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.
The widespread use of digital media by online health marketers is a point of concern in a complaint by consumer and privacy watchdog groups to the U.S. Federal Trade Commission. The commission has been asked to investigate regarding “unfair and deceptive advertising practices” available to consumers online. The group is concerned that while digital marketing is providing consumers with medical information, it is also engaging in activities that “threaten privacy, raise questions about the fair presentation of independent information, and advance the sales of prescription drugs and over-the-counter products.”
In a Treasury report released earlier last week, the U.S. government’s net financial position for the year ended September worsened to $13.5 trillion deficit from $11.5 trillion deficit reported a year ago. The fiscal deficit for the period grew to $2.1 trillion from $1.3 trillion a year ago. On a brighter note, the cash budget deficit did drop marginally from $1.4 trillion a year ago to $1.3 trillion. But analysts expect this number to remain above the $1 trillion mark due to the continuation of tax cuts in the current year. To control the growing deficit and manage health care administration costs, a year ago, the Obama administration released the government’s health care funding stimulus with benefits such as a $30 billion federal aid for hospitals adopting electronic records. Existing manual processes in the industry add to the expenses. For instance, a call for an eligibility benefits check costs the insurance company as much as $11 and has cost the country as much as $9 billion. It is thus not a surprise that health care IT companies are having a strong run in recent quarters.