The market for EMR (Electronic Medical Records) is poised to make rapid growth in the coming years, a report published by GlobalData indicates. The report puts the value of the market at $17 billion by 2017. The value of the Electronic medical and health record market was $10.6 billion in 2012 when McKesson topped the market of HIT (Health Information Technology) software. During the same year, Cerner and Allscrips held second and third places in the market respectively. While McKesson took $3,300 million, Cerner and Allscrips managed to take $2,666 million and $1,477 million in that order.
Reasons for the Boom
In addition to predicting the growth in EMR and EHR markets, the Globaldata report gives the reasons for the growth as well. The report says that the electronic medical records market started experiencing growth after the American Recovery and Reinvestment Act was passed in 2009. The Act offered attractive incentive packages for healthcare organizations that made significant changes in their way of medical recording through making transition from conventional medical recording methods to modern electronic-based medical recording methods.
In fact, the act had made transition to electronic data systems mandatory for healthcare providers in the country. The departments that were responsible for the passage of the Act observed that only electronic data systems offered reliability for the shared data. The government appreciated the EMR vendors who provided healthcare practitioners with RCM (Revenue Cycle Management) software to help them link financial data and health data.
Meaningful use Programs and Federal Requirements
The GlobalData report has covered a few other areas of the healthcare system that directly or indirectly links with Electronic Medical Recording. The report says that majority of the physicians in the country are particular about choosing Electronic Health and Medical recording solutions that meet federal standards. To fulfil the federal requirements, the healthcare providers have to ensure that the EMR and EHR solutions that they choose comply with the requirements mentioned in the meaningful use program. This way, the healthcare providers can not only ensure their credibility and eligibility for incentive programs from the government but also improve the productivity, outputs and profits.
The GlobalData observed that the face of healthcare industry was changing rapidly in line with advancements brought into the healthcare technologies including Electronic Medical and Health recording solutions. Thus, to ensure maximum outcome, profit and productivity, healthcare providers have to make it a point to adopt latest and federal standard complying health recording solutions.