More hospitals and physicians are going paperless and investing in Healthcare IT technology to enhance productivity by providing easy access to information. The benefits of IT technology are undeniable; it allows healthcare professionals provide services with increased convenience, reduces long-term medical costs, and allows for shorter delivery times.
Still, there’s one little issue that is hindering the mass-adoption of this technology…The very high initial investment cost. In order to offset this high costs, the burden will ultimately fall into patient hands and with medical premiums already on the rise, this is a growing concern.
Thankfully, all hope is not lost as emerging trends like the three detailed below will help ease the Healthcare Industry’s transition to IT technology.
Changing Socio-Economic Landscape
The Healthcare industry is increasingly turning to document-based evidences, which are searchable through IT services, to increase the number of favorable patient outcomes. In addition, patients with complex illnesses are exerting pressure on healthcare providers to come up with better solutions and this is causing an increase in their IT spending.
Consolidation of Organizations
Smaller healthcare organizations are joining forces with larger ones either through partnership or shared resources. These partnerships require new IT systems which will financially benefit vendors while also improving end-user communication and efficiency.
Remote Patient Monitoring
More patients are turning to homecare alternatives rather than waiting in crowded emergency rooms. In turn, healthcare providers will increase their spending on remote patient monitoring IT technology systems which will enable them to provide the same level of care at the patient’s home that they would normally have to make a hospital trip to receive.
Each of these trends has already given a boost to the market, helping healthcare providers over the hurdles in transitioning to IT technology. That is why we at TechNavio aren’t issuing a “Do Not Resuscitate” order for the Global Healthcare IT Market, which we anticipate to grow at a CAGR of 5.26 percent for the 2012-2016 period.
For more information, view our 2012-2016 Global Healthcare IT Market report.
