The electronic health records (EHR) market is growing. Those of us active in the space see it every day, and physicians in the marketplace are encountering a higher percentage of their colleagues who are making use of EHR technology. As healthcare — and society as a whole — turn toward digital solutions, the growth in EHR is to be expected. However, one can’t help but naturally wonder: How big will the EHR market get?
Providing a definitive answer to that question is difficult, but research from Grand View Research, Inc., offers our best guess. By their estimation outlined in a report, they released in April 2017, the EHR market will total $33.41 billion — in the United States alone — by 2025.
Growth and Government Support
Growth in the EHR market is spurred by several factors. For starters, there are the inherent advantages and efficiencies EHR allows, such as paperless transmission and record, error reduction and man-hours saved. Yet in addition to these benefits, the growth of EHR’s popularity is also the product of considerable government support thanks to the Health Information Technology for Economic and Clinical Health (HITECH) Act, created in 2009. This act was aimed at increasing overall EHR usage by providing government support to bridge the gap between the technology and end users. The act allocated $27 billion to create an incentive program aimed at promoting the adoption of EHR in ambulatory care centers and hospitals.
Physicians who choose to adopt EHR into their practice had the opportunity to receive significant financial incentives from the U.S. government. For example, a physician who has at least 30 percent of their patients covered by Medicare is eligible for up to $44,000 in incentives — all for adding a program that makes the day-to-day work in their practice more efficient and reduces the risk of error.
Segments Where EHR is Growing the Most
While EHR use is growing across myriad channels, the research shows hospitals still remain the primary source of EHR implementation, thanks to their adoption rates. In addition, the HITECH Act provides assistance and training to ease the difficulties of implementation, allowing hospital employees to establish and optimize EHR in their facilities.
Growing Product Segments
While the EHR market is growing as a whole, some segments are naturally growing more quickly than others. According to the Grand View report, web-based EHR remains the largest product segment. This is due in large part to its ability to be implemented without requiring an in-house install. Acute care EHR, post-acute care EHR, and ambulatory care EHR are all also predicted to grow rapidly over the next eight years.
EHR in the Years Ahead
While those of us in the marketplace already inherently understand the value adds of EHR, it’s heartening to see the data provided by Grand View. More facilities are adopting EHRs all the time, and it is a transition that ultimately benefits the patient as well as the provider. For more information about ICANotes’ behavioral health EHR software, please request your free trial or contact us today.