Healthcare IT Industry Report Q2 2022
Key Industry Takeaways:
- Continued Growth
- Industry revenue is forecasted to increase at an annualized rate of 3.0% from 2021 to 2026, totaling $15.0 billion.
- Medicare Penalties
- Under Title IV of the 2009 HITECH Act, healthcare providers that do not adopt an EHR system in accordance with meaningful use guidelines set out by CMS have been subject to a 3.0% reduction in their reimbursements from Medicare since 2017.
- Industry Landscape
- While the total number of competing enterprises contracted in the previous five-year period, the coronavirus pandemic provided a unique growth opportunity for small-scale operators to create highly specialized product offerings. As a result, the total number of competing enterprises is forecast to increase at an annualized rate of 2.0% over the five years to 2026 to reach 2,405 individual companies.
- Industry Operations
- The design and implementation of specialized systems for late adopters will also likely require highly paid R&D personnel. However, a growing share of industry revenue will likely come from maintenance and support rather than new sales as the market reaches saturation and the industry begins to mature.
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