Over the past couple of decades, enterprise resource planning (ERP) systems and associated technologies have garnered considerable traction across diverse industries beginning with the manufacturing sector. The promise of several gains accrued from the deployment of ERP system underpins its burgeoning popularity. The gains entail large efficiency improvements across business processes of organizations, streamlining communication across departments, better productivity, and the several strategic benefits to managers. Healthcare industry is no different. For long, healthcare organizations including hospitals world over are seeking ways to successfully implement ERP to boost operational efficiencies, notably with respect to key performance indicators (KPIs), and optimize cost, especially from their back-end operations.
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The implementation of ERP can span vast spectrum of areas or functions such as inventory management, supply chain management, patient relationship management, finance and billing, compliance management, medical equipment, and revenue cycle management. ERP system in the healthcare industry also plays a crucial role in synchronizing patient database and take patient interaction with clinicians on the next level. The integration of ERP with their health IT infrastructure has enabled players in the healthcare industry to modernize their IT systems.
The report strives to provide a holistic insight into the various market dynamics, prominent trends, and the prevailing competitive ecosystem. Market participants perusing through the study will get several evidence-based insights into imminent investment pockets and emerging opportunities in various regions.
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The rising demand for IT solutions among healthcare professionals and clinicians that will assist them in extending quality patient care and at affordable cost is a key factor driving the demand for enterprise resource planning in the healthcare industry. The need for improving operational efficiency in the healthcare industry has fortified the demand for healthcare ERP solutions. In this regard, the substantial need for integrating patient information and health data across disparate systems and applications is driving the adoption of healthcare ERP. Such an integration of data has led healthcare providers speed up payments from insurance providers, thereby enhancing patient care.
The crucial shift to value-based care being made by a growing number of healthcare organizations, especially in developing and developed regions, has provided a robust underpinning to the growth of the market. The market has been witnessing attractive strides in recent years from the growing digitization of healthcare systems. However, promoting the concept of one-size-fits-all system in ERP healthcare market may be laden with caveats for companies of varying sizes and healthcare segments, acting as bottlenecks in its growth. However, the rapid inroad made by internet of things (IoT) may open lucrative prospects in the global market.
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