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 Grand View Research, 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.
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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Grand View Research has segmented the global behavioral/mental health care software & services market based on component, delivery model, function, end use, and region:
Behavioral/Mental Health Care Software & Services Component Outlook (Revenue, USD Million, 2015–2026)
- Software
- Integrated
- Standalone
- Support Services
Behavioral/Mental Health Care Software & Services Delivery Model Outlook (Revenue, USD Million, 2015–2026)
- Ownership
- Subscription
Behavioral/Mental Health Care Software & Services Function Outlook (Revenue, USD Million, 2015–2026)
- Clinical
- EHRs
- Clinical Decision Support
- Care Plans
- E-prescribing
- Telehealth
- Administrative
- Patient/Client Scheduling
- Document Management
- Case Management
- Workforce Management
- Business Intelligence
- Financial
- Revenue Cycle Management
- Managed Care
- General Ledger
- Payroll
Behavioral/Mental Health Care Software & Services End Use Outlook (Revenue, USD Million, 2015–2026)
- Providers
- Hospitals & Clinics
- Community Centers
- Payers
- Patients
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