News | June 08, 2009

Healthcare to Spend $4.7B on Hospital IT in 2009

June 8, 2009 - “About $4.7 billion will be spent on hospital IT applications in 2009, increasing to approximately $6.8 billion in 2014,” according to Mike Davis, executive vice president, HIMSS Analytics, in a recent report "Essentials of the U.S. Hospital IT Market – 4th Edition" (Essentials).

The $4.7 billion represents a compounded annual growth rate, or CAGR, of 7.45 percent over that five-year period. Acccording to Davis, much of this increase will be driven by American Recovery and Reinvestment Act (ARRA) funding, “but other market drivers such as ICD-10-CM and new claims transaction formats (v5010) will also drive higher hospital IT spend rates.”

With more than $19 billion available for U.S. hospitals and ambulatory clinics to implement the electronic medical record, HIMSS Analytics attempts to clarify which technology applications are expected to receive more funding from the ARRA the recently released report, which captured from the HIMSS Analytics Database, data covering more than 5,100 hospitals and 32,000 medical facilities in the U.S.

The online resource, available in PDF format, analyzes almost 20 different EMR applications related to the pending definition of ‘meaningful use.’ The Essentials report reviews the impact of meaningful use on specific applications of the EMR that include order entry, clinical data repository, clinical decision support, computerized provider order entry and other clinical documentation.

To evaluate those budgetary considerations for hospital spending, the Essentials guide offers a five-year forecasted spending analysis for U.S. hospitals and hospital-owned entities. The data provides background and guidance on how the ARRA funding will be allocated and affected, information that can help simplify and set sales strategies.

“Healthcare IT sales organizations can use Essentials to influence their sales goals or sales strategy for the next few years because they have market intelligence based on current IT data to align their business strategy with up-to-date trends,” said Davis.

For more information: www.himssanalytics.org/general/essentials.asp

Related Content

Oxipit Introduces Multilingual Support for ChestEye AI Imaging Suite
News | Artificial Intelligence | April 16, 2019
The CE-certified ChestEye artificial intelligence (AI) imaging suite by Oxipit is now available in seven European...
iCAD Appoints Stacey Stevens as President
News | Radiology Business | April 16, 2019
iCAD Inc. recently announced that Stacey Stevens has been named president. As president, Stevens will have expanded...
Radiology Publishes Roadmap for AI in Medical Imaging
News | Artificial Intelligence | April 16, 2019
In August 2018, a workshop was held at the National Institutes of Health (NIH) in Bethesda, Md., to explore the future...
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...
Sponsored Content | Videos | Information Technology | April 15, 2019
Vital Images has developed a strategy that allows its customers to capture revenues that are otherwise missed while b
A smart algorithm has been trained on a neural network to recognize the appearance of breast cancer in MR images

A smart algorithm has been trained on a neural network to recognize the appearance of breast cancer in MR images. The algorithm, described at the SBI/ACR Breast Imaging Symposium, used “Deep Learning,“ a form of machine learning, which is a type of artificial intelligence. Graphic courtesy of Sarah Eskreis-Winkler, M.D.

Feature | Artificial Intelligence | April 12, 2019 | By Greg Freiherr
The use of smart algorithms has the potential to make healthcare more efficient.
At RSNA 2018, Stratasys showed how 3-D printed models can help plan surgeries and assist in making complex diagnoses.

At RSNA 2018, Stratasys showed how 3-D printed models can help plan surgeries and assist in making complex diagnoses.

Feature | Enterprise Imaging | April 11, 2019 | By Jeff Zagoudis
The central premise behind en...