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EMR and EHR Market Growth Projection

Nachiket Ghumare from Markets and Markets posted the following information on the Healthcare Scene LinkedIn group about the EMR market:

Market research report on “Worldwide Electronic Medical Records (EMR) Market, 2010-2015 (Market Share, Winning Strategies and Adoption Trends)”

The global EMR market is expected to grow from $4,355 million in 2009 to $9,957 million in 2015, at an estimated CAGR of 14.9% from 2010 to 2015.

I’m always interested in estimates of the size of the EMR and EHR market. I still love that the government is about to spend $36 billion on EHR stimulus money and the EHR market is above being projected at just under $10 billion in 2015.

July 25, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

EMR and Healthcare IT Related Conferences

I’ve been itching to attend a conference the past couple months and haven’t found one that is the right fit for my needs and interests. So, I was excited to see HITECH answers list of Fall 2011 Healthcare IT conferences.

Although, after looking at the list I was a little disappointed. I’m definitely going to MGMA in Las Vegas this year. Plus, I’m probably about 90% sure I’m going to AHIMA in Salt Lake City. I would be interested in going to CHIME, but it’s at the same time as MGMA. So, I guess that’s not really a possibility. Plus, I’m not sure how much CHIME likes bloggers at their conference.

I really would like to go to a health IT conference in Washington DC this fall. I have a ton of contacts there that I’d love to visit. It’s always nice to put a conference together with visits to smart people. I’m sure something will come up. I’ll just have to keep looking.

Are there other healthcare IT and/or EMR conferences happening this Fall that I should consider? Let me know.

July 22, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Greenway Medical EHR to Go Public

Today I saw the news that Greenway Medical has filed to go public. The initial public offering was filed at $100 million. You can see the full Greenway Medical prospectus on the SEC website.

I really hate that they use their KLAS rankings in their prospectus. A ranking that an EHR vendor has to pay to obtain shouldn’t be part of what an investor uses to make their investment decision. Of course, if you are an investor who uses KLAS ranking to buy the stock or not, then that’s a different issue.

I also found the EHR market size numbers from the prospectus to be quite interesting:

We estimate the current market for our solutions and services to be approximately $33 billion. We believe our potential customer base includes approximately 550,000 physicians at over 230,000 practices, as well as approximately 3,500 retail and employer based clinics that contain an additional 8,000 providers. Our core EHR/PM solution, PrimeSUITE, serves an estimated $9 billion market. While 41% of the EHR/PM market is penetrated, only 10% of providers fully utilize their installed EHR solution. The markets for certain of our other solutions include $14 billion for our RCM services, $3.5 billion for our data exchange solution, and $2 billion for our speech understanding solution.

I’d like to know where they got these numbers. 41% market penetration is much higher than reality from my experience. However, they may be using a really broad brush to include things like ePrescribing or other partial EMR related software.

The $2 billion voice recognition (or speech understanding if you prefer) market is interesting as well. I wonder what Nuance would have to say about that. Plus, I didn’t even realize that Greenway had a speech understanding solution. I wonder if their product can even compete in that area.

The following is the Greenway Medical financial numbers that were included in the prospectus:

Greenway’s financial performance in recent years includes a $926,000 loss on $38.8 million in revenue in fiscal 2008, net income of $955,000 on $48.7 million in revenue in 2009 and nearly $2.9 million in net income on $64.6 million in revenue in 2010.

Looking at their financials they’re showing a loss for 2011 which seems odd after the previous trends. Plus, we’re in this healthcare IT and EHR bubble and so it doesn’t make sense that they’d have such growth the past couple years and be showing such a loss this year. Unless, they’re doing something with the numbers to delay costs until 2011. Plus, their tax number in 2011 seems off. I’m no expert on these filings, but $30,944,000 in taxes after paying $36,000 the year before seems wrong.

What’s more interesting is that Greenway Medical did $64.6 million in revenue in 2010. Not a bad growth rate from the $38.8 million in revenue in 2008. Plus, we still have a huge part of the EHR market left to adopt an EHR.

Of course, the real question is whether Greenway will be able to really differentiate itself from the other 300+ EHR vendors in the market place. Although, it does seem like the right time for technology companies to do an IPO. Couldn’t be more true than EHR company.

July 18, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

300 EHR Vendors and the Challenge of Interoperability

@GrandRounds4ODs posted an interesting tweet that caught my eye.

The tweet links to his blog post where he talks about the challenge of so many EHR vendors, overcoming a legacy model of building closed systems and the challenge of interoperability.

Here’s the money paragraph for me:

In a business sense, there is absolutely no business rationale to write software that cooperates with a competitor. Governmental regulations can “force” or “compel” interoperability, but if done with resentment, there will never be true information sharing.

