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Health Care: Incentive Monies Spur Growth of EHR Market
The Electronic Health Records market is set to explode over the next few years. The research firm Frost & Sullivan is predicting that the ambulatory EHR market for just software and training will nearly double from the 2009 size of $1.3 billion to more than $2.6 billion in 2012. When all costs, including hardware, installation, security tools and support for ambulatory EHR are taken into account, total revenues are expected to reach as high as $25.3 billion by 2013.
Financial subsidies and health care reform are both motivators in the move of many private practice doctors towards adoption of EHR for their practices.
The health care reimbursement process in the US is gradually changing towards one that will reward quality more than quantity. EHR will help provide some of the metrics that doctors will need to prove their effectiveness in delivering care. In addition, it is to the benefit of more and more of the stakeholders in healthcare to have greater efficiency and more accountability. Players like commercial payers, professional medical societies, healthcare manufacturers, and various nonprofit organizations all see benefits by moving towards EHR, and these groups can help influence its adoption.
The report found that currently about 20.3 percent of physicians are using some sort of EHR system. Among hospitals, 86 percent do not yet have qualifying EHR systems in place, but 51 percent of hospitals are close to achieving the first of three levels of compliance required to receive incentive monies.
