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(Health-NewsWire.Net, August 11, 2020 ) Increasing adoption of behavior health software, availability of government funding, government initiatives to encourage EHR adoption in behavioral health organizations, favorable behavioral health reforms in the US, and high demand for mental health services amidst provider shortage are the major factors driving the growth of this market.
According MarketsandMarkets Research Report – [222 Pages Report] The behavioral health software market is expected to reach USD 2,306 billion by 2022 from USD 1,155 billion in 2017, at a CAGR of 14.8%.
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High healthcare costs for the treatment of behavioral health-related problems or mental illnesses form a key concern for governments. The global cost of the treatment of mental illnesses was ~USD 2.5 trillion (of which two-thirds are indirect costs) in 2010; this is slated to reach USD 6 trillion by 2030 (Source: WHO). In 2013, the US spent an estimated USD 201 billion on mental disorders like anxiety and depression (Source: Health Affairs). Additionally, serious mental illness costs the US an estimated 193.2 billion in lost earnings per year (Source: National Alliance of Mental illness). Similarly, in Canada, mental health problems cost more than CAD 51 billion every year (Source: Centre for Addiction and Mental Health).
Major contributing factors to these high costs are the need for and generation of excessive paperwork, causing loss of productivity amongst clinicians and improper revenue cycle management by behavioral health organizations. The need to resolve these issues has boosted attention on and the adoption of behavioral health software, as a means of reducing medication errors and paperwork; enhancing productivity by ensuring quick patient data access; improving workflow efficiency; and minimizing healthcare costs. These benefits of behavioral health software have driven their adoption, especially among large hospitals and community clinics.
In behavioral health, the privacy of data is the biggest concern for providers. Behavioral health providers are not allowed to share information on patients suffering from some mental illness or substance abuse to anyone who is not involved in the treatment of that particular patient. However, with the integration of data using behavioral IT tools, any healthcare professional unrelated to that case can access the patient’s data. While initiatives such as the passing of the HIPAA and HITECH Act in the US have been taken to strengthen data security measures, cases of data infringement and data breaching are still high, which is restraining the growth of the behavioral health software market.
Opportunity: Growing emphasis on subscription model
For enhanced data accessibility and real-time analysis, the subscription model of delivery has emerged as a significant solution for integrated or standalone behavioral health software. This helps healthcare organizations to share information stored across different systems, in real time. Furthermore, the subscription model requires minimal upfront investment and also reduces the burden on healthcare systems. This results in increased productivity and cost-efficiency. Subscription model-based behavioral health software also ensures fast and secure transfer of data between organizations. These advantages will offer significant growth opportunities to behavioral health software vendors in this market.
Challenge: Financial constraints
Overcoming financial constraints is the biggest challenge for healthcare organizations, especially in emerging economies. Nevertheless, the extent of data that is stored proves to be so important that IT infrastructure has started becoming the backbone of healthcare institutions.
Implementation and subscription/licensing fees for behavioral health software are also major financial drains and add to the budgetary concerns faced by many hospitals today; advanced behavioral health solutions, for example, can cost over USD 50,000 for implementation. This makes it challenging for behavioral health organizations to justify spending, at least in the short term, when they are focused on implementing EHRs and upgrading RCM systems.
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Companies Covered in Mental Health Software Market
Advanced Data Systems (US), AdvancedMD (US), Cerner (US), Compulink (US), Core Solutions (US), Credible Behavioral Health (US), Welligent (US), Valent (US), The Echo Group (US), Kareo (US), Meditab Software (US), Qualifacts (US), Mindlinc (US), Netsmart (US), and Nextgen Healthcare (US)
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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