcare ERP market is anticipated to flourish in North America region in coming years owing to technologically superior healthcare infrastructure and encouraging laws and legislations supporting the integration of IT systems and technologies in healthcare and medical facilities.
Some of the major players in global healthcare ERP market are McKesson Corporation, Epicor Software Corporation, Oracle Coporation, SYSPRO, QAD, and Infor. Players and stakeholders in the market are constantly focused on product innovation and technological enhancements to expand their consumer base.
