Healthcare IT Market Dynamics
Drivers:
# Growing need to manage regulatory compliance through healthcare it solutions rising need to curtail healthcare costs
# Government support for HCIT solutions
# High return on investment for HCIT solutions
# Growing focus on improving the quality of care and clinical outcomes
# Rising usage of big data
# Emergence of accountable care organizations
# High prevalence of chronic diseases
Restraints:
# High cost of deployment
# Reluctance among medical professionals to adopt advanced healthcare it tools
Opportunities:
# Increasing consolidation in the healthcare industry
# Mobile platforms and cloud-based solutions
# Huge potential for healthcare IT vendors in APAC and other emerging markets
Challenges:
# Integration of healthcare it solutions within healthcare organizations
# Data security concerns
# Lack of skilled it professionals in the healthcare industry
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IMPORTANCE AND NEED FOR INTEROPERABILITY IN HEALTHCARE INDUSTRY
The healthcare industry, especially in developed countries across North America and Europe, has adopted a number of healthcare IT solutions. Owing to this, a significant volume of electronic data is generated across different departments within healthcare systems. Currently, there is a growing need to integrate this data in order to maximize the utility of healthcare IT solutions deployed within healthcare organizations. Health information exchange solutions, healthcare IT integration tools, and medical document management systems are increasingly being used for this purpose.
Interoperability and integration allow different information technology systems and software applications to communicate, exchange data, and efficiently use the information that has been exchanged. Apart from organizing and managing patient records and documents, healthcare IT solutions are being deployed for providing access to patient information to all departments in a healthcare organization. Moreover, these systems are used to facilitate information exchange with other healthcare providers and payers.
NEED TO CONTROL THE GROWING HEALTHCARE COSTS AND IMPROVE THE EFFICIENCY TO DRIVE THE HEALTHCARE PROVIDER SOLUTIONS DEMAND TO USD 179,425.1 MILLION BY 2021
The overall cost of healthcare delivery has grown significantly over the past few decades. Increasing health insurance premiums, declining trend in reimbursement, growing demand for quality healthcare services, rising geriatric population, and growing incidence of chronic disorders are driving the demand for healthcare services across the globe. Other factors contributing to the high expenditure on healthcare services are high patient readmission rate, high medical error rates, and significant administration costs. Healthcare IT solutions are designed to streamline workflow in healthcare systems, reduce expenses, and facilitate compliance with stringent regulatory guidelines.
They offer several benefits such as increased patient safety, better patient care, reduced healthcare costs, and high returns on investment (ROIs) through automated workflows. Governments and healthcare systems across the globe are focusing on controlling the rising healthcare costs by minimizing patient readmissions, medical errors, and administration costs with effective utilization of various healthcare IT solutions. Healthcare IT initiatives across many countries to capture patient data in an electronic format are enabling quick and easy transfer of this information across various departments in a healthcare organization. The successful adoption and implementation of healthcare IT solutions are expected to save billions of dollars for healthcare systems across the globe by ensuring smooth workflow, care coordination, and reduced labor costs and compliance risks.
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