Find Out How the Economy Impacts Healthcare IT Spending & Adoption

HIMSS Analytics™ releases the third edition of the Essentials of the US Hospital IT Market that provides a current and composite view of the U.S. hospital IT market

CHICAGO (May 20, 2008) – Understanding the healthcare information technology marketplace requires timely and targeted analysis supported by accurate industry data. The third edition of the HIMSS Analytics Essentials of the US Hospital IT Market provides useful insights into hospital IT market spending and IT application, technology adoption and growth to assist healthcare professionals with their market assessments.  Updated annually, the extensive report is based on an analysis of data taken from the HIMSS Analytic Database with detailed IT information on more than 5,000 hospitals and 28,000 medical facilities in the U.S.

“This report from HIMSS Analytics should be considered as a necessary business tool that will help solutions providers, service providers, and financiers make better business decisions based on the financial and clinical market data that we provide,” said Michael Davis, executive vice president, HIMSS Analytics.  Davis referenced the report and its emphasis on ‘extreme budgeting competition between financial and clinical applications over the next five years.’ He noted that this situation results from the regulatory environment for revenue cycle management and the need to improve outcomes and quality management in care delivery environments.  “The data provided in the report simplifies the search for relevant information on health IT adoption and growth in the U.S. hospital market.”

Highlights of the report include:

• 5-year compounded annual growth rate market forecast for operating, capital, and total spending – including spending forecasts on the key financial and clinical application solutions
• Key insights into the drivers and challenges for the overall market and key application environments
• 16 application environment overviews, such as cardiology and radiology PACS, patient safety, bar coding, document management and revenue cycle management

The online PDF report can be purchased in full, by financial or clinical volumes or by selected chapters.  HIMSS Analytics also offers two free downloads of portions of the report as noted below.

Introduction: http://www.himssanalytics.org/docs/iIntro.pdf -The introduction includes an Executive and a Market Overview with economic trend information related to vendor consolidation and hospital spending and reimbursements.  The reports states that “The year 2007 saw continued clamoring about the need for electronic health records – but no funding to deliver on the rhetoric,” a discussion point that touches the future of health IT from both the vendor and hospital perspective.   This chapter also includes lists of the top enterprise, niche, consulting and outsourcing firms.  

Industry Sign Posts Chapter: http://www.himssanalytics.org/docs/19signposts.pdf
The “industry sign posts” chapter identifies market events “to assist hospital executives in assessing their IT system environments and strategies relative to their competitive positions.”  Hospital and vendor executives will want to review the industry trends and related information that delineates a health IT roadmap for the future.  Some of the sign posts mentioned in this downloadable chapter are:

• Hospitals will be forced to publish their prices, quality and outcome metrics over the next few years to compete for employer and consumer business.
• Disease management programs are the beginning of what healthcare will become in the US.
• Hospitals in cities with large union employee populations will be forced to become more efficient to compete for the business of the three big automakers because the auto manufacturers have transferred healthcare liabilities to the unions for execution and management.

"The HIMSS Analytics Essentials report is a vital business tool that provides data adapted for the end user," said Debra Ladd, business analysis manager, GE Healthcare IT. "The ability to easily reference forecasting and general market data provides improved value and greater efficiency."

Visit http://www.himssanalytics.org/general/essentials.asp to learn more about the third edition of the HIMSS Analytics Essentials of the U.S Hospital IT Market Report.

Go to http://www.himssanalytics.org/docs/HA_EssentialsOrderForm_202008.pdf to order the report from HIMSS Analytics.

 

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