Hospitals, clinics, and private practices manage voluminous medical records and billing information each day. Over time, this amounts to a lot of records and even more paper. With the rising popularity of digital document management systems, it is ideal to move to a green or paperless office. Digitizing patient records and adopting a document management system have a number of advantages over traditional paper-based solutions. These include cost savings, greater security and compliance, reduced human error and more consistent content.
Medical document management systems are designed to create and manage electronic medical documents and secure them, and to streamline workflows in medical offices. These systems include document scanning and indexing, archiving, accessing, retrieving, and document capabilities. It can also integrate with existing systems in healthcare organizations such as EMR, HIS, PACS, and RIS, resulting in improved patient care and clinical efficiency.
According to the report from Markets and Markets, the global Medical Document Management Systems Market is estimated to be worth around $220 Million in 2014 and $424.5 Million by 2019. The market, which is poised to grow at a 13% – 14% CAGR during the next five years, is driven by factors such as the need to-
- Retain patient data securely according to state, federal and local laws
- Reduce healthcare costs
- Adopt EMR systems & HIM systems
- Ensure regulatory compliance
- Improve clinical efficiency and patient care
The healthcare sectorâ€™s paper-intensive nature and its need for efficient management of information while ensuring security and privacy are also significant factors that provide this market with considerable opportunities. However, the high costs of implementation, confidentiality concerns, and the reluctance of medical, nursing, and other staff to change their traditional ways are restricting the growth of this market to a certain extent.
In this report, the market is segmented by products, applications, modes of delivery, end users, and region. Based on product type, the market is segmented into medical document management solutions and services. While the medical document management solutions market is divided into standalone (document-scanning software and electronic document management software) and integrated solutions, the services market includes medical record scanning and management services and product support services ( implementation & integration, maintenance, support, and optimization and training & education services).
By application, the market is divided into patient medical records management, admission & registration documents management, and patient billing documents management. Mode of delivery of this market includes on-premise; web-based; and cloud-based models. End-users of the market are hospitals & clinics, nursing homes/assisted-living facilities/long-term care centers, healthcare payers, and other health systems.
Geographically, North America dominates the market, mainly due to the presence of regulations such as HIPAA and ARRA. Growth in this region is owing to factors such as the need for cost containment in healthcare and to improve patient care.
Prominent players in the medical document management systems market include McKesson Corporation (U.S.), 3M Company (U.S.), Siemens Medical Solutions USA, Inc. (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Toshiba Medical systems Corporation (Japan), Cerner Corporation (U.S.), Kofax Ltd (U.S.), EPIC systems (U.S.), and Hyland Software (U.S.).