Report: U.S. health IT market poised for considerable growth
Due to low adoption rates across many healthcare sections, as well as the federal government pushing adoption of EHRs through financial incentives and standards adoption, the U.S. market is ripe for significant health IT market grown, according to a new Frost & Sullivan industry overview.
However, the customer environment is highly heterogeneous, Frost & Sullivan said, which adds to the complexity of the marketplace, a keen understanding of which will be crucial to achieving success for any vendor.
“The U.S. healthcare system is in a difficult position as it tries to deliver quality care to a rapidly aging population, while reducing the actual cost of healthcare,” said Frost & Sullivan Industry Analyst Konstantinos Nikolopoulos in the recent study “U.S. Healthcare Market and Implications for the Healthcare IT Industry.”
“Healthcare information technology will have an important role to play in the future of the US healthcare system due to its ability to assist or directly address with these issues,” Nikolopoulos adds.
One hold-up currently is the hesitance of many physicians to adopt health IT solutions due to an assortment of fears including lacking the correct technical know-how and staff, worries over workflow changes, and generally, a lack of urgency. This type of resistance is more common in independent physician practices as opposed to salaried physicians, Frost & Sullivan said.
“The benefits of adopting HIT are often realized at the employer and insurance plan level as opposed to the provider level,” said Nikolopoulos. “Due to the fact that ROI is difficult to measure and is not often seen in the short term, many physicians are reluctant to adopt although this barrier is being reduced, particularly in the EHR and eprescribing arena due to increased third-party funding.”
Overall, vendors should endeavor to educate third-party payers on both the tangible and intangible benefits that they could receive by funding IT solutions for providers. Furthermore, vendors should seek to collaborate with insurance companies and employers to drive adoption of healthcare IT within specific regions, Frost & Sullivan said.
For more information regarding the Overview of the U.S. Healthcare Market and Implications for the Healthcare IT Industry visit: www.frost.com
However, the customer environment is highly heterogeneous, Frost & Sullivan said, which adds to the complexity of the marketplace, a keen understanding of which will be crucial to achieving success for any vendor.
“The U.S. healthcare system is in a difficult position as it tries to deliver quality care to a rapidly aging population, while reducing the actual cost of healthcare,” said Frost & Sullivan Industry Analyst Konstantinos Nikolopoulos in the recent study “U.S. Healthcare Market and Implications for the Healthcare IT Industry.”
“Healthcare information technology will have an important role to play in the future of the US healthcare system due to its ability to assist or directly address with these issues,” Nikolopoulos adds.
One hold-up currently is the hesitance of many physicians to adopt health IT solutions due to an assortment of fears including lacking the correct technical know-how and staff, worries over workflow changes, and generally, a lack of urgency. This type of resistance is more common in independent physician practices as opposed to salaried physicians, Frost & Sullivan said.
“The benefits of adopting HIT are often realized at the employer and insurance plan level as opposed to the provider level,” said Nikolopoulos. “Due to the fact that ROI is difficult to measure and is not often seen in the short term, many physicians are reluctant to adopt although this barrier is being reduced, particularly in the EHR and eprescribing arena due to increased third-party funding.”
Overall, vendors should endeavor to educate third-party payers on both the tangible and intangible benefits that they could receive by funding IT solutions for providers. Furthermore, vendors should seek to collaborate with insurance companies and employers to drive adoption of healthcare IT within specific regions, Frost & Sullivan said.
For more information regarding the Overview of the U.S. Healthcare Market and Implications for the Healthcare IT Industry visit: www.frost.com