The electronic medical record is defined as an electronic record of health-related information on an individual, which can be created, gathered, managed, and consulted by authorized clinicians and staff within one healthcare organization. It has the potential to benefit the patients, physicians, clinic practices, and health care organizations. It is expected to improve the efficacy and workflow management of all those involved in the process of healthcare delivery at the same time ensure proper quality healthcare to its patients.
An EMR has various features that ensure its efficient healthcare delivery. It can provide information on various aspects, which include the likes of a physician’s access to patient information, such as diagnoses, lab results, and medications; access to past and new test results; computerized provider order entry; ensure secure electronic communication among provider and patient; computerized administration systems; standard based electronic storage, and other features that are offered depending on the setup (basic or fully functional). The market for electronic medical records is driven by factors, such as the increasing need to reduce healthcare expenditure, need to avoid penalties, increased government incentives, rapid technological advances, and increasing adoption rates of big data in healthcare.
Despite its immense benefits, the EMR market has witnessed very fewer adoption rates. The major factors hindering this market’s prospects include high capital costs and insufficient returns on investment, lack of skilled resources for implementation and support, fear of negative consequences of technological innovations, and data privacy concerns. In a bid to increase the adoption of EMR models into the healthcare delivery setups, governments of various nations are offering incentives to organizations to encourage the integration of EMR systems in healthcare organizations. The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 authorized incentive payments through Medicare and Medicaid to health care providers that use certified electronic health record (EHR) systems to achieve specified improvements in care delivery.
The overall growth strategy seems to focus on increasing research combined with developing new and innovative products and obtaining exclusive rights to use their product in an effective manner which is possible only in the form of patents. With new entrants into the sector and increased demand for related products from the public, electronic medical records are expected to grow considerably during the next 5 years and stand on the top being the leaders holding their success in the form of patents. All major companies are investing profoundly in new product development to keep up with competition and so there are a number of innovations in the form of patents. The key players for the blood glucose monitoring devices are Cerner, McKesson, Epic and GE Healthcare.
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