The physician practice management market was valued at approximately USD 118.9 billion in 2023 and is expected to expand to USD 291.7 billion by 2034, reflecting a compound annual growth rate (CAGR) of 8.5% from 2024 to 2034. This growth is fueled by factors such as the rising number of hospitalizations, technological advancements, the rapid expansion of healthcare infrastructure, and supportive government policies.
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Physician practice management is a non-medical service provided by an organization to simplify the tasks of a clinic or physician. The services offered by physician practice management include bookkeeping and accounting, human resources management, billing, claims submissions, financial management, marketing & public relations, technological & information support systems, and provision of administrative personnel. This facilitates the fulfillment of a physician’s daily tasks, enabling a physician to focus more on patient care and treatment. It also eliminates the need to appoint multiple employees for each particular task. Competent practice management is crucial to the development and expansion of the medical industry.
The increasing demand for revenue growth of a medical practice firm boosts the market growth. Technological advancements and favorable government policies result in high adoption of physician practice management. The demand for physician practice management also rises due to increasing investments in the healthcare sector. In addition, the increasing number of hospitalizations due to several chronic disorders and the COVID-19 pandemic demands physician practice management.
The Physician Practice Management (PPM) market is undergoing significant transformations driven by various factors that are shaping its future. Key trends include:
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