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As per the Grand View Research, the global medical practice management software market was valued at approximately USD 12.4 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 9.72% from 2023 to 2030.
In the U.S. market only, the size of PMS was estimated at USD 5.5 billion in 2023 and is expected to grow at a CAGR of 9.40% from 2024 to 2030.
Certainly, the acceptance rate hasn’t been like this forever. Then, how did it culminate in becoming a niche?
So, the revolution began in 1977 when Michael “Mickey” Singer developed the first medical practice management software, known as Medical Manager. Around the 1980s when EHRs came into the picture they began integrating with PMS to simplify both administrative and clinical workflows, and then the rest is history.
Now, let’s understand why medical practice management software has gained so much prominence.
PMS became increasingly popular due to its unmatched capabilities to enhance workflows, patient outcomes, and practice performances. Across different sets of categories, it played and continues to play distinct yet pivotal roles. Here’s how.
For beginners who have just set up a clinic, the challenge lies in balancing patient care with administrative burdens. PMS offers support that manages limited resources efficiently by:
On the other hand, for established clinics, as the focus shifts from survival to scaling, it adjusts its role to:
And, for the outsourced partners, who act as an extension of the clinic’s staff, PMS is their go-to solution for:
Thus, in this light, the right PMS is more than its features. And, with so many options available, separating the truly transformative ones from those that just add to the clutter is a monumental task. That’s why, we’ve curated the list of the top 5 affordable yet highly effective PMS solutions to simplify your decision-making. Also, while you read through, you will discover steps you can take to select the most appropriate vendor for your PMS and much more.
Let’s get started with the impactful one.
In an era where efficiency, automation, and patient-centricity dictate the success of healthcare organizations, OmniMD stands as the beacon of innovation, blending technology with the human touch to create an ecosystem of collaboration, expertise, and thought leadership.
Founded in 2001 with a vision to reshape traditional care models into dynamic, sophisticated, technology-enabled digital health platforms, the entity encompasses a portfolio of over 18 products (EHR, PMS, RCM, and more) thoughtfully customized to meet the unique and evolving needs of more than 20 specialties (Cardiology, urgent care, primary care, internal medicine, psychiatry, pediatrics, etc.).
Headquartered in the United States and as one of the leading providers of Practice Management Systems, its solution is widely appreciated for:
(Credit: TheraNest)
TheraNest was founded in 2013 in Birmingham, Alabama, by Shegun Otulana. The organization’s philosophy is very well reflected in its name, which means creating a ‘nest’ or safe space for therapists to focus on their work while the software handles the complexities of managing a practice.
In 2020, Shegun Otulana stepped down as CEO, and Kimberly O’Loughlin took over the role. The company continued to grow, and in 2021, the investment firm KKR acquired a majority stake in Therapy Brands, the parent company of TheraNest.
In May 2022, Therapy Brands underwent a rebranding effort to unify its various offerings and improve user experience. Its approach to PMS revolves around:
(Credit: SimplePractice)
Headquartered in Santa Monica, California, SimplePractice offers a cloud-based practice management platform. Founded with an aim to simplify the complexities of running a private practice, it serves a diverse range of practitioners, from therapists, counselors, and social workers to psychologists, dietitians, and speech-language pathologists.
The organization, which started as a client portal system, evolved to introduce its full-fledged PMS suite in 2014. In 2015, it launched its mobile app to offer on-the-go practice management features, and in 2016, well before the pandemic, it added telehealth to its solution. In essence, the platform’s PMS capabilities are thoughtfully designed to:
(Credit: Tebra)
Launched in 2004 with a mission to empower independent practices with sophisticated digital tools, Kareo is a renowned healthcare technology company specializing in software solutions for small to mid-sized medical practices.
The company didn’t initially start with Practice Management Software (PMS) at its core. In fact, it wasn’t until 2007 that Kareo rolled out its PMS. So, what started as a small cloud-based software company focused on medical billing has grown into a comprehensive platform supporting multi-specialty healthcare providers across the U.S.
