SOURCE: Kalorama Information

Kalorama Information

June 04, 2009 10:07 ET

Huge Cost Savings Make EMRs Key Piece of President Obama's Healthcare Initiative

NEW YORK, NY--(Marketwire - June 4, 2009) - A big part of President Obama's plan to fix the looming healthcare crisis includes increased usage of electronic medical records (EMR) and other high-tech patient monitoring systems, because they have the potential to improve patient outcomes and satisfaction, provide cost savings and more efficient use of healthcare resources and reduce hospitalizations. According to a new report by leading life science market research publisher Kalorama Information, "High-Tech Patient Monitoring Systems Markets (Remote and Wireless Systems, Data Processing, EMR Data Transfer)," the market for EMR data transfer equipment and applications was valued at $575 million in 2008 and is forecast to reach $1.6 billion in 2013.

Patient monitoring produces a vast amount of data, but this data can be disjointed and located in different places. EMRs give patients and physicians greater freedom, improve accuracy, and should result in better outcomes as critical records are all in one easily transportable record. Driven by the growing use of EMR in hospitals and physician offices, this segment of the patient monitoring market will grow 23.3% annually through 2013. Home healthcare agencies and nursing homes have been slower to adopt EMR systems due in part to the high cost of implementation.

In 2004, President Bush established the position of National Coordinator for Health Information Technology within the Office of the Secretary of Health and Human Services (HHS). This position was created to help the Secretary of HHS achieve the President's goal of most Americans having access to an interoperable EMR by 2014. In support of this idea, various regions and states have formed health information exchange projects that are essentially centralized repositories for patients' EMRs. And now, President Obama has made EMR a significant part of his healthcare initiative. This should be a boon to the industry, though there are some hurdles to overcome first.

"While the idea is admirable and achievable in the future, there are significant hurdles at present," says Bruce Carlson, publisher of Kalorama Information. "EMRs must be accessible to healthcare providers, but also be secure. Security and privacy concerns, a lack of fully adopted standards, problems with inputting old patient data, competition between healthcare providers who may not want data shared with rivals, and significant implementation costs are all hindering progress."

Kalorama Information's new report, "High-Tech Patient Monitoring Systems Markets (Remote and Wireless Systems, Data Processing, EMR Data Transfer)," covers all market aspects of the new generation of patient monitoring devices, as well as the data processing software and EMR interface software that are crucial to these systems. For further information visit: http://www.kaloramainformation.com/redirect.asp?progid=70241&productid=2155317.

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