Medical document management refers to creating and managing electronic medical documents and protecting them. Advanced medical document management (MDM) systems are available that come with features such as document scanning, retrieving, archiving, and accessing. Practices can rely on professional document scanning services to digitize medical records, making it easy to enter details in the electronic health record system (EHR). Many MDM programs integrate perfectly with EMR, practice management, accounting, coding, and various other applications, improving the staff’s work efficiency. MDM systems contain a database of the patient’s medical history and enable the doctors as well as the administrators to make decisions regarding treatments and the processes associated with the hospitalization.
Beyond easily managing patient information, document management implementation can provide diverse benefits for the medical office –
- Provides quick access to patient records
- Saves time on searching paper files to find crucial patient information
- Simplifies record keeping
- Makes patient admission process easier and faster
- Speeds up the medical billing process
- Improves interoperability among all systems
According to Reports and Data, the global medical document management (MDM) market is expected to rise from USD 369.28 million in 2019 to USD 855.04 million by 2027, with a substantial CAGR of 10.4% through the forecast period. The major factor that is driving the market is the need for electronic document management and the need to retain patient data securely. It cuts short paper maintenance costs, increases productivity, and makes data organization easy.
Other key factors that boost market growth are –
- growing acceptance of health information management and electronic medical records systems
- rising awareness for curtailing healthcare costs
- minimum use of paper, and increase in clinical efficiency
- growing digitalization and automation in the healthcare field
- government initiatives to support EMR and e-health adoption into the healthcare sector
Major challenges that impact the market growth are – the incorporation of MDM systems with existing information technology software, high costs, and confidentiality concerns.
The report has divided the market by product (solution, services), by delivery mode (on-premises, web-based, cloud-based), by application (Patient Medical Records Management, Patient Billing Documents Management, Admission & Registration Document Management, Document Scanning Software, Electronic Document Management Software), and by end-user.
Based on product type, Solution and Services segments are further sub-divided as –
- Planning and Management Services
- Product Support Services
- Implementation & Integration Services
- Maintenance, Support, and Optimization Services
- Training & Education Services
Here, the Integrated solution sub-segment is expected to rise at a steady pace, as these solutions offer benefits such as data integration and provision for a one-stop solution for managing data. At the same time, Standalone solution tools have added advantages over integrated solutions as they have offline facilities.
End users of this market are – Hospitals, Insurance Providers, Nursing Homes and Long-term care and Other Healthcare Organizations. The hospital sub-segment holds 54% of the market share due to the increase in hospital admissions.
The Asia Pacific region is expected to grow at the fastest CAGR of 11.5% owing to increasing initiatives, such as the application of e-health or funding for infrastructural development taken by governments, which is expected to boost market growth during the forecast period.
Region wise, the market is divided into North America (U.S, Canada and Mexico), Europe (Germany, France, U.K, Spain, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific), Latin America (Brazil, Rest of LATAM), Middle East & Africa (Saudi Arabia, South Africa, Egypt and Rest of MEA). North America accounts for the largest share of 40% of the global MDM market, due to the region’s highly established healthcare infrastructure and precise regulatory framework.
In our next blog, we’ll discuss “Top 4 Document Management Software for Healthcare Organizations.”