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U.S. Hospital EHR Market 2009-2016
Frost & Sullivan, Oct 2011, Pages: 139
This Frost & Sullivan research service titled U.S. Hospital EHR Market 2009-2016 examines the drivers and restraints of growth and technology, demand and geographical trends in the radiology information systems and picture archiving and communications systems (RIS-PACS). In addition, a market forecast and an analysis of the competitive situation is performed.
It presents an overview of the current status of U.S. hospitals and hospitals’ EHR dynamics. It also offers market drivers, restraints, industry challenges, and revenue forecasts.
MARKET OVERVIEW
Dramatic Structural Changes in the U.S. Healthcare System Compels Wider Use of Electronic Health Records
Many Hospitals Have Already Selected their EHR Vendors but the Exceptionally Dynamic Market Ensures Niche Opportunities for Other Vendors
The blanket shift to digitized medical records that is sweeping across almost all U.S. healthcare provider environments today represents one of the most significant changes the industry has ever witnessed. Hospitals and other providers are scrambling to get electronic health records (EHRs) up and running to avoid financial penalties, following the passing of the Health Information Technology for Economic and Clinical Health Act (HITECH) of 2009.
Providers of hospital IT infrastructure are showing great urgency in rolling out solutions, especially due to the rudimentary levels of the current IT infrastructure, and given the short implementation deadlines (roughly 2011 to 2015) set by the government. While most hospitals have selected their vendors already, it does not necessarily mean they will persist with them or that opportunities do not exist for other participants.
“While the core hospital EHR market is considered mature and dominated by a handful of well-established, relatively entrenched vendors, it is still a highly dynamic market,” says the analyst of this research.
“Increasing provider consolidation (hospital-hospital, hospital-physician, and physician-physician), customer dissatisfaction with high prices, poor usability, and uncertainties regarding the financial and logistical fallouts of healthcare reforms present new opportunities (and risks) for both existing vendors as well as entrants with niche products or services.”
The market is ripe with opportunities now, but timelines are tight. Success in this multi-billion dollar market will depend on a solid knowledge of operating in changing business conditions. As the usage of healthcare IT grows, so will customer sophistication and market competition. It is crucial to continually offer solutions and services that cater to customers’ needs, particularly in the near-term, when customer challenges will be most pronounced.
“Healthcare providers, across the board, are installing new IT systems or upgrading legacy systems to prepare for a new environment that puts greater emphasis on quality-based reimbursement, coordinated care processes, patient engagement, and health information exchange,” notes the analyst.
REASONS TO BUY
This comprehensive, objective information allows your company to:
- mitigate risk
- identify new opportunities
- drive effective strategies for growth
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