Healthcare Information Technology Industry Report December 2021
Industry Overview
The Electronic Medical Records Systems industry is comprised of enterprises primarily involved in the design, development, implementation and continued support of electronic medical records systems. Industry systems can range from basic record-keeping databases to interactive portals for patient-provider interaction, include data analytics and even medical history illustrations. Over the last five years, industry demand has consistently expanded amid federal healthcare legislation that has mandated the adoption of these systems. The landmark Health Information Technology for Economic & Clinical Health Act established Medicare and Medicaid incentives to encourage the widespread adoption of electronic health record systems among ambulatory and inpatient healthcare providers.
Key Trends
Industry demand from physician practices faltered at the outset of the pandemic. As the industry matures, more revenue will come from support and maintenance services.
Healthcare providers without meaningful EHR systems have been subject to a penalty, as a result the industry has benefited from this legislation.
The industry is relatively concentrated due to intense competition and high start-up costs, however, sustained revenue growth is expected to increase participation. Industry enterprises will compete to retain highly trained, technically skilled personnel.
