The $28 billion dollar electronic medical records (EMR) market is shaking up, nearly cracking, according to a new report by Kalorama Information, a leading healthcare market research firm.
The industry faces dissatisfaction among customers and IT staff shortages. Physicians are still not convinced EMRs reduce costs or improve patient care. On top of that, the Trump administration could usher in new policies, for better or worse.
“There were these little side issues that were brought up from time to time as hospitals and physicians converted to electronic records,” said Bruce Carlson, Publisher of Kalorama Information. “A few physicians said ‘I can’t use this in my practice. It slows down my interactions with patients!’ or ‘It’s expensive, and not producing the ROI it was supposed to.’ Meaningful use guidelines were difficult to comply with and though well-intentioned were not adjusted to the reality of a doctor’s practice or a smaller hospital’s workflow. All of this is coming to a head, we think, especially as a new administration comes in.”
What EMR Vendors Need to Know
The Kalorama Information report identifies several key factors affecting the EMR industry:
1. Unhappy physicians and wary hospitals - The disadvantages of electronic medical records are not fading away. EMR systems generate high dissatisfaction rates, year after year.
2. The new Trump administration - Guess who is among one of those frustrated physicians? The new head of the U.S. Department of Health and Human Services (HHS), who has expressed disappointment in meaningful use.
3. Hospitals ditching EMR vendors - Switching vendors is common for hospitals, and no contract is safe. It's a competitive, risky environment.
4. Cyber attacks - Each new cyberbreach sets off PR problems for the EMR industry. Ransomware is another high-impact concern.
5. Lack of qualified IT staff - Healthcare organizations spend less on IT than banks or other companies, and they may not benefit from EMRs without the right staff to maintain and implement it.
6. EMR market share - Cerner has the largest share, but no company has even 1/5 of the entire market. There are more than 1,000 EMR vendors overall.
7. Aging software in need of new designs - Vendors are working to update EMR software designs with dashboarding, blockchain, and other trends.
To stay on top of these fast-moving changes, read Kalorama’s report EMR Market 2017: Electronic Medical Records in an Era of Disruption, which provides detailed analysis on all of these trends. In addition, the report covers the following:
- EMR market size and growth
- Competitive analysis
- EMR market share
- Top EMR vendors
Kalorama Information has covered the EMR market since 2007 and uses expert healthcare analysts who are highly knowledgeable and adept at discovering current trends.
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About the Author: Sarah Schmidt is a Managing Editor at MarketResearch.com, a leading provider of global market intelligence products and services.