Perhaps the most awing facts about health IT applications, particularly Electronic Medical Records (EMRs) is that ever since their inception, there has been an upward trajectory in product demand. With the passage of time, healthcare providers have realized potential benefits that EMRs can ensure for our national healthcare system.
Given the rising popularity of certified EMRs, product vendors have jumped into cut throat competition. It comes as no surprise then, that over the past few years, health IT has been one of the most swiftly growing industry in the United States. With around 700 vendors intensively trying to capture maximum market share from a massive market, the growth potential of the industry is clear. While there may be hundreds of reasons behind rising EMR adoption and market competition, the federal government’s financial incentive program has played a crucial role.
The Meaningful Use program incentives and penalties have pushed physicians towards certified EMR, unlike ever before. Because use of a certified EMR is a crucial requirement for physicians to achieve incentives, EMR vendors made sure their software fulfilled the certification criterion so that they are in a position to influence their client’s choice.
“Be it any industry, competition amongst the vendors can never end. In fact, new regulations and opportunities are likely to increase the existing competition. This is what is happening in the EMR industry. While the existing renowned vendors are trying their best to retain their clientele and attract more potential clients, novice vendors are enthusiastically trying to keep up with the pace,” according to a San Francisco based health IT expert.
In addition to helping physicians with clinical procedures, EMRs themselves are becoming a marketing tool for many vendors. If the EMR fits a physician’s needs perfectly, they are likely to refer it to colleagues. This practice goes a long way in creating a customer network for vendors. The real task for vendors then is to ensure they maintain a solid repute in the market through provision of quality services because the customer network can also work against them if their services are not satisfactory.
