A Frost and Sullivan report, U.S. Hospital EHR Market, 2009–2016: Charting the Course for Dramatic Change, published earlier last month, reveals that the electronic health records (EHR) market is on path to grow more than six times its 2009 revenues of under a billion dollars to $6.5 billion in 2012, a clear indication that the implementation of the HITECH Act resulted in increased spending by health care providers on IT infrastructure. The researcher believes that significant change has happened since 2009, when approximately 12% of hospitals were using basic or advanced EHR, and only 2% of those were using EHRs in a way that would qualify for meaningful use. HITECH Act laid out several parameters to identify providers using their inter-operable EHR system for meaningful use of delivery of healthcare services, and offered incentives to these providers with additional payments received through Medicare and Medicaid. To help healthcare providers to benefit from these financial incentives, EHR providers are expanding their offerings.
SM: Tell me more about how you deliver that service. What do you need in terms of your workforce? What do you tackle in technology? What do you tackle in human resources?
JB: It’s a very hybrid model. It’s a half technology, half service model. We have a team of, say, 40 or 50 technology people in our Chicago office. We’ve recruited people from Orbitz and the Accenture consulting side and some very senior people. We’ve built out the ability to take out electronic billing from doctors, run it through an engine, route medical data to our clients or to patients to approve, route payment data electronically back to the doctor or to a check printing center if the doctor can’t take ACH. >>>
Health care costs can be prohibitive, not only for the average citizen but for employers and insurance providers, too. Rising Medical Solutions, a Chicago, Illinois-based company, works with insurance providers to help keep health care costs down without sacrificing the quality that patients receive. Their specialities include medical bill review, hospital bill review, care management and provider negotiation, among others. >>>
According to researchers, the U.S. electronic health records (EHR) is expected to grow to $31.9 billion in 2015 from $15.8 billion in 2010. The market grew 10.5% in 2009 and 13.6% in 2010 and is expected to grow even faster in the coming years – 18.3% in 2011 and 20.1% in 2012 according to researchers. Growth is expected to slow down in subsequent years to 15.9% in 2013, 11.2% in 2014 and 10.5% in 2015. In this post, we cover Epocrates’s entry into the EHR market, as well as take stock of WebMD’s recent performance.
A recent report by MarketResearch.com estimates the U.S. electronic medical records (EMR) market to grow 18% annually to $6.05 billion in 2015. The market was estimated to be worth $2.18 billion in 2009. The report claims that growth in the market is being fueled by the nationwide healthcare reforms and the need to control healthcare costs while improving the quality of services offered.
Manhattan Research estimates that 72% of doctors in the country currently own smartphones. This number is projected to rise to 80% by 2012. The research also estimates that among physicians, the smartphone is primarily used to look up prescription drug information at the point of patient care. The growing demand of mobile-based services is driving mobile initiatives of medical information providing companies.
According to a report released earlier this year, the U.S. Electronic Health and Medical Records 2009-2015 – Meaningful Use Spending Forecast and Analysis, by IDC Health Insights the electronic health record (EHR) market was estimated to be worth $1.98 billion in 2009. These projections cover software license and maintenance costs for products that meet meaningful use certification criteria. The market is projected to grow to $3.8 billion by the year 2015, translating to a growth rate of 11.5% annually. The report estimates the ambulatory electronic records software spending by providers to grow to $1.41 billion by 2015 from $0.64 billion in 2009. The inpatient EHR software market is projected to grow to $2.4 billion by 2015 from $1.34 billion in 2009. Recently announced results by athenahealth reflected such positive sentiment.
Readers, we have just released the Healthcare IT module of the 1M/1M premium curriculum. In it, you will find a synthesis of the various trends and opportunities that I see at this point, along with case studies and video lectures. The opportunity is clearly huge in multiple dimensions, and I am convinced that many businesses can and will be built in this segment over this decade.