Top 10 Global Medical Software Providers
Written by Pooja Thakkar
1. NextGen Healthcare
The rising costs of healthcare, the inefficiency of old systems and the new healthcare law is driving the industry to commit to improving care, cut overhead costs and promote preventive care. Some exceptional healthcare software providers are already helping to enhance the quality of care, reduce costs, streamline tasks and reduce medical errors.
NextGen Healthcare's Practice Management scheduling and billing software is ranked top in all of the Best In KLAS Awards physician subsets, from single-physician to 150-plus physician practices. The Company offers its customizable medical software solutions to Hospitals and Health Systems, Group practices and Small Practice Groups.
One of the Company’s innovations is WorkLog Manager, an automated task management system that instructs staff on time and type of action to be taken. Integration via NextGen's product suite also allows for consistent, real-time clinical and administrative workflow among providers, hospitals, and patients.
2. Eclinical Works
eClinical Works’ award-winning medical software emphasizes on error and cost reduction with an increase in the quality of patient care.
Physicians from solo practices through those in enterprise-class health networks can take advantage of the fully functional EHR that connects medical patient records with medical practice management and billing components, all united through one database.
The highlight of McKesson's Horizon Practice Plus practice management system is the master person index (MPI) that drives accurate patient information, business management and enables scheduling of equipment, rooms, and personnel. The attractive feature for IT managers is access to online worklists that help in tracking patient visit as well as collection of overdue accounts.
Allscripts offers software solutions to almost every sector of the health industry. The Company’s rules-based engine closely aligns staff preferences with industry best practices by using optimal workflow automation. The result is a connected and productive front and back office. It also helps physicians to secure patient information and receive disaster recovery services.
AthenaHealth's AthenaCollector, the cloud-based software helps track trends, identify issues and improve workflow. The Company’s Billing Rules Engine is designed to help physicians collect money by drawing on industry-leading payer-rules intelligence.
Through its innovative Five-Stage Patient Encounter, Athena gives providers multiple charting options allowing focus on patient care and experience.
6. GE Healthcare
Office managers find GE Healthcare's Centricity Group Management 4.0 appealing, as it helps to improve revenue cycle performance through enhanced connectivity for electronic data interchange and offers a patient portal that provides secure web access to pre-arrival information, scheduling, and other key components. The service is delivered in a web-based, true Software-as-a-Service (SaaS) model.
7. Epic Systems Corporation
Epic develops health systems for mid-size and large organizations and academic institutions such as Kaiser Permanente, and Johns Hopkins Medicine.
Epic’s Cadence Enterprise Scheduling software provides context-specific instructions, checks conflicts, and helps with complicated appointment searches. The Company’s another feature called the integrated single billing office (SBO) includes a single bill and payment plan that increases patient satisfaction.
8. Cerner Corporation
Cerner’s Powerworks Practice Management Software is attractive to midsize to large physician groups looking for an enterprise-wide system to manage front and back office functions, streamline workflow and improve financial performance. The service offers flexible scheduling that maximizes provider productivity and meets rigorous scheduling demands.
This cloud-based medical practice management software gives physician practices the latest updates to medical codes and rules needed for effective coding & billing. The Central Billing Office (CBO) feature provides centralized access to satellite medical practices from one master office.
This software can also work with over 60 other EMR options.
10. Vitera Healthcare Solution
Physicians and IT managers looking for tools to improve operational efficiency, reimbursement, and collections, Vitera Intergy practice management product offers a a single database shared with Intergy EHR, a server- or subscription-based hosted option and full electronic data interchange integration with transaction service.
Top 10 healthcare innovations for 2019
We take a look at some of the top 10 healthcare innovations which are transforming the sector
The telehealth market is booming. Consumers are leading increasingly busy lifestyles, with up to 60% favouring digitally-led services. Providing clinical care at a distance, increasing accessibility and eradicating potential delays has given patients greater control, boosting patient satisfaction and overall engagement. Such is its exponential growth, The Centers for Medicare and Medicaid Services in the US has recently released its proposed Physician Fee Schedule and Qualified Payment Programme updates for 2019, where telehealth services has been heavily featured, in order to deliver ‘different access points’ for patients.
9. Mobile technology
Consumers have become accustomed to accessing their data through the use of various digital tools, where the use of mobile and tablet health apps has tripled from 13% in 2014 to 48% today. Catering to this growing market, British based start-up Babylon Health is making waves on a global scale. Partnering with the National Health Service (NHS) and private health provider, Bupa, it has also cemented its presence across the flourishing Chinese market, with a membership base exceeding 1.4mn citizens across Europe, Asia and Africa. By partnering with global juggernaut Tencent, Babylon’s artificial intelligence system has enabled both parties to interact directly with users, identify specific illnesses, deliver health status assessments, and triage necessary actions. The mobile app is available to over a billion users and linked to more than 38,000 medical facilities in China alone.
