Top Market Players in US Electronic Health Records Market
Introduction
Healthcare has become one of the largest sectors, both in terms of revenue and employment. In terms of spending, health spendings are transitioning globally with rise in domestics spending. As per The Economist Intelligence Unit (EIU), Global healthcare spending will rise by 4.1%, year on year, in 2022 as countries rise to the diverse challenges of coronavirus and non-coronavirus care. It will be among the fastest growth rates for a decade. Moreover, as a share of global GDP, healthcare spending will remain at 10.5%, up from 10.2% in 2019. Likewise, A report provided by World Health Organization, Global expenditure on health has doubled in real terms and reached to US$8.5 trillion in 2019 and 9.8% of GDP. High income countries accounted for nearly 80% of global spending on health (with the United States of America alone accounting for more than 40%), and their average spending per capita was more than four times the average GDP per capita of low-income countries.
Market Analysis
Electronic health records (EHRs) are efficiently making roadmap for the healthcare industry and gaining huge demand among market players. EHR have been touted as key to boosting of quality care for several decades. This in turn enhanced the competitiveness of the EHR market across the United States.
Large number of geriatric populations in the United States is another factor rocketing the implementation of EHR. The average American visits the doctor 4 to 5 times per year. On average, babies visit the doctor nine times per year, and children between the ages of 5 and 15 visit the doctor twice per year. Patient engagement has become essential factor for the need of EHR implementation.
As per the Brandessence Market Research market survey, an estimated 133 Billion Americans nearly half the population suffer from at least one chronic illness, such as hypertension, heart disease, and arthritis. Some of the growing number of patients are checked daily, once a week, and once a month. Maintaining all the records of each patient is very challenging. Due to this, EHR is widely adopted by hospitals, clinics, as well as laboratories to keep each patient's information up to date. This increasing number of patients and increasing number of regular checkups is helping the EHR market grow to a great extent in the United States.
However, data breaches and the need for more appropriately trained staff may slow down the development of the studied market. According to Brandessence Research, stolen healthcare data is the most valuable average total cost of a data breach: $9.33 billion in 2021 and $7.18 billion in 2020. High protection to the patient’s information is very important otherwise this may lose the users trust and market share in upcoming years.
Prominent Market Players in Electronic Health Records Market
VERADIGM INC.
Veradigm is an American company that provides integrated data systems and services. The company was founded in 1986 and is based in Chicago, Illinois, USA. The company delivers electronic health records and management technology. The company connects more than 300,000 US healthcare providers via the Veradigm Network, helping to facilitate the evolution to value-based care for more than 170 Billion patients. The company combines data-driven clinical insights with actionable tools to help healthcare stakeholders progress the quality, efficiency, and value of the healthcare system. These investors include biopharma, health plans, healthcare providers, and network partners.
Oracle Cerner
Oracle Cerner provides items and services that address enterprise information technology (IT) conditions. The company was founded in 1977 and is headquartered in Austin, Texas, USA. The company’s products and services incorporate enterprise applications and infrastructure offerings that are delivered overall through an assortment of adaptable and interoperable IT deployment models. These models incorporate on-premises deployments, cloud-based deployments, and hybrid deployments (a methodology that joins both on-premise and cloud-based deployments), for example, our Prophet Cloud@ Customer offering (an occurrence of Oracle Cerner Cloud in a client's own data center).
Epic Systems Corporation
Epic Systems Corporation, or Epic, is an American privately held medical care software organization. The company was established in 1979 and is headquartered in Verona, Wisconsin, USA. Epic maintains an electronic record for over 300 Billion patients. Epic basically develops, fabricates, licenses, supports, and sells an exclusive electronic health record programming application, referred to in its entirety as "Epic" or an "Epic EMR." The organization's medical services software is centered on its Chronicles database management system. Epic's applications support capabilities connected with patient care, including enrollment and scheduling; clinical systems for specialists, nurses, emergency personnel, and other care suppliers; systems for lab technologists, pharmacists, and radiologists; and billing frameworks for insurers. MyChart is used in the United States and other countries to gain access to specialists' records and to charge. Academic medical centers, children's organizations, community hospitals, dental clinics, hospices, independent practices, integrated delivery networks, mental health, multi-specialty groups, payers, rehab centers, retail clinics, safety net providers, skilled nursing facilities, and patients' homes and pockets are all places where the company's software is used. These solutions are used by 150 Billion patients across the US. The company has approximately 10,000 employees, some of whom are employed internationally.
