New analysis from Frost & Sullivan pegs the EHR market to double in growth in three years, from $1.3 billion in 2009 to an estimated $2.6 billion in 2012. The research firm noted that the HITECH Act's federal incentive programs and healthcare reform are two of the drivers for the uptick.
Reimbursement changes, pay-for-performance programs and quality reporting are all contributing to healthcare providers looking to health IT to help aggregate, manage and analyze electronic data for the various mandates and initiatives.
The results of the analysis are not surprising. With the final rule on meaningful use criteria and now the authorization of certification bodies having been announced, the industry will surely go into overdrive.
What can derail the growth? Vendors who are in the market to turn a quick buck. Hopefully, that won’t happen, if hospitals and physician offices do their due diligence. While some may argue against regional extension centers (REC) picking preferred EHR and EMR vendors, having a seal of approval from a third party that is in the business of helping reach health IT adoption delivers confidence and reduces the amount of research resource-strapped providers don’t have.
The growth could be derailed by healthcare providers that don't take the time to complete due diligence. If time and resources are at the heart of a harried and hasty approach, go directly to your local REC for help. Physician offices should seek out local hospitals for their help. There are multiple avenues of resources to seek out that were not available as little as two years ago. Take advantage of them whenever you can.
The growth can be derailed in other ways, but I'll now focus on the positive. When the federal funds were first announced in early 2009, there was a lot of apprehension that the industry would not get it right and we'd be left with a lot of money having been spent on a system that doesn't work. Everyone was saying that the funding was a historical first and perhaps the last, if we don't get it right.
All that pressure will likely turn out to be a good thing. It will keep us honest. If we don't get it right, the patient - and that means all of us - will not trust our healthcare system anymore. Hey, that's all of us. So we all have a stake in making health IT make our healthcare delivery system more efficient, safer and of greater quality. The promise is ultimately what will spur the growth of the EHR market.
Photo by kevinzhengli courtesy of Creative Commons license.
