With American Recovery and Reinvestment Act regulations more defined and qualified hospitals due to receive funding as early as 2011, understanding and tracking marketplace expenditures is vital. The 5th edition of Essentials of the US Hospital IT Market from HIMSS Analytics captures data from the HIMSS AnalyticsTM Database of more than 5,200 hospitals and 32,000 medical facilities in the United States.
This new edition of Essentials offers information to:
- Pinpoint legacy applications being replaced by enterprise systems;
- Identify the right sectors in which to invest for the highest potential return;
- Gain insight on emerging market drivers; and
- Monitor the market position of leading healthcare IT solutions providers.
Investors, consultants and healthcare software vendors can use the report to learn more about relevant topics for their business or clients and to set realistic goals for their teams while supporting their business plan with market research. For example, the Essentialsreport includes:
- Five-year compounded annual growth rate market spend forecast for hospital IT (operating, capital and total) and 79 key hospital IT applications
- Sixteen in-depth application overviews including EMR, patient safety, bar coding, health information management, revenue cycle management and financial applications
Available in PDF format, this resource provides an analysis of almost 20 different electronic medical record applications related to the pending definition of ‘meaningful use’ that is part of the ARRA verbiage. The Essentials report reviews the impact of meaningful use on specific applications of the EMR that include order entry, clinical data repository, clinical decision support, computerized provider order entry and other clinical documentation.
“The ARRA funding means that hospitals will have to focus on vital clinical applications, and at the same time, address unfunded mandates and payment reductions that will force them to invest in and improve revenue cycle management applications,” says John P. Hoyt, FACHE, FHIMSS, Vice President, HIMSS Healthcare Organizational Services.
Hoyt also suggests that IT application spending – related to total capital spending – is projected to increase through 2015 due to the impact of ARRA funding. “We expect a 2 percent increase in hospital capital spending for IT application solutions in 2010 compared to 2009 with that increase projected to be 46.5 to 48.3 percent of the total IT capital budget.”
Visit the HIMSS Analytics Web site to learn more about Essentials of the US Hospital IT Market – 5th Edition. It is available in its entirety, by chapter, financial or ARRA clinical volumes. Contact Amy Bergau for more information on Essentials.