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Behavioral/Mental Health Care Software & Services Market Insights, Current Size, Key Players, Applications and Future Forecast 2019 – 2026 | By Radiant Insights, Inc

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Behavioral/Mental Health Care Software & Services Market Insights, Current Size, Key Players, Applications and Future Forecast 2019 – 2026 | By Radiant Insights, Inc

August 20
15:55 2019

Radiant Insights, Inc
Radiant Insights has announced the addition of “Behavioral/Mental Health Care Software & Services Market Size, Share & Trends Analysis Report By Component, By Delivery Model, By Function, By End Use, By Region, And Segment Forecasts, 2019 – 2026″ Market Research report to their database.

The global behavioral/mental health care software & services market size is expected to reach USD 5.06 billion by 2026, according to a new report by Radiant Insights, Inc. It is anticipated to register a CAGR of 13.1% during the forecast period. Behavioral health management software facilitates clear communication between patients and care providers. The real-time monitoring allows doctors to keep track of patient progress.

These systems maintain confidentiality of patient information, especially in cases of mental health and substance abuse. The effectiveness and productivity of mental healthcare can be improved by integrating advanced behavioral health software solutions within existing mental healthcare infrastructure.

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Behavioral healthcare providers help reduce costs related to substance abuse by providing value-based medicine programs by preventing hospital readmissions. According to a survey by the Substance Abuse and Mental Health Services Administration (SAMHSA), the impact of substance abuse is estimated to be worth USD 600 billion every year in U.S.

The Cures Act will provide an opportunity to the vendors to integrate with each other and enable care coordination of both parties. The act will facilitate interoperability between mental and overall healthcare providers. This cooperation will eliminate obstacles to reimbursement, simplify the explanation of benefits, and enable insurance claim submissions for faster returns.

New behavioral health integration codes were introduced by the Centers for Medicare & Medicaid Services (CMS) under the psychiatric collaborative care model and behavioral health integration under the successful chronic care management services initiative.

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Further key findings from the report suggest:

• Software segment held the largest market share in 2018. Increased adoption of the technological solutions for the management of clinical, administrative, and financial functions of mental health care practices is responsible for market growth

• Subscription services led the delivery model segment in 2018. Mostly, the small-scaled mental health practices operate on a limited budget to invest in technological solutions

• Moreover, these professionals are unable to qualify for incentives for meaningful use of EHRs due to the small scale of their practice. Hence, they prefer to subscribe to the solutions instead of purchasing

• Clinical functions led the market in 2018 as the integration of clinical function simplifies workload of mental health care facilities. On the other hand, the administrative functions are expected to showcase the fastest CAGR over the forecast period

• North America led the overall market in terms of revenue in 2018. Asia Pacific, on the other hand, is likely to experience the fastest CAGR in the forthcoming years

• High competition in the behavioral/mental health care software & services market is likely to lead to increased adoption of integrated care models and partnerships between local health systems

• Some of the key market players are Cerner Corporation; Core solutions, Inc.; Epic; Netsmart Technologies; and Welligent, Inc.

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Media Contact
Company Name: Radiant Insights, Inc.
Contact Person: Michelle Thoras, Corporate Sales Specialist – USA
Email: Send Email
Phone: (415) 349-0054, Toll Free: 1-888-928-9744
Address:201 Spear Street 1100, Suite 3036
City: San Francisco
State: CA
Country: United States