Having written loads of blogs on the features of EMR and practice management along with the advantages and benefits these applications have brought to the healthcare industry, I decided to construct a blog on practice management keeping the vendor’s perspective in mind. There is absolutely no doubt that, for physicians, practice management software has been a prolific innovation. However, even for vendors practice management has turned out to be miraculous.
Let’s divulge into how practice management affected vendor’s side of the game. Before practice management software was introduced, vendors only had EMRs to compete with. The only possible strategy to influence the market was to bring innovation in existing health IT solutions. However, with the advent of practice management software the dynamics of the health IT industry have changed. Vendors now have more than one solution to test their competencies on. In fact, this proved to be a good strategy for established vendors to not only capture more market share, but also enhance their brand image.
“Although health IT is a vast industry, vendors should not forget that the competition is intense too. With hundreds of product vendors available in the market, physicians have a wide range to choose a particular vendor from. In this state of fierce competition, only vendors who would innovate before the others do would take control of the market”, says a San Francisco based health IT consultant.
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Fortunately, established vendors never took long to understand that along with clinical solutions, today, medical practices and healthcare professional also require tools to streamline the financial and administrative workflows. While EMRs kept physicians busy with enhancing care quality, practice management brought with it methods to rationalize tasks like appointment scheduling and resource allocation. No doubt there are various strategies to influence the market; customization is believed to be one of the finest of all. Having understood the need for customization, with time vendors even started offering customization practice management software. Physicians could now use easily configurable templates to avoid unnecessary agitation associated with redundant usage.
With ever increasing competition, today established vendors have introduced cloud based practice management software. This has not only, completely, outdated the obsolete hosted servers but also helped vendors attract more clients. Obviously, with cloud based practice management, physicians would not have to worry about incurring additional cost for maintenance and upgrades. If such is the case, why wouldn’t vendors experience increased sales and revenues?
