The Electronic Health Records Market: 2020 Growth Forecast

EHR or electronic health records refer to the digital version of the medical documents, histories and charts that are maintained for each person. Thanks to the rapid advancement of healthcare technology, the industry has been making excellent use of these EHR systems.

Many healthcare systems such as hospitals, clinics and medical practices have adopted the systems to great success. The EHR systems are effective in imparting improved care for patients and increasing their safety. With these systems, it is possible for work processes at facilities to be streamlined and treatment times to be reduced. First, it is important to understand the EHR system.

What is EHR?

An EHR system can be used to store a complete set of data about a patient. It can include the medical history, the laboratory test results, the medication, any diagnostic images and the demographics of the patient. Only authorized users can access the system to get the data regarding the patients.

EHR systems are being adopted for use by healthcare facilities across the world. However, According to research, the market for such systems is going to grow at a significant rate during the period of 2014 to 2020 especially for small practices.

The Advantages of EHR Systems

There are some major advantages to using electronic healthcare records systems. At the same time, the government of many countries is offering financial incentives to practices that have implement this system. These are the two primary factors that are promoting the growth of EHR systems in various countries. Some of the significant advantages of these EHR systems are given below.

  • Accurate information about patients.
  • The information available will always be the most recent and updated one.
  • All the data related to the patient can be accessed quite fast.
  • Medical errors are reduced.
  • The healthcare cost will be decreased in the long run.
  • Patient participation can be increased.
  • Overall, there will be a marked increase in the efficiency of the healthcare providers.

Thanks to the presence of such advantages, healthcare providers are encouraged to boost their practice by implementing state of the art EHR systems. Additionally, the financial incentives given by governments make it easier to implement such systems. A huge number of facilities have already made use of the incentives to implement systems of electronic health records. During this period, incentives will keep promoting the growth of EHR systems in the healthcare scenario.

Factors That Affect EHR Systems Implementation

However, the market for EHR systems is going to be affected by a number of factors. Some of these factors.

  • The costs of implementing EHR systems in existing healthcare infrastructures are quite high in spite of financial incentives.
  • In order to run EHR systems smoothly, it is important to have skilled professionals trained in both IT and healthcare. However, there is a lack of such skilled individuals.

Many healthcare professionals are hesitant to implement EHR systems due to these problems. This is going to affect the growth of the EHR systems market in the future.