Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Millennium Research Group
Incentive Funding and Medicare Penalties Have Resulted in a Highly Penetrated Market with Little Room for New System Sales, According to Millennium Research Group
TORONTO, Sept. 17, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the market for electronic medical records (EMRs) in the United States saw an initial spike in growth in 2012 due to government incentive funding. Following 2012, however, revenues in this space will decline as a result of market saturation.
Incentive funding for EMRs was introduced as part of the American Recovery and Reinvestment Act in 2009, leading to rapid adoption of these systems. In addition, many facilities have implemented EMRs in order to avoid Medicare penalties; beginning in 2015, hospitals and physicians that cannot demonstrate meaningful use of EMRs will face reductions in Medicare reimbursement. As a result, a significant portion of EMR adoption in the US will occur by 2015 because facilities will acquire systems prior to the start of Medicare penalties.
"Most large facilities have already adopted these systems because they had the necessary capital and information technology (IT) resources to accommodate EMR implementation early on," said MRG Senior Analyst Mickel Phung. "As a result, most system purchases through 2022 will consist of replacement sales and purchases made by smaller facilities that previously could not afford the systems."
Competitors in this space should therefore target small facilities and physician practices or focus on niche segments, such as specialists. Web-based systems are also a major driver for ambulatory systems among small practices, and this space represents a further opportunity for competitors. Web-based EMRs are ideal for smaller practices with limited IT resources because the systems are hosted and maintained offsite by the vendor. In addition, Web-based EMRs do not require a large initial investment, making these systems more accessible and affordable to small facilities and physician practices.
Current market leaders include Epic Systems, Cerner and Allscripts, which each have a presence in both the acute and ambulatory EMR segments. Epic Systems has been particularly successful due to its reputation for reliability and high implementation success rates, as well as the design of its systems, which are purported to provide seamless functionality across the hospital and practice markets.
Millennium Research Group's US Markets for Electronic Medical Records 2013 report includes unit, installed base, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for acute care EMRs and ambulatory care EMRs in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
For more information, contact:
©2012 PR Newswire. All Rights Reserved.