63% of practice management software purchases are replacements

EHRs aren’t the only piece of health IT getting a makeover in a large number of healthcare organizations: providers are currently ripping out and replacing practice management (PM) and revenue cycle management (RCM) software in a bid to modernize their infrastructure and meet the challenges of ICD-10, accountable care, and compliance with other regulatory initiatives, including meaningful use.  According to a new survey by Software Advice, 63% of providers looking to purchase PM or RCM products are replacing a current package, while first-time buyers are focused on efficiency and integration with their EHRs.

ICD-10 is weighing heavily on the minds of providers, with nearly a quarter citing the new code set as the primary reason they were considering replacing their PM and RCM software.  “Compliance with the new code set is a major driver not only of practice management purchases in general, but specifically of replacements,” said Melissa McCormack, an analyst for Software Advice.  “Despite the implementation deadline having been extended to October 2015, we’re seeing practices give a lot of thought to preparation, and they’re realizing the software they use will play a major role in their own readiness.”...