GE HEALTHCARE
General Electric Company is a diversified technology and financial services company with a presence all around the world. The company provides a wide range of products, including commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear, and other power generation equipment. The company operates through its four industrial segments: power, renewable energy, aviation, and healthcare. Through its power segment, GE serves power generation, industrial, government, and other customers worldwide with products and services related to energy production. Its products and technologies generate electricity using resources such as oil, gas, fossil fuel, diesel, nuclear, and water, and include gas and steam turbines, a full balance of plant, upgrade and service solutions, and data-leveraging software. The renewable energy segment includes one of the broadest portfolios in the industry and provides end-to-end solutions for its customers' demands for reliable and affordable renewable energy by combining onshore and offshore wind as well as hybrid renewables and digital service offerings. Through the Aviation segment, the company plans and produces commercial and military aircraft engines, integrated engine components, electric power, and mechanical aircraft systems, and also delivers aftermarket services to support its products. Through the healthcare segment, it provides essential healthcare technologies to developed and emerging markets and has expertise in medical imaging, digital solutions, patient monitoring and diagnostics, drug discovery, and performance improvement solutions.
MEDHOST
MEDHOST is constantly focused on developing an exclusive MEDHOST EHR, which can help hospital teams provide a superior patient experience and improve complete hospital operations. In addition, the company focuses on introducing new products and services to meet the needs of its customers through additional investments in research and development. For example, on May 17th, 2021; MEDHOST extended multi-tenant cloud EHR capacities with AWS. MEDHOST's multi-occupant cloud-based EHR solution movement with AWS benefits their clients everywhere, explicitly in country and local area settings and in connection with improved patient health.
NextGen Healthcare Information Systems, LLC
NextGen Healthcare is the leading provider of cutting-edge, cloud-based healthcare technology solutions. The company was founded in 1974 and is headquartered in Atlanta, Georgia, U.S. The company assists healthcare practices in managing the risk and complexity of providing care in the US healthcare system. The product portfolio of the company includes tightly integrated solutions that deliver on ambulatory healthcare imperatives, including consumerism, digitization, risk allocation, regulatory influence, integrated care, and health equity. We serve clients across all 50 states.
ECLINICALWORKS LLC
eClinicalWorks is a privately held leader in healthcare IT, providing comprehensive electronic health record (EHR) and practice management (PM) solutions. The company was founded in 1999 and has offices in Massachusetts, New York, California, and Texas. The company develops innovative, customizable tools for documentation, population health, patient engagement, and revenue cycle management.
In addition, the company helps medical professionals improve the quality of care, reduce costs, and meet regulatory requirements. The company delivers EHR software for comprehensive clinical documentation, along with solutions for telehealth, population health, patient engagement, and revenue cycle management. The product portfolio of the company includes electronic health records, population health management, and patient engagement. The company has 150,000+ physicians and NPs using the eClinicalWorks EHR worldwide, 850,000+ healthcare professionals using the eClinicalWorks EHR software, and 80,000+ facilities running on eClinicalWorks. The company has 5,000 employees.
Siemens Healthineers
Siemens Healthineers is a global provider of healthcare solutions and services, with activities in numerous countries around the world. Siemens Healthineers Group comprises the parent company Siemens Healthineers AG, a stock corporation under the laws of the Federal Republic of Germany, and its subsidiaries. The company was founded in 2007 and is headquartered in Erlangen, Germany. The company’s business operations are conducted by the direct and indirect subsidiaries of Siemens Healthineers AG. It develops, manufactures, and sells a diverse range of innovative imaging, diagnostic, and advanced therapy products and services to healthcare providers. In addition, it also provides clinical consulting services, complemented by an extensive range of training and service offerings.
