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 [Read more…]