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Healthcare Information Technology: CIO Insights - India
Frost & Sullivan, Dec 2009, Pages: 50
This Frost & Sullivan research service titled Healthcare Information Technology: CIO Insights – India provides inputs over hospitals’ IT budgets, challenges in IT implementation, and future plans for infrastructure and applications. In this research, Frost & Sullivan's expert analysts thoroughly examine the key market trends from healthcare providers’ perspective to understand the budget allocations, spending patterns, and perception of the key decision makers about IT spending in hospitals.
Market Overview
IT Budgets of Healthcare Organizations Expected to Grow Despite the Economic Slowdown
Regardless of the economic downturn, organizations in the healthcare domain are increasing spend on healthcare IT solutions and services to expedite efficiency. By deploying these solutions, companies in this space are able to resolve the issue of rising healthcare costs. Healthcare provider perceptions about IT solutions have changed drastically from that of an unnecessary cost burden to a critical value provider. Most of the tertiary care hospitals have seen an unusual increase in their IT budgets up to 10 percent in 2009, whereas for others, there was no tangible change in IT spending. 'From a technology perspective, mobile devices and wireless technologies are top priorities for IT investment in tertiary care hospitals,' notes the analyst of this research service. 'Some of the hospitals are also investing in setting up telemedicine networks to expand their service outreach to underserved population areas, thus increasing the referral patient base.' Healthcare organizations have been facing challenges such as rising healthcare costs, demand for better quality healthcare, and increasing labor shortage. Chief information officers (CIO) and IT managers of hospitals have realized that investment in healthcare IT solutions will lead to reduction in medical errors and cost savings in the long run. This has boosted the uptake of healthcare IT solutions. Nearly 1-1.5 percent of hospital revenues is allocated for new IT investments. For Greenfield projects, the allocated IT budget is approximately 3-4 percent of the total budget.
Although the prospects for the market look upbeat, there are some issues clouding the landscape. In the future, CIOs and IT managers in public and private hospitals are expecting budget constraints and integration issues as major impediments to their strategic IT investment plans. Observations reveal that within the next 2 years, hospitals that had procured new software and hardware between 2008 and 2009 will reduce IT expenditure. As the hospital management has apprehensions about the ROI in quantifiable terms, budget allocation for IT in hospitals is constrained. Lack of strategic IT planning is a key barrier for IT product/service penetration in the healthcare space. This is amplified by the shortage of qualified manpower to oversee the IT systems/departments in hospitals. Due to attrition and changes in applications, training of end users and their compliance will continue to cause angst for participants in this space.
The absence of standards in this domain has further complicated matters. The market is flooded with sub-standard products/services. 'Lack of industry standards in India is a major hindrance for healthcare IT solutions market,' says the analyst. 'It is very important to have these standards in place to allow information to flow easily in the healthcare environment.' The future trend with respect to healthcare IT adoption varies greatly from one country to another. In India, the accent is more on replacing legacy systems. Currently, hospitals have the basic administrative solutions in place and are now focusing on implementation of clinical information systems and electronic medical records.
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