Surging Efforts by Healthcare IT Firms to Boost the Demand for Advanced Electronic Health Record Software
Electronic Health Record Market size is set to cross USD 38 billion by 2025; according to a new research report by Global Market Insights, Inc.
NextGen Healthcare, one of the most prominent names in the electronic healthcare records market, has set yet another milestone with its announcement of acquiring Medfusion, a patient experience platform, in November 2019. The agreement has bolstered NextGen’s stance in the electronic healthcare records industry as it aims at offering an overall seamless experience to the healthcare consumers. The deal, anticipated to close in early December 2019, will transfer Medfusion’s data services business out of the company.
The growing medical industry is one of the major factors responsible for driving the demand for EHR. Likewise, the industry has been a witness to transforming developmental trends fostered on account of product innovations, geographical expansion, mergers and acquisitions to name a few. On that note, some of the accomplishments of the top-notch electronic health records industry players are underlined below:
Epic Systems Corporation
Established in 1979, EPIC Systems stands as a number one choice for medical professionals as far as electronic health record software is concerned. In fact, the company has been voted as a proficient software suite in Best in KLAS awards in over 7 segments following this year.
Additionally, the company had generated the highest net market share in 2018 with over 121 wins with advanced integrated delivery network hospitals, standalone hospitals, and customer additions.
In the initial months of 2017, EPIC Systems Corporation announced its alliance with Minnesota based nonprofit academic medical center with an intent to drive the mutual improvements for health IT companies along with a large health system. The partnership granted access to over 18,000 pages of content on over 4,000 health topics to the patients making use of Epic. Patients can use the Mayo Clinic application to search through the symptoms, conditions, and disorders as well as general life period and healthy lifestyle information through Epic MyChart.
It has been further claimed that Epic along with the second-largest EHR software provider, Cerner, holds a considerable share of the EHR market. Apparently, more than 250 million people hold an Epic HER with them.
Continuing with its success trends, in November 2019, Mary Free Bed, a non-profit rehabilitation hospital, reportedly declared having signed a 10-year strategic agreement with Covenant Healthcare to make use of its Epic EHR software. This deployment is just another of the company’s progressive proliferation as a pioneer in EHR software.
Epic Systems Corp is now gearing up to invest in providing health through electronics or telecommunications. Industry analysts claim that the telehealth initiative is anticipated to mushroom in the upcoming years promoting ample room for the company to grow in the field.
Apple Incorporation’s recent announcement to integrate Allscripts’ electronic health record data into its platform is likely to provide a massive momentum to the Allscripts EHR portfolio. The company’s collaboration with Apple would support it to gain global traction with the providers eager for enhanced interoperability.
Not only this, the company in July 2014, was awarded the US Health Provider Partner of the Year award from the Microsoft Corporation on the accounts of its novel innovations, collaborations and leadership contributions in the domain of patient health. For the records, the US Health Provider Partner of the Year award acknowledges the excellence and accomplishments of Microsoft industry partners that have been vividly producing exceptional results in the due course of time across the healthcare industry.
The deployment of machine learning in the Allscripts’ EHR would comparatively minimize the time spent on documentation and physician burnout. This initiative anticipates a sure shot way for Allscripts to expand in the global EHR market.
All in all, the demand for electronic health records has come to serve as a major factor for companies to bring up a spate of innovations in the healthcare IT space. Numerous companies are rigorously working towards the development of advanced HER software and systems to promote proper healthcare across the globe.