Electronic medical records market to grow significantly by 2017, allowing greater profitability and efficiency in the healthcare industry. 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%.
Analysts estimate that McKesson had the largest Healthcare Information Technology Software and Services revenue in 2012, with $3,300 million, placing it as the EMR market leader. McKesson is followed by Cerner and Allscripts, which achieved revenues of $2,666 million and $1,477 million, respectively.
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.
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, analysts state that EMR vendors are offering Revenue Cycle Management (RCM) solutions to physician practices to bridge the gap between clinical and financial information.
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.
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