In 2021, Kareo merged with PatientPop, a leading patient acquisition and marketing platform, to create Tebra. And by 2024, it fully transitioned into the Tebra ecosystem.
Headquartered in Irvine, California, the organization’s PMS:
Basic telehealth features compared to OmniMD, TheraNest, and SimplePractice.
(Credit: PracticeFusion)
As a pioneer in cloud-based EHR solutions, PracticeFusion introduced its Practice Management System (PMS) in 2014 to address the increasing need for healthcare providers to refine not just patient records but also administrative workflows.
Founded in 2005 and headquartered in San Francisco, California, the entity was acquired by Allscripts in 2018, which allowed it to leverage Allscripts’ resources while maintaining its appeal to small practices. Despite the acquisition, its PMS continues to:
| Features | OmniMD | TheraNest | SimplePractice | Kareo Clinical | Practice Fusion |
| Scheduling | Advanced | Group & Individual | Simplified | Intuitive | Basic |
| Billing & RCM | Comprehensive | Simplified | Smooth | In Fine State | Basic |
| Patient Portal | Advanced | Secure Client Access | Comprehensive | Functional | Limited |
| Telehealth | Optional Integration | Built-In | HIPAA-Compliant | Basic | None |
| Customization | Highly Customizable | Limited | Moderate | Moderate | Minimal |
| EHR Integration | Full | None | Partial | Full | Full |
| Analytics & Reporting | Advanced | Basic | Moderate | Real-Time Dashboards | Basic |
| Mobile App | No | No | Yes | No | No |
If you have ever noticed, a random search on Google for ‘Practice Management Systems’ returns over 16 million pages, sending your thoughts in a billion directions. Our experts recommend the steps below to let you keep your focus intact while making the most crucial decision for your clinic.
Without a clear understanding of what your clinic requires, diving into the vast pool of available options can lead to frustration, unnecessary expenses, and wasted time. So, start by assessing your practice’s requirements. Find out what it is that needs utmost attention.
Is your practice struggling with long wait times or missed appointments, or does your team encounter billing discrepancies very often?
Though features vary widely among vendors, there are a few that remain constant and are must-haves in any practice management system. Here are the top 7 such attributes:
Vendor credibility plays a pivotal role in determining the reliability of your practice management system. A well-established provider with a proven track record ensures stability, support, and ongoing innovation. Research about leading vendors in the market.
Delve into each vendor’s background, assessing their industry experience, and understanding their reputation through user reviews, testimonials, and case studies. Identify which vendor provides the core features in the most affordable and accessible way. After narrowing down to your top 5, send proposals to receive further insights.
When it comes to cost, we tend to assign it the highest points. While cost is critical, it should never be the only deciding factor. A low-priced system without key features can lead to inefficiencies, but an overpriced one with unnecessary components wastes money. The goal should be finding a system that fits your budget without compromising quality.
Similarly, security, scalability, and system integrity are non-negotiable and must be prioritized in your comparison, as they:
Whether you are looking for in-depth performance analytics or simply want to reduce your staff’s administrative burden, our practice management software gives you the power to bill the way you want and get paid faster by:
Automated Registration: Strengthen the entire registration process with a fully automated system that captures data quickly and securely.
Medical Appointment Software: Simplify recurring appointments, enable one-click copay collection, and automate eligibility and benefit verification.
eReminders: Reduce no-shows, prevent revenue loss, and enhance the patient experience with automated appointment reminders.
Credit Card Processing: Optimize payments, eliminate billing errors, and improve overall patient experience.
Advanced Reporting: Easily manipulate data, create pivot tables, apply filters, and automate calculations with our powerful reporting tools.
Analytical Dashboard: Gain real-time, role-based insights into daily operations with our fully customizable dashboards.
We’ve built this resource with healthcare professionals in mind, ensuring that it saves you time and offers clarity in your decision-making process. However, the comparison is based on independent research conducted by our team, leveraging publicly available information and vendor-provided resources. Features and pricing details may vary; we recommend reaching out to the respective vendors for the most accurate and up-to-date information.
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