Favorable Government Regulations Prompt Mental Healthcare Providers to Adopt Mental Health Software Systems
Published On : Nov 16, 2015
Historically, mental and behavioral health providers have had a low adoption rate for electronic health records and other IT software systems. Mental health software market systems, the specialty software products that satisfy the specific need of mental healthcare service providers and include all the functionalities needed, help healthcare providers in overall healthcare reform, patient engagement, and care coordination efficiently. These custom healthcare IT solutions for mental and behavioral healthcare providers help professionals across a diverse set of work environments such as long-term care facilities, outpatient clinics, large inpatient rehabilitation centers, or private clinics.
As mental and behavioral healthcare service providers have unique needs as compared to most other medical fields, many providers have traditionally opted out of the burden of implementing costly mental health software systems. However, certain regulations such as the Affordable Care Act and the Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA) have increased the adoption of such and many other health IT systems by mental and behavioral healthcare services providers over the past few years.
Favorable Regulatory Scenario Driving Health Software Systems Market
The global market for mental health software is chiefly driven by favorable regulatory scenario, rising awareness about the many benefits of these systems among residential practitioners, the increasing level of digitization in the global healthcare industry, rising adoption of electronic health records, and rising per capita spending on healthcare across the globe. However, the certain factors such as uncertainty about data privacy, protection, and security in such systems and lack of awareness among developing regions such as Latin America, MEA, and APEJ are hampering the growth of the market to a certain extent.
Ease of Deployment Makes Cloud-based Systems Most Favored Among Consumers
All the software systems covered in the category of mental health software should satisfy the specific data management, processing, and retrieval needs of mental and behavioral healthcare practitioners such as psychiatrists, clinical social workers, psychologists, and other licensed mental healthcare providers and their support staff. The software systems in this category fall under two main subcategories: software for managing administration and workflow of the practices and software that helps in managing care delivery and patient records.
Key types of deployment modes are on-premise and cloud-based. Of these, the revenue from the segment of cloud-based systems is expected to expand at an unprecedented 24.2% CAGR between 2015 and 2021. On the basis of mode of access of these software systems, the laptop/desktop segment is expected to dominate the overall market for mental health software, accounting for over 70% share in the market by 2021.
Geography-wise, the market segment of North America had a dominant position in the global market in 2014 as it held over 45% share in the global market. This was followed by Europe, which held a share of nearly 27% in the market.
Collaborating with Leading Healthcare Providers Emerges as a Hot Trend in the Market
Leading companies in the global mental health software market are increasingly developing business collaborations with key healthcare services and solutions providers in the market, allowing them to augment their operational efficiencies and provide improved care to the patients. Some of the key companies in the market include Valant Medical Solutions Inc., Credible Behavioral Health Inc. (Credible), Cerner Corporation, MindLinc, Qualifacts Systems Inc., Epic Systems Corporation, Core Solutions Inc., Welligent Inc., Nextgen Healthcare Information Systems LLC, and Netsmart Technologies Inc.
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