Global Electronic Health Records Market Grows in Importance in Healthcare Industry

The healthcare industry has a Herculean task of keeping records and maintaining them for facilitating accurate medical solutions for patients by documenting their history. In recent years, with technological advances and growing adoption of electronic methods of recordkeeping, electronic health record systems have become an integral part of healthcare facilities across the world.

Electronic health record (EHR) systems offer an electronic method of tracking medical charts and other patient-related documents. In the last 20 years, the healthcare industry has started using EHR systems across healthcare facilities for improving patient care, streamlining work processes, enhancing patient safety, and reducing the treatment time. 

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Companies Try to Bridge Gaps between Care and Costs with Electronic Health Records Systems

Recently, Allscripts, an ambulatory EHR provider, stated its plan to collaborate with TeleTracking Technologies for efficient utilization of clinical resources. The integration will allow healthcare systems to deliver solutions to close the widening gaps between care and costs. Increasing acceptance of electronic health record systems is expected to bring about efficiency in care and workflows in the coming years, which will drive this market to greater success. TeleTracking will mainly work towards improving the patient flow by optimizing the patient discharge process, whereas Allscripts will work towards streamlining care management. 

The electronic health records market is segmented on the basis of type of installation, end use, and geography. The types of installation seen in the electronic health records market were client server-based EHR systems and web-based EHR systems. The end users in this market are ambulatory centers and hospitals. Geographically, the global electronic health records market is segmented into Asia Pacific, Europe, North America, and Rest of the World.

North America will Lead Global Electronic Health Records Market 

Geographically, North America held a share of 42.6% in the global electronic health records market in 2013. This regional segment was closely followed by Asia Pacific and Europe. In the coming five years, Europe and North America are expected to lead the global electronic health records market due to growing governmental support to implementation of electronic health record systems. This market will also have ample growth opportunities in Asia Pacific due to strong performance of emerging economies such as New Zealand, Australia, India, China, and Japan. On the other hand, the electronic health records market is being propelled by the increasing presence of multinational companies. From 2014 to 2020, the global electronic health records market is expected to grow at a CAGR of 6.40%. 

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Important players in the market include Cerner Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems, Medical Information Technology, Inc. (MEDITECH), Computer Programs and Systems, Inc. (CPSI), GE Healthcare, NextGen Healthcare (Quality Systems, Inc.), McKesson Corporation, and eClinicalWorks. 

Electronic Health Records Market Registers Healthy Growth: Bags a US$4.3 billion Deal

A recent contract in the field of electronic health records, awarded by the U.S. Department of Defense, is not only a very important deal for the global electronic health records market, but is also one of the  most coveted contracts between the verticals of IT and healthcare. The US$4.3 billion worth 10-years long contract is to upgrade the current electronic health records of nearly 9.5 million active as well as retired members of the U.S. military. Analysts estimate that the contract would be worth more than US$10.5 billion over its 18-year span. The contract was ardently pursued by Epic systems, Cerner, and Allscripts Healthcare Solutions, but was awarded to Cerner.

A massive contract like this is enough to bring about a change in the current state of the dynamic electronic-health-records industry. While hospitals and doctors have been rather slow in joining the digital revolution that ushered rapid changes in so many other sectors, the resistance is disappearing fast.

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Electronic Health Records: One of the Fastest Growing Collaborations between Healthcare and IT Systems

The rate at which hospitals and doctors joined digital revolution that has ushered change in other sectors, has been slow in the past. Only about 15 percent hospitals in the U.S. used health records in the year 2010. However, by 2013, that number had crossed 59 percent, according to the U.S. National Coordinator for Health Information Technology.

The market is also rapidly penetrating in other regions of the globe. The Secretary of State for Health, U.K., Jeremy Hunt has announced that the National Health Service of U.K. will soon shift from paper-based medical records to electronic health records. Rising government funding for the implementation of electronic health record systems in Asia Pacific has increased the growth opportunities for the electronic health records market.

Why all the Buzz for Electronic Health Records?

Electronic health records present a way of enhancing the integration and availability of patient data, resulting in improved efficiency, flexibility, cost-effectiveness of a variety of health-care facilities. In today’s technologically advanced world, the patient-doctor relationship is rapidly changing to one where the health care functions are shared by a number of different health care professionals. In such a scenario, a seamless flow of information in digital form within healthcare infrastructure, by the virtue of electronic health records, effectively transforms the way care is delivered. With a centralized storage of complete patient information, which can be accessed whenever and wherever it is needed, providers can improve their ability to make more proper treatment decisions in as safe and quick manner.

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The adoption of electronic health records is rapidly rising across the globe and the time when electronic health records will completely replace paper records is not very far away. Most hospitals in developed economies have highly sophisticated client server or web-based electronic health record systems. Cloud-based electronic health records systems are also gaining rapid adoption due to numerous cost benefits of these systems. The penetration of electronic health records systems is currently quite low in ambulatory centers, a scenario that is expected to improve over the next few years. Increasing funding from government and non-government organizations will also bring about an improved rate of adoption of electronic health records systems in the future.