I wonder what @GrandRounds4ODs thinks about the post I did on EMR and HIPAA about EMR Consolidation (or lack thereof).

July 14, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

EMR ROI Factors

I love the subject of EMR ROI. I saw this list of factors on Twitter that influence EMR ROI. Are there any missing?

http://twitter.com/#!/EMRAnswers/status/88945753380229120

July 13, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

ePrescibing Errors Similar to Handwritten Prescriptions

This is an interesting piece of news. However, is anyone really surprised by it? Basically it says that when humans enter something, then they are prone to make mistakes. It doesn’t matter whether its on a computer or handwritten. Sounds about right to me. We’re human and we make mistakes.

Of course, the real question is going forward what can EMR vendors and ePrescribing companies do to change this result?

I also wish the study revealed which ePrescribing software had better results.

July 11, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Mostashari Supports Meaningful Use Stage 2 Delay to 2014

Katherine wrote previously on EMR and EHR about the Meaningful Use Stage 2 delay that was agreed to by the Health IT policy committee. However, that committee is basically just a recommendation engine. They can’t make or create policies. So, it’s pretty big news (although not that unexpected) reported by Government Health IT that Mostashari is supporting the meaningful use stage 2 delay until 2014.

Here’s a short quote from that article:

By giving providers and vendors additional time, requirements for stage 2 can be more rigorous than would otherwise be possible if stage 2 were to begin in 2013 as originally planned, Mostashari said.

“In consideration of these points and the concerns expressed by multiple stakeholders, we agree with the logic of delaying the start of stage 2 of meaningful use for a period of one year for those first attesting to meaningful use in 2011. We also agree that it makes sense to maintain the current expectations for those first attesting to meaningful use in 2012 so that all providers attesting to meaningful use in 2011 or 2012 would attest to stage 2 in 2014,” he said.

Although, the article above also offers some even more interesting comments from Mostashari about those that attest to meaningful use in 2011 versus those who attest to meaningful use in 2012.

Providers who attest to meaningful use at the earliest possible time in 2011 should be rewarded, Mostashari said at the July 6 policy committee meeting. Delaying the onset of stage 2 may encourage more providers to attest in 2011.

“The last thing we want to do is provide a disincentive towards attesting for meaningful use in 2011. We recognize that not accepting your recommendation to delay the start of stage 2 could negatively impact provider participation rates in the EHR incentive program in 2011,” he added.

It’s nice to see Mostashari talking about these sorts of topics in public. They are things that we’ve discussed extensively on EMR and HIPAA and EMR and EHR. It’s a topic that is very important to clinics deciding on how to approach meaningful use.

July 7, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

Tracking Public Health Trends on Twitter

Mark Dredze and Michael J. Paul fed 2 billion public tweets posted between May 2009 and October 2010 into computers, then used software to filter out the 1.5 million messages that referred to health matters. Identities of the tweeters were not collected by Dredze, a researcher at the university’s Human Language Technology Center of Excellence and an assistant research professor of computer science, and Paul, a doctoral student.

“Our goal was to find out whether Twitter posts could be a useful source of public health information,” Dredze said. “We determined that indeed they could. In some cases, we probably learned some things that even the tweeters’ doctors were not aware of, like which over-the-counter medicines the posters were using to treat their symptoms at home.”

By sorting these health-related tweets into electronic “piles,” Dredze and Paul uncovered intriguing patterns about allergies, flu, insomnia, cancer, obesity, depression, pain and other ailments. “There have been some narrow studies using Twitter posts, for example, to track the flu,” Dredze said. “But to our knowledge, no one has ever used tweets to look at as many health issues as we did.” –Source

I found this approach to public health quite intriguing. Certainly mining Twitter data for public health trends has some major limits, but I also think it could have some real benefits to understanding user actions and even trends happening across the country.

I think the best example I can think of was my approach to allergies. I have allergies, but they’re not terribly bad. However, my previous boss had allergies that were much worse. I didn’t personally want to be taking allergy meds around the clock. So, I just kept an eye on my boss. As soon as she started to get a reaction, I’d start taking my allergy meds. This method worked really great for me, until I quit that job.

What if I could apply this same principle to Twitter? I’d love to get an alert from some program that told me when people in Las Vegas were starting to complain about allergies. It would be essentially automating what I was doing naturally with my old boss. That’s a service I’d find very interesting and useful.

July 5, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

EHR Market Expected to Reach $6 Billion by 2015

I know how much readers of this site love the various EHR market numbers. So, I know you’ll find this tweet I saw today very interesting.

$6 billion by 2015. Of course, the question then must be asked, how can the government spend $36 billion on EHR incentive money, but the EHR market will only reach $6 billion? Something doesn’t quite jive between those two numbers.

July 1, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 10 blogs containing over 8000 articles with John having written over 4000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 16 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.