29 Apr EHR market expected to grow
According to a recent report done by Kalorama Information, the electronic health records market in the U.S. is predicted to expand greatly in the near future.
In 2014 sales of EHRs reached almost $25 million. This number indicated a 10 percent increase between 2012 and last year. Kalorama expects that sales will grow significantly over the course of the next four years and will likely reach $35.2 million for 2019. Growth is projected to be between 7 percent and 8 percent for 2015, and remain stable in the coming years. Health Data Management noted that healthy competition among EHR companies will be a driving factor for financial growth.
The increase in EHR sales is largely due to the government's Meaningful Use program, which offers incentives to health providers that integrate EHRs into their practices. Health Data Management reported that while only 29 percent of medical care providers used EHRs in 2006, 82 percent of health facilities currently keep their records in digital form. This increase is not only attributed to MU incentives, but also in response government penalties that will be imposed on providers who fail to transition their files to EHRs, explained Health Data Management.
Additionally, the EHR market is expected to grow through increased hospital adoption of the programs.The government has already set aside $20 billion in incentives specifically for hospitals that choose to participate in MU. As of the start of 2015, 426,000 hospitals across the country have already received $28 billion in government-funded incentive payments.
The release also explained that more facilities are moving toward total EHR integration. Currently, about 21 percent of organizations using EHRs are now operating fully functional EHR systems, while 50.7 percent of practices reported having all the basic elements of their EHRs off the ground.