I keep hearing people in the healthcare IT industry talk about the size of the market. They say it is gigantic, well, I couldn’t agree less. Given the intense competition and technological advancements, every now and then one hears about newly emerging names flooding the market with Electronic Medical Records (EMRs) and other health IT applications.
At present, there are more than 700 EMR vendors, out of which 500 or more claim to provide healthcare professionals with certified EMRs. Furthermore, few of the finest EMR vendors also offer an all-in-one EMR solution, which has helped them not only in earning recognition but also in capturing market share. EMR vendors have realized, that in the current cut throat market, solely depending on certifications will no longer hold the key to physician attraction. In fact, in order to sweep them off their feet, they would have to come up with more innovative, yet affordable solutions.
There is no doubt that affordability is another factor that decides an EMR vendor’s fate. Most small and medium size practices either lack the funds or have never accumulated thousands of dollars to implement costly, certified EMRs. Fortunately, established EMR vendors know that in the current oligopolistic conditions, setting the right pricing strategy into place, is one of the keys to make things work.
“Physicians are not against technological advancements. However, the monetary constraints might hamper them from adopting it. Not every physician has a bag full of thousands of dollars to implement costly EMRs and it is essential for EMR vendors to realize that affordability is one of the essential factors that could either make or break their image”, says a Michigan based Health IT consultants.
Today, renowned EMR solutions offer a number of functionalities that facilitate physicians not only in delivering quality care and ensuring patient safety but also assist them in ensuring compliance with the government’s regulatory standards – ultimately helping them get their hands on the CMS financial incentives.
Although the health IT industry is already immense, we, health IT consultants, are waiting for it to grow even more.
Image By Swamibu