Healthcare IT Most Active Market for Mergers and Acquisitions HealthTechZone According to data released by Berkery Noyes Investment Bankers, healthcare IT was the most active market for mergers and acquisitions in the first half of 2013.
The healthcare industry is three years into meaningful use, an ambitious incentive program to convince hospitals and private practices to use electronic health record (EHR) software. Regulators are also bringing HIPAA, the 1996 rule protecting patient data, into the 21st century. The same goes for telemedicine. On top of that, healthcare finally seems ready to benefit from big data, cloud services and other disruptive technologies that have dramatically changed other vertical industries. But certain advances won't come without a fight. Here's a look at 13 straightforward, complicated and surprising predictions for healthcare IT in 2013.
Related: 6 Innovations That Will Change Healthcare
Healthcare IT Outsourcing Market Worth $504 Billion by 2018 IT Business Net The "Healthcare IT Outsourcing Market - By Application [Provider (EHR, RCM, LIMS) Payer (CRM, Claims Management, Fraud Detection, Billing) Life Science (ERP, CTMS, CDMS)...
I’m going to let you in on a little secret, folks: at the end of the day, no matter what kind of social content strategy you come up with for your hospital or healthcare system, it’ll all be for naught if you don’t have good quality content.
Ted Driscoll: big data is facilitating the rise of personalized medicine:
We’re able to make better and more specific diagnoses. “Tumors aren’t just lumps, anymore,” he said. “they’re a specific type of cancer.” That is, no longer are providers relegated to diagnosing cancers in general terms. Given the ability to determine what’s actually going on at a molecular level, Driscoll said, diagnoses can be much more precise.We’re able to prescribe better targeted therapies. With better diagnoses come better treatments. “Now that we understand the recipe for life,” Driscoll said, “we can develop more precise rifle shots to address disease. We can determine which drug will work with each individual patient, and we don’t have to settle for trial and error medications.”We can make better early predictions and determine predispositions. A big part of an individual’s health data, Driscoll suggested, involves “understanding what you’re starting out life with.” That is, genetic data, which can be collected even prior to birth via non-invasive pre-natal testing, can be used to determine what diseases a person may be more susceptible to over the course of his or her life. Which, of course, leads to the potential to offer pre-emptive treatment so the disease never develops.We can expect better development of generalized therapies. “We’re not going to end up with individualized headache pills,” Driscoll cautioned, “but we will be able to develop better drugs for a broad class of people” by looking at actual genetics that form the foundation of predispositions. Moreover, citing the example of an anti-epileptic drug that has been found to work in treating colitis, Driscoll said mining data to understand the particular structure of each disease will lead to greater understanding of where diseases overlap, which will lead in turn to the more precise use of a broader range of medications.We can engineer genetics. The future, Driscoll said, will involve not just reading and understanding genetic structures, but actually modifying them. Of course, he noted, every disease is different. “There are certain diseases that you can identify with just a genetic snip you can tell, while other diseases are determined by thousand of genes. The fact is, we’ve only begun to read the recipes.” That said, Driscoll said mining ever deeper into the mountains of data that will continue to pile up will facilitate inevitably result in medical assessment and treatment tailored to the circumstances and needs of individuals.
CTG Honored as a Top 100 Healthcare IT Company by Healthcare Informatics HispanicBusiness.com CTG, an information technology (IT) solutions and services company, announced that it was ranked 54th in the Healthcare Informatics 100 (HCI 100), the...
Alpharetta, Georgia (PRWEB) July 30, 2013 Healthcare IT Leaders, an award-winning consulting and staff augmentation firm that connects hospitals and health systems with top healthcare IT talent, today announced its picks for the Best Healthcare IT...
Outsourcing is an emerging phenomenon in the healthcare information technology market. It is a screening process wherein an organization selects the most efficient third-party service provider to effectively operate its management and administrative unit. Outsourcing of IT solutions in the healthcare industry has emerged as an efficient solution to mitigate rising healthcare costs and to meet the growing demand for quality care. Over the years, the trend of outsourcing healthcare IT solutions has grown significantly among large organizations and has also attracted mid-sized organizations. In some cases, the entire information management system is outsourced, while in others, only key application services such as implementation of EMR, CRM, and billing systems are outsourced.
