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U.S. Healthcare Market Offers Significant Growth Potential for Healthcare IT Vendors - The US healthcare IT market is currently in its infancy with low adoption rates across many segments, providing key opportunities for healthcare IT (HIT) vendors wishing to enter the market
U.S. Healthcare Market Offers Significant Growth Potential for Healthcare IT Vendors

 

NewswireToday - /newswire/ - London, United Kingdom, 2007/04/03 - The US healthcare IT market is currently in its infancy with low adoption rates across many segments, providing key opportunities for healthcare IT (HIT) vendors wishing to enter the market.

   
 
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The federal government is placing heavy emphasis on electronic health records (EHRs) by providing financial investment into demonstration projects and driving the establishment of universal standards. The customer environment is highly heterogeneous, adding to the complexity of the marketplace but understanding the intricacies and idiosyncrasies of such an environment will be essential to achieving success in the US healthcare market.

“The US healthcare system is in a difficult position as it tries to deliver quality care to a rapidly ageing population, while reducing the actual cost of healthcare,” notes Frost & Sullivan (healthcare.frost.com) Industry Analyst Konstantinos Nikolopoulos in a recent study on the U.S. Healthcare Market and Implications for the Healthcare IT Industry. “Healthcare information technology will have an important role to play in the future of the US healthcare system due to its ability to assist or directly address with these issues.”

The future of the US healthcare system is expected to be affected by the public health crisis. At present, the US Congress is struggling to provide healthcare for approximately 34 million seniors. The cost of caring for the senior population will increase rapidly, as the 76 million baby boomers begin to retire and healthcare workforce shortages continue to pressurise the US healthcare system.

However, many physicians are unwilling to adopt healthcare IT solutions due to the lack of technical expertise and staff, perceived changes to workflow and the absence of a need to adopt. Such resistance is more prevalent in independent physician practices as opposed to salaried physicians due to their roles in the decision-making process.

“The benefits of adopting HIT are often realised at the employer and insurance plan level as opposed to the provider level,” observes Mr. Nikolopoulos. “Due to the fact that ROI is difficult to measure and is not often seen in the short term, many physicians are reluctant to adopt although this barrier is being reduced, particularly in the EHR and ePrescribing arena due to increased third-party funding.”

To leverage the market’s considerable potential, vendors need to educate third-party payers on both the tangible and intangible benefits that they could receive by funding IT solutions for providers. Furthermore, vendors should seek to collaborate with insurance companies and employers to drive adoption of healthcare IT within specific regions, even as the ability to highlight product capabilities and features to physicians will provide an additional step in the same direction.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of an Overview of the U.S. Healthcare Market and Implications for the Healthcare IT Industry then send an email to Lakshmi.K.S - Corporate Communications at lakshmiks[.]frost.com with the following information: your full name, company name, title, telephone number, e-mail address, city, state, and country. We will send you the information via email upon receipt of the above information.

An Overview of the U.S. Healthcare Market and Implications for the Healthcare IT Industry is part of the Healthcare IT Subscription, which also includes research in the following markets: The European Markets for Healthcare IT Platforms, Regulations Affecting European Healthcare IT, Wireless Applications in European Healthcare IT and Emerging European Opportunities in Healthcare IT. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.

Overview of the U.S. Healthcare Market and Implications for the Healthcare IT Industry
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U.S. Healthcare Market Offers Significant Growth Potential for Healthcare IT Vendors

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