8. Artificial intelligence
Artificial intelligence (AI) applications, such as predictive analytics for patient monitoring has provided significant financial savings. Applications that target hospitals and medical institutions include patient monitoring and transcribing notes for electronic health records (EHRs). The European Union is set to invest $24bn into artificial intelligence (AI) by 2020 in a bid to catch up with Asia and the US, who have invested heavily in AI and cloud services. This year, Google revealed its plans to harness AI and machine learning across a multitude of consumer technologies, particularly in healthcare. “If AI can shape healthcare, it has to work through the regulations of healthcare. In fact, I see that as one of the biggest areas where the benefits will play out for the next 10-20 years,” Google CEO Sundar Pichai has previously stated.
Blockchain is estimated to reach over $5.61bn by the end of 2025, even though it remains dependent on the ability to record and store information conveniently, economically and securely amongst different applications and systems. Providing transparency and eliminating third-party intermediaries, processes are streamlined, reducing healthcare costs exponentially. Unlocking the ability for providers to deliver a value-based healthcare system and enhance patient engagement, blockchain could save the industry up to $100-$150bn per year by 2025 in data breach-related costs, IT costs, operations costs, support function costs and personnel costs, according to BIS Research. Partnering with pharmaceutical giant GlaxoSmithKline (GSK), Ethereum blockchain-based supply chain platform, Viant sought to accelerate the pace of blockchain-based supply chain systems. Accenture and supply chain giant DHL have also developed a blockchain-based serialisation prototype which tracks pharmaceuticals from the point of origin to the consumer.
6. Health wearables
With the rise of lifestyle diseases, such as diabetes, more consumers are turning to health wearables that monitor glucose, heart rate, physical activity and sleep to gain a greater understanding of their health conditions. Following on from the release of the first Bluetooth headset back in 2000, the growing interest in wearables has seen monitoring our health and data become standardised. This data can be analysed by sophisticated algorithms to drive long-term diagnosis and support. Partnering with Google, health wearables company Fitbit is exploring the development of consumer and enterprise health solutions. Its acquisition of HIPAA-compliant health platform, Twine Health has seen the business enhance its clinical services by bringing on board a coaching platform, empowering people to seek better health outcomes.
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5. Electronic health records tools
From 2018-2022, the electronic health records (EHR) market is expected to grow at a compound average rate of 6% per year Providers and organisations continue to house fragmented technologies which create barriers towards collaboration and data sharing opportunities. This is further exacerbated if a patient straddles both public and private healthcare. Technology giant Apple has integrated patients’ medical records into its Health App as part of its iOS 11.3 beta. The data is encrypted and protected with the user’s iPhone passcode. Partnering with hospital providers and clinics, patients are now able to view their medical records from multiple providers within one platform. Johns Hopkins Medicine, Cedars-Sinai, Penn Medicine, UC San Diego Health and even the Cleveland Clinic have implemented this technology.
4. Healthcare transportation
Non-emergency health transportation remains a key issue worldwide, preventing patients from getting to or from a doctor’s appointment. 25% of lower-income patients have missed or rescheduled appointments due to lack of transportation, costing US health systems up to $150bn each year. Transportation companies such as Lyft and Uber have therefore entered the market by partnering with state governments to reduce these costs and deliver personalised patient care.
3. 3D Printing
Healthcare providers are set to represent the second largest industry sector in 3D manufacturing. The Food & Drug Administration’s decision to release its first comprehensive framework advising manufacturers of 3D medical products highlights its growing impact where more than 100,000 knee replacement surgeries are completed each year using 3D-printed, patient-matched surgical guides, for example. Through this process, surfaces and structures can be optimised for strength, weight and material use. Consultation between surgeons and patients has also been bolstered, where patients can better understand the complexity of his or her specific needs.
As consumers get more involved in the management of their health, consumer genetics and research companies have grown in popularity and scale. People want to further understand their genetic makeup, leading personal genomics and biotech company 23andMe to become one of the largest consumer-based organisations worldwide. Interestingly, this year, the company has entered a four-year collaboration with GSK to develop new treatments, but using human genetics as the basis for discovery.
Not only looking to develop treatments by analysing human genetics, pharmaceutical companies are looking to even remove hereditary genes which pass diseases down generations. In 2017, human embryos were successfully ‘edited’ through gene editing tool, CRISPR (Clustered, Regularly Interspaced, Short Palindromic Repeats), eradicating hypertrophic cardiomyopathy within 42 embryos.
1. Vertical integrations
As healthcare providers aim to provide greater transparency, promote collaboration and lower escalating patient costs, 2018 has been the year for a significant number of vertical integrations. CVS Health’s $68mn takeover of health insurer Aetna is a case in point. By influencing more of the supply chain, it will gain significant negotiating power to reduce costs for payers and patients, develop personalised solutions and improve overall outcomes. It will also promote the eradication of delays in process by removing any third parties within traditional business models. Other notable integrations are Optum’s acquisition of the DaVita Medical Group, Humana and Kindred Healthcare and Cigna and Express Scripts.
Reports have indicated that not only has the number of healthcare deals more than doubled in the last five years, the size of deals has also grown as a result of repeat investor interest, highlighting that this trend is here to stay.