The healthcare IT outsourcing market for this report has been segmented by application and by industry. The application market is further classified as provider IT outsourcing, payer IT outsourcing, life science IT outsourcing, operational IT outsourcing, and infrastructure IT outsourcing, while the market by industry is segmented as healthcare (including hospitals, diagnostic laboratories, and clinics), biotechnology, pharmaceutical, clinical research organizations, and health insurance.
The global HCIT outsourcing market is forecast to grow at a CAGR of 7.6%, to reach $50.4 billion by 2018 from $35 billion in 2013. The health insurance industry, healthcare systems industry, and pharmaceutical industry are driving the HCIT outsourcing market. These industries follow the HCIT outsourcing model to enhance their focus on core business, reduce operational and maintenance costs, increase access to IT skilled and trained staff (further reducing hiring and training costs), share risk, and quickly implement new technologies.
Factors propelling the growth of the market are the rising pressure to curb healthcare costs across the globe and the growing need to manage cash flow in back-office administration and IT management systems of healthcare provider, payers, and the life science segment. Lack of in-house IT expertise, rise in demand for integrating solutions, growing pressure on healthcare providers to meet the “Meaningful Criteria” set by the U.S. Federal Government, new ICD-10 conversion guidelines for coding, rise in aging population, and growing medical tourism in Asia are also likely to drive the HCIT outsourcing market.
However, factors such as the fragmented nature of the healthcare system and HCIT outsourcing market, requirement for high investment in outsourcing IT solutions, growing concern for data security, and cultural and language barriers restrain the growth of the market.
North America accounts for the largest share – 72% – of the global HCIT outsourcing market and is expected to reach $36 billion by 2018 from $25 billion in 2013. Asia-Pacific and RoW are expected to register CAGRs of 8.1% and 7.8% (2013 to 2018) respectively, followed by North America (7.6%), and Europe (7.2%).
Major players in the market are Accenture Plc. (Ireland), Accretive Health, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Anthelio Healthcare Solutions (U.S.), Cognizant Technology Solutions (U.S.), Dell, Inc. (U.S.), HCL Technologies (India), Hewlett-Packard Company (U.S.), International Business Machines (IBM) Corporation (U.S.), Infosys Limited (India), McKesson Corporation (U.S.), Siemens Healthcare (Germany), Tata Consultancy Services Ltd. (India), Wipro Ltd. (India), Xerox Corporation (U.S.), Epic System (U.S.), and Computer Sciences Corporation (U.S.).
Scope of the Report
The research report categorizes the healthcare information technology outsourcing market by delivery mode, by components, and application. These markets are further broken down into segments and sub-segments.
Global Healthcare Information Technology Outsourcing Market, by Application:
Global Provider Outsourcing Market
Electronic Health Records, Revenue Cycle Management System, Laboratory Information and Management System, Pharmacy Information and Management System, Others
Global Payer Outsourcing Market
Customer Relationship Management System, Claim Processing Management System, Billing System, Fraud and Detection System, Other
Global Life Science Outsourcing Market
Enterprise Resource Planning, Clinical Trial Management System, Clinical Database Management System, Research and Development IT services & Others
Global Operational Outsourcing Market
Supply Chain Management, Business Process Management & Others
We all know that the aging population, lifestyle-related diseases and shrinking budgets mean it will become increasingly difficult for traditional health and care services to face up to the unprecedented healthcare challenges ahead.
And in the face of this ticking health time bomb, service models must change fundamentally if they are to remain sustainable, efficient and effective. They must refocus their efforts on keeping people well for longer, instead of waiting for people to become sick before taking action.
Digital healthcare presents the perfect opportunity to deliver improved quality and safety and increased efficiency, if carefully designed. Covering a diverse range of terms (eg telemedicine, telehealthcare, e-health, mobile health, and assisted living) it is evolving rapidly. At its most basic, reminder text messages are used by GP surgeries to reduce “no shows”, and more advanced applications are helping clinicians monitor patients remotely, enabling people to live independently at home for longer.
The cultural shift towards increased use of technology provides the ideal platform to help people engage more positively with their health – the first step towards making healthcare sustainable for the future. But despite this, the adoption of digital technology by healthcare services has been limited to short-lived initiatives, and this is down to cost, difficulty in achieving wider adoption and cultural resistance."
"Health informatics" is the intersection of healthcare, information technology and business. Check out an infographic explaining this healthcare-IT mashup. (How Is Information Technology Changing Healthcare?
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