Market growth in Europe is mainly driven by the various healthcare digitization initiatives and programs to modernize healthcare and increasing focus on EHR implementation. Various governments in Europe are increasingly focusing on adopting digital solutions to improve patient care. In this regard, governments are mainly focusing on adopting interoperable electronic health records, cloud computing, web-based applications, smart monitoring solutions for high-acuity care settings, electronic prescribing, document management, clinical noting, integrated vital sign observation systems, and healthcare mobility applications (deploying mobile device management (MDM) and bring-your-own-device (BYOD) program), to ensure business continuity.
Frequently Asked Questions
Who are the key stakeholders in the EHR space ?The EMR solutions market comprises several stakeholders such as Healthcare IT service providers, healthcare insurance companies/payers, healthcare institutions (medical groups, physician practices, and outpatient clinics), research and development companies, venture capitalists, Government agencies, corporate entities and market research and consulting firms. The demand side of this market is characterized by government support for the adoption of the EMR solutions. The supply side is characterized by advancements in technology.
Which regions provide high growth opportunities ?Geographically, the market spans the Americas, Europe, Asia Pacific and Middle East & Africa. Americas is dominating the global EHR-EMR market. Broad adoption of EHR-EMR, the presence of major players in the region and growth in the number of services in hospitals boost the growth of the market in the region. Europe is the second largest market after the Americas owing to growing adoption of IT in the healthcare sector for patient administration and engagement. Asia Pacific is slated to emerge as the fastest growing market due to escalated demand for software solutions in the healthcare sector and rising expenditure on healthcare facilities in the developing economies of the region.
What are the current trends in EHR space ?Technology is progressing at a breakneck pace, and this will have impact on the EHR of the further future. As AI and virtual assistants like Alexa and Siri become more accessible and more powerful, they will begin to appear in the health IT fields. Virtual assistants are also coming online to help with those physician burdens, the aspects of the physician workflow issues that computers can streamline. For patients, the big development is expanding online or smartphone access to your health information and the ability to combine information from different providers and update it automatically. Experts think EHR vendors will have to look beyond a patch for the problem. Tech giants entering the healthcare space are going to make big waves: Apple, Google and Amazon are all entering the healthcare space. Their presence will pressure EHR vendors to innovate or perish. The large tech giants are capable to invest in R&D and leading edge UX and UI without endangering their bottom lines. This competition might force EHR to make some of the crucial changes that previous sections have mentioned, or it might just increase the monopoly these tech giants have begun to form and change healthcare for the worse. There’s no reliable way to know how it will play out, but big changes are coming
What are the drivers and challenges faced by vendors in the market ?The global EHR-EMR market is primarily driven by an increase in the volume of medical records which requires proper management and storage. EHR-EMR provides the advantages of better accessibility, improved communication, data aggregation, and integration. EHR-EMR also lower staffing requirements and thus reduce health care costs, also reducing the scope of human errors. It is on account of these advantages that the global EHR-EMR market is proliferating. Technological advancements in EHR-EMR technology such as Blockchain, Byod, Artificial Intelligence, Opensource fuel the growth of the market. Cloud-based solutions also provide growth opportunities. Small healthcare providers who cannot make up-front investments are opting for free and web-based services which also eliminates the need for infrastructure and maintenance. Government funding is a crucial driver of the market. Governments in various economies are funding projects to automate health record systems which induce the demand for EHR-EMR. The growth of the healthcare and life-sciences industry also reflect positively on the EHR-EMR market. Challenges- various factors are likely to slow down the momentum for the EHR-EMR market. The growth of the market is inhibited by the economic slowdown at a global level which results in lack of capital and operational constraints. Even though both developed and developing countries exhibit high interest in automating health record, the introduction of EHR-EMR systems is obstructed by available technology which is inadequate to support the system and insufficient funds to migrate from the existing system to an electronic system. The high cost of implementing EHR-EMR system is a limiting factor to the market growth. Switching to EHR-EMR involves high costs of computers, electrical wiring and a vast amount of electricity supply. Health administrators and governments perceive the cost of implementing EHR-EMR systems very high and thus resist adoption. Additionally, lack of skilled staffs with adequate knowledge of computer and disease classification are vital issues. Other factors include resistance from medical professionals to switch to an electronic system and change their behaviors and attitudes, and lack of data processing facilities which are barriers to the implementation of EHR-EMR.
What are the key strategies adopted by the players in this market ?Major players are implementing various strategies such as partnerships, mergers, acquisition, product launches, etc. to sustain their market position.
Electronic Health Records (EHR) Software in Europe
The company’s core competency lies in its EHR software —about one in four physicians in the US use EpicCare (an EHR solution for large hospitals and healthcare systems). Epic Systems provides healthcare management software that integrates financial and clinical information across inpatient, ambulatory, and payer technology systems. The company offers scheduling and registration tools, billing and managed care administration applications, inpatient and outpatient core clinical systems, electronic health record (EHR) applications, and health information exchange software solutions and services for the management of hospital pharmacy, emergency, surgery, radiology, laboratory, and intensive care departments.
WebPT is the leading rehab therapy platform for enhancing patient care and fueling business growth. Ideal for outpatient organizations of all sizes, WebPT enables therapy professionals to transition from paper and outdated software to a user-friendly, cloud-based solution. With WebPT, therapists, directors, owners, billers, and front office staff have access to patients’ medical records anywhere, anytime, from any web-enabled device. WebPT’s web-based application eases any large, upfront investments; costly IT support; or bulky, in-office servers. It offers a combined method to manage patient documents and progress as well as clinic schedules, analytics reporting, and billing.
The Cerner EHR software supports an enterprise-wide view of patient care and the point at which care was delivered in both acute inpatient and outpatient settings. This seamless integration across the continuum of care enables providers to make informed, data-driven decisions without leaving the clinical workflows. Cerner Corporation is a leading supplier of healthcare information technology (HCIT) solutions, devices, and hardware. This makes the company one of the best EHR software providers. The company offers a broad range of services, including implementation, training, remote hosting, operational management services, revenue cycle services, support and maintenance, health care data analysis, clinical process optimization, transaction processing, employee wellness programs & third-party administrator services for employer-based health plans. Cerner EHR offers powerful decision support that utilizes predictive algorithms to fire rules and alerts, engaging providers when a patient requires care. Cerner Ambulatory pricing supports all kinds of budgets and requirements.
Sunrise EMR is a comprehensive single-platform acute, ambulatory and revenue cycle solution for hospitals and health systems that provide a single patient record for more informed patient care. Sunrise includes business intelligence and analytics solution with combined clinical and financial data to help organizations improve quality measures, and address antibiotic stewardship, the opioid crisis, and infection control. This has earned place for Sunrise as one of the best EHR software vendors.
Athenahealth acquired by investment firm Veritas Captial, offers cloud-based EHR software that instinctively organizes the patient visit, helps providers document faster and more accurately, and sets HCP’s practice up for future success - whether one has a small practice or a large healthcare system. athenaClinicals pricing is one of the unique features.
TrakCare, innovative EHR software by InterSystems consists of a comprehensive set of clinical, administrative, and departmental modules sharing a single data model. One login provides secure, role-based access to all areas of the solution. The softwareis designed for the age of mobility, aiming to deliver the best user experience wherever one is, on whatever device one is using. It is an intuitive, web-based system, so users are up and running quickly. The software enables efficient, shared workflows across care settings and provides a unified record for each patient across the continuum of care. It offers easy access to complete patient information and empowers care providers and management teams to make more informed decisions for better results. TrakCare pricing supports all kinds of budgets and requirements.