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Healthcare IT market to exceed $50 billion by 2017

May 13, 2013
Healthcare Consulting By LW Consulting Inc.

There is no question that the healthcare industry is evolving along with changing computer systems. In order to remain current on requirements such as meaningful use and ICD-10 implementation, organizations are working to implement everything properly. With higher demand for new technologies, the healthcare IT market exceeded $20 billion last year, according to research from Kalorama Information.

Specifically, there was a 15 percent increase in spending from 2011, and the number is predicted to reach $56.7 billion by 2017.

Bruce Carlson, publisher of Kalorama Information, said in a company press release that 2012 was a particularly good year for the EMR  market as healthcare organizations upgraded systems to meet meaningful use requirements and companies made more sales to physicians.

"There are challenges for the industry to turn expected short-term revenue growth into a long-term market," Carlson said. "Vendors need to work on interoperability and usability if they want to succeed in the post-incentive world."

According to the report, primary reasons for growth included but were not limited to government incentives, the pressure to cut  healthcare costs and the increasing demand to integrate medical systems.

The Kalorama statement reiterated the importance of organizations remaining diligent as changes were implemented. For example, with more EMR adoption, it is essential that staff members are up to date on the latest system.

Regardless of the individual challenges that each hospital faces with changing healthcare IT, partnering with a firm that specializes in healthcare IT consulting is well-advised. That way, a physician consultant can ensure that all staff members are trained properly and adhere to the latest government requirements.