News | February 19, 2014

Electronic Medical Records Market to Grow Significantly by 2017

This will allow greater profitability and efficiency in the healthcare industry, says GlobalData

The market for electronic health and medical records (EMRs) is set to experience rapid growth over the coming years, with EMR peer group value estimated to climb from approximately $10.6 billion in 2012 to $17 billion by 2017, at a compound annual growth rate (CAGR) of 9.8 percent, according to research and consulting firm GlobalData.

The company’s new report, PharmaSphere: Healthcare IT Software and Services Report – Vertical Market Analysis of Leading IT Business Process Outsourcing and Electronic Medical Record Vendors, estimates that McKesson had the largest healthcare information technology software and services revenue in 2012, with $3.3 billion, placing it as the EMR market leader. McKesson is followed by Cerner and Allscripts, which achieved revenues of $2.7 billlion and $1.5 billion, respectively.

According to GlobalData, this rapid EMR market growth is due to incentives offered under the American Relief and Recovery Act of 2009, which delivers opportunities for providers to transform unstructured, paper-based data into electronic digitized information that can be shared across the entire care industry.

Adam Dion, GlobalData’s Analyst covering Industry Dynamics, said: “Physicians are selecting and implementing EMRs that meet federal requirements for meaningful use, and which also fit their practices and provide opportunities to enhance productivity, capture profits, and improve clinical outcomes.”

In addition to providing platforms for sharing patient information, GlobalData states that EMR vendors are offering revenue cycle management (RCM) solutions to physician practices to bridge the gap between clinical and financial information.

Dion said: “One of the many RCM solutions is GE Healthcare’s Centricity Business, which supports traditional reimbursement models for greater profitability and efficiency by standardizing all clinical and administrative staff onto the same financial platform.

“With the ever-changing world of healthcare regulations and reimbursement schedules, hospitals and health systems need solutions with the flexibility to handle diverse billing needs,” Dion concluded.

For more information: www.marketresearch.com/GlobalData?

Related Content

HHS Extends Comment Period for Proposed Electronic Health Information Interoperability Rules
News | Electronic Medical Records (EMR) | April 19, 2019
The U.S. Department of Health and Human Services (HHS) is extending the public comment period by 30 days for two...
Cambridge University Hospitals NHS Foundation Trust Implements Change Healthcare Enterprise Imaging
News | Enterprise Imaging | April 15, 2019
Change Healthcare successfully implemented its Radiology PACS (picture archiving and communication system), Image...
Visage 7 Enterprise Imaging Platform Highlighted at 2019 SBI/ACR Breast Imaging Symposium
News | Enterprise Imaging | April 05, 2019
Visage Imaging will be exhibiting the latest version of the Visage 7 Enterprise Imaging Platform at the 2019 Society of...
2-D and 3-D digital breast images

Since the widespread adoption of digital imaging and PACS, referring physicians seldom visit radiology reading rooms, substantially reducing a major source of feedback for radiologists. (Shown are 2-D and 3-D digital breast images.) A software module to be described April 5 at the SBI/ACR Breast Imaging Symposium has been providing that feedback for radiologists interpreting breast images at the University of Pittsburgh Medical Center. Image courtesy of Hologic

Feature | Women's Health | March 28, 2019 | By Greg Freiherr
DrChrono and 3D4Medical Partner to Bring 3-D Interactive Modeling to Physician Practices
News | Advanced Visualization | March 18, 2019
DrChrono Inc. and 3D4Medical have teamed up so practices across the United States can access 3-D interactive modeling...
Carestream Health has signed an agreement to sell its healthcare information systems (HCIS) business to Philips Healthcare. Image by geralt on Pixabay

Carestream Health has signed an agreement to sell its healthcare information systems (HCIS) business to Philips Healthcare. This includes its radiology and cardiology PACS and reporting software. Image by geralt on Pixabay 

News | Radiology Business | March 07, 2019
Carestream Health has signed an agr
Dianna Bardo, M.D., is the vice chair of radiology for clinical development at Phoenix Children’s Hospital.

Dianna Bardo, M.D., is the vice chair of radiology for clinical development at Phoenix Children’s Hospital. 

Sponsored Content | Webinar | Enterprise Imaging | March 06, 2019
The webinar "Replacing PACS and the Benefits of Enterprise Partnership in a Pediatric Hospital" will take place at 2