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December 13, 2019 — According to a new study released by ResearchAndMarkets.com, the global radiology information system market size is expected to reach $979.1 M by 2025, rising at a market growth of 7.4 percent CAGR during the forecast period.
A Radiology Information System (RIS) is an advanced database system used by medical radiology practitioners to monitor patient data and the big image files that are often generated during diagnosis and treatment. This technology is a special type of electronic health record or EHR device specifically designed for radiological use. It is also used to manipulate and distribute patient data.
Accelerated report turnaround time (RTT) is a frequently cited quality metric, that calculates the time from the completion of the review to the final report (report turnaround time) or from the preliminary report to the final report (verification/signature time). Since the billing cycle cannot start until a report is finalized, slow RTT may have an impact on cash flow. Regardless of the turnaround time, the overall amount of work completed is expected to be the same.
Radiology practices are distinctive due to the large volumes of documents they deliver during patient treatment. A robust system is a neglected necessity, which can store and keep track of these documents with large digital files from the scanning department. Legal requirements have to comply with HIPAA guidelines which state that for organizations, it is important to install a comprehensive RIS that prevents unauthorized people from seeing confidential information and images about patients.
Based on Mode of Deployment, the market is segmented into Web-based, on-premise and cloud-based. The web-based segment was dominant across the market during 2018. Web-based RIS is programmed to transform clinical and business needs throughout the care spectrum and to help connect patient information to any desired destination.
McKesson's RIS, for example, features a wide range of electronic health record (EHR) and offers cloud-based and server-based applications, improving physician productivity and quality care.
The major strategies followed by the market participants are product launches and partnerships and collaborations. Based on the analysis presented in the Cardinal matrix, Siemens AG (Siemens Healthineers) and IBM Corporation (Merge Healthcare) are some of the forerunners in the RIS market. The market research report covers the analysis of key stake holders of the market.
Recent strategies deployed in Radiology Information System Market
Collaborations, Partnerships, and Agreements:
- Oct-2019: AllScripts extended its partnership with Northwell Health in which Northwell Health will engage with its Sunrise inpatient platform through December 2027. Sunrise is an integrated electronic health record, which connects all the aspects of care comprising of pharmacy, ambulatory, acute, radiology, and laboratory services.
- Sep-2019: Epic Systems announced that CT Hospital will use the EHR platform of Epic Systems, which helps the providers in accessing patients' medical information from surrounding hospitals or clinics that also uses Epic Systems.
- Sep-2019: Epic Systems teamed up with Phelps for providing it a platform, which will combine all of the Phelps Health's care areas together with one, unified electronic health record system. Through this, it will become easier for the Phelps Health providers to access and communicate the information they need for their patients.
- Aug-2019: AllScripts extended its partnership with MaineGeneral Health in which MaineGeneral Health increases the engagement and implementation of Sunrise Ambulatory Care and the entire Sunrise Perioperative suite of solutions, and suite of FollowMyHealth solutions, which will be the cornerstone for the health system's digital patient engagement strategy. With the portfolio of AllScripts, MaineGeneral has become able to maintain a single patient record and unified workflow.
- Jun-2019: AllScripts collaborated with Gloucestershire Hospitals NHS Foundation Trust (GHFT) in order to boost the care coordination, promoting the health data exchange, and streamlining the clinical workflows across the hospitals.
- Apr-2019: AllScripts extended its collaboration with Hendrick Health System, a not-for-profit healthcare provider. This collaboration is aimed at creating a single integrated clinical and financial patient record. With this expansion, the organization's portfolio now includes Sunrise Financial Manager, including Sunrise Ambulatory Care, Sunrise Health Information Manager, consumer/patient engagement platform FollowMyHealth, and Sunrise Abstracting.
- May-2018: Cerner announced its collaboration with SAP for creating new electronic health record platform for the hospitals outside the U.S. This platform is expected to help the clinicians in putting the details of patients in a single record.
- May-2018: GE Healthcare teamed up with Agency for Science, Technology and Research (A*STAR) for the development of medical technologies together. These medical technologies will aid the healthcare providers to improve treatment strategies, delivering faster and more accurate diagnosis, and achieving the greater productivity in workflows.
Acquisition and Mergers:
- Aug-2019: Philips took over Carestream Health Inc.'s Healthcare Information Systems (HCIS) business. The acquisition expands the enterprise diagnostic informatics solutions that include imaging data management, productivity enhancement, and advanced visualization and analysis.
- Jun-2017: Siemens Healthineers acquired Medicalis, a developer of radiology workflow solutions. The acquisition helps Siemens in gaining the expertise and solutions for providing workflow orchestration and clinical decision support to the health systems. It also helps in improving quality and productivity while keeping the costs lower for the healthcare providers.
- Nov-2018: GE Healthcare launched Edison healthcare artificial intelligence platform, which is designed to connect the data on millions of medical imaging devices. Through this platform, the clinical partners is expected to be able to develop algorithms and the technology partners is expected to be able to bring the data processing advancements to Edison applications and smart devices. This platform has been designed to improve the workflows.
You can view the report here.