The Burgeoning EMR Market

The EMR market is driven by the increasing usage of EMR systems due to the need for provision of quality care, cost-savings and government incentives and advocacy.

According to Kalorama Information, the global information research organization, the global market for EMRs in the year 2013 was valued at $23.2 billion.

Mary Ann Crandall, Kalorama Analyst stated, “We think adoption and upgrading activities will still be stimulating growth in 2014-2018; as new systems are sold, companies will still earn revenues from existing clients in servicing and consulting services.”

The report suggests that the industry will continue to grow, although at a slower pace with hospital EMR adoption taking over practice EMR adoption. Furthermore, the threat of government penalties will render practices to train staff on new systems and expedite the overall change in the way care providers practice medicine.

Mary Ann Crandall further stated, “We estimate a quarter to a third of customers would like to switch EMRs and may look into replacing their current vendor. The main reasons for dissatisfaction with the system they have include lack of key features, a cumbersome and complex interface, poor EHR usability, and bad hardware”.

The report by Kalorama includes revenues for EMR systems, CPOE systems, installation, training, servicing as well as consulting which are highly profitable areas for organizations.

Indeed, with programs such as Meaningful Use still on the roll, there is still room for more practices to switch to EMRs. Increased online support for modern technology such as EHR/EMR, Practice Management Systems, Patient Portal and interoperable innovative medical devices have resulted in a surge of interest and adoption of EMR and EHR softwares across the country.

This is for those Who are Hesitant about EHRs

As Healthcare IT has evolved, it has brought in various technological modern innovations that have promised to make every process more efficient and cost effective. With the Health IT evolution, Electronic Health Record (EHR) Software have joined the game and gained momentum over the last 5 years. The government has spearheaded the campaign to promote usage of EHRs by encouraging practices to take part in the Meaningful Use program and earn thousands of dollars in incentives.

Many practices have come a long way in utilizing EHRs for their benefit, and making sure they remain eligible for the incentive by meeting certain criteria set out by the government. Still, there are many practices that are unwilling, hesitant or just nervous to investing in such technologies that will change the way they do their work – and rightly so.

It is all about change. I grew up reading that change is inevitable. That it is good for you. A little change always helps. That one should always be ready to adapt to changing circumstances. Now, practices can choose to stay the same and not move forward. They can choose to believe that if they keep doing things the way they have been doing them, everything will be all right. As much as I wish that was the case, and that using paper, and having a traditional by-the-book workflow at the practice could work forever – that is not the case. Really.

Let me tell you what will happen If you remain adamant and never try to implement an EHR at your practice. You will become obsolete. Yes. You will lose out in the race with your competitor practices. More than half the physicians in the country will be using interoperable Electronic Health Records that would be connected with laboratories as well as pharmacies across the countries, getting their Meaningful Use incentives and getting certified along the way. You, on the other hand, will be writing scribbled notes on post-it notes and using paper for most modes of transactional communication. Even though, using paper might not be bad in itself, it will keep you from improving, from getting cost efficiencies that paper will never allow.

Read more: 9 Steps to Successful EHR Implementation