Long-Term Care Software Market – Industry Analysis and Forecasts
Long-term care consists of various services designed to meet a critically ill or disabled person’s personal and healthcare needs for a long or short period. These services enable such patients to live safely and independently when they no longer can perform their daily activities on their own.
Maintaining compliance, keeping pace with the regulatory issues and limited time and resources often present challenges to the long-term caregivers.
Long-term care software provides an effective, efficient, and fully integrated electronic health record and billing solution to maintain compliance, improve long-term patient care, reduce labor cost, and increase reimbursement. Once the data is entered by the user in the software, it passes through the system for different facilities.
Besides providing good quality care with accurate information, this software streamlines financial management, reporting and analysis, and managing the revenue cycle. This software also boosts efficiency and productivity while saving costs and time.
A recent report found that North America dominates the global market for long-term care software. The growth of the demand for long-term care software in this region is attributed to the senior population’s rise and the need to lower healthcare costs. The report predicts that in the next five years, Asia’s market is also expected to show high growth rates, with the maximum demand in this region coming from India and China.
Increasing awareness about diseases, improving healthcare infrastructure, rising government funding in the region, and changing demographic trends are some factors that drive the growth of long-term care software. Other factors include – shortage of nursing staff and doctors, rising prevalence of chronic diseases, increase in healthcare infrastructure and rise in the aging population.
Despite the growing need for the software, certain restraints are hindering the growth of the long-term care software. These factors include – high software maintenance costs, the reluctance of long-term care providers to adopt the software, and low software adoption in developing countries.
Some of the market’s prominent players are – Allscripts Healthcare Solutions, Inc., McKesson Corporation, Omnicell, Inc., Omnicare, Inc., and several others.
The full report can be accessed here.