Monday, 31 July 2017

Electronic Health Records Market by Type - Global Industry Analysis and Forecast to 2025

The U.S. Centers for Medicare & Medicaid Services has defined Electronic Health Record (EHR) as an electronic version of a patient’s medical history. It is an electronic record of a patient’s health information generated through one or more encounters in any care provider’s setting. These records include information such as patient demographics, problems, progress notes, vital signs, medications, past medical history, laboratory data, immunizations and radiology reports. An EHR system streamlines and automates clinician's workflow. The EHR system can also directly or indirectly support care related activities through different interfaces including quality management, evidence based decision support and outcome reporting. EHRs assist healthcare providers in providing better care and taking better informed decisions. One of the key features of EHR is that the health related information can be managed in a digital format and can be shared with other healthcare providers across multiple healthcare organizations such as laboratories, medical imaging facilities, pharmacies, and emergency healthcare facilities. The key benefits of EHR systems are improved patient care, increased patient participation, enhanced care coordination, improved diagnostic and patient outcomes, and increased practice efficiency. According to a survey conducted by the U.S. Department of Health and Human Services, in 2014, 79% healthcare providers reported increase in practice efficiency by using an EHR system whereas 70% healthcare providers reported improvement in data confidentiality. Providers can have quick access to patients’ records from remote locations which can save valuable time while dealing with emergency cases.
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The key driving factors for the EHRs market are technological advancements in healthcare IT, rising need to streamline different healthcare systems, and favorable government initiatives for adoption and implementation of EHR systems. With EHRs, healthcare providers can give their patients complete and accurate information regarding their medical evaluations. They can manage and schedule patient appointments electronically and exchange e-mails with their patients. Moreover, quick communication between providers and patients can aid in early identification of symptoms. However, the possible data privacy and security issues associated with EHR systems can hamper the market growth.
Technological advancements in EHR systems will further enhance the utility of these systems for applications in healthcare industry. Connecting these systems with mobile devices such as smartphones and tablets through mobile apps has contributed to the key benefits of information availability derived by EHRs. Increasing data security and confidentiality features of EHRs will contribute to the acceptance rate of these systems over the coming years.
The major players in the global EHRs market are focusing on research and development to come up with more advanced next generation systems. For instance, in July 2014, NextGen Healthcare and Mirth LLC, a global provider of health information technology, launched NextGen Share, a health information service provider (HISP). This platform enables clients to connect to external providers through EHR products.
Some of the key players operating in the EHRs market are Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Quality Systems, Inc. and Epic Systems Corporation.
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