New analysis from Frost & Sullivan U.S. Electronic Medical Records in Physician-based Practices, reveals that the market is witnessing broad rates of adoption and healthy double-digit growth.
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“The physician-based practice EMR market continues to grow at a double digit pace and remains an under penetrated market,” says Frost & Sullivan Industry Analyst Steve Tobin. “Though the market mostly contains early-adopters, physicians continue to obtain and seek further information that espouses the benefits of an EMR,emphasizing its importance in the role of care delivery, and thus, boosting demand for the technology.”
Long debated topics for the physician-based practice includes the return on investment (ROI) generated by the installation of an EMR-PPMS solution. Furthermore, by extracting detailed data, effectively managing the medication process, and reducing staffing need—due to the decrease in transcription needs, an EMR-PPMS solution is believed to improve the cost structure of a practice. Several journal articles and news releases point to a ROI for the physicians’ practice. Additionally, physician-based practices are able to obtain a significant clinical improvement from the deployment of an EMR-PPMS solution.
On the other hand, high fragmentation of the market continues to restrain physicians from choosing a solution that fits their business workflow and needs. However, as the growth in highly penetrated practices resides around the larger practice environment and the family physician, specialties are gradually buying-in to the capabilities of an EMR. Consequently, this represents a disproportionate remaining market but with potentially delayed adoption patterns.
“Smaller practices are not enamored by the slow materialization of the long term financial benefits of an EMR, which reduces their incentive to buy,” explains Tobin. “In addition, current offerings are providing different business models, such as the ASP model, which may help penetrate financially restrained practices.”
In order to augment a successful implementation, vendors will need to have multiple approaches and strategies. Moreover, processes and concepts—such as certification, will help separate the top market participant products from other less desirable ones.
The U.S. Electronic Medical Records in Physician-based Practices is part of the Healthcare and Lifesciences IT Growth Partnership Service, and it examines the market trends, industry challenges, and market drivers for the adoption of physician-based EMRs. The study also looks at the future of the industry; forecasts market penetration, and focuses on the future of practice EMR technology and accompanying implementations. Interviews are available to the press.
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.