Healthcare integration forecasted to grow 10 percent by Market Research Engine
Over the past decade, the healthcare industry has been in a continual process of consolidation and transformation, greatly affecting healthcare integration. Massive changes are occurring within each sector and between sectors, as well. Insurers continue to grow, hospitals are acquiring other hospitals and physician practices, and medical providers are opening or joining value-based relationships while taking efforts to keep one foot in the fee-for-service world. Health IT vendors are consolidating as well.
The key to remaining nimble and responsive in this changing landscape is greater alignment and integration, which is growing faster than other healthcare market segments
According to a report by Market Research Engine, the global healthcare IT integration market is expected to grow at a compound annual growth rate (CAGR) of 10.2% over the next few years and exceed more than $3.73 billion by 2022. In addition, a McKinsey forecast estimates vertical integration represented as much as 50% of all healthcare activity in 2016 and 2017 and expects that trend to continue. McKinsey believes data, analytics, and information services will be the sector with the fastest growth rate at 16% to 18% over the next five years.
Hospitals can save millions through partnerships
A significant driver of consolidation in the healthcare industry is cost reduction. A small clinic or hospital, for example, can save millions on a new Electronic Health Record (EHR), as defined in Defining Key Health Information Technology Terms (The National Alliance for Health Information Technology, April 28, 2008): An electronic record of health-related information on an individual that conform… More system by partnering with a larger healthcare system or provider. Consolidation also enables consistency across all areas of information and data management. Unfortunately, due to the siloed and dispersed nature of integrated hospital IT applications, and the countless sources of patient data at each facility, most EHRs were not designed to share data or to be interoperable with other systems.
IT integration is the key to leveraging the power of EHR systems
While much attention has been placed on the EHR system itself, sustainable health IT systems depend on an interoperable health data layer that allows the exchange of data between applications. This integration layer serves as the catalyst for all health data activities and allows IT departments to gain full control of their patients’ health data.
When a healthcare organization establishes a strategic data framework, the organization can easily parse, integrate, and exchange data between applications, systems, and locations, and updates can be rolled out seamlessly. It also allows an organization to be more responsive and nimble so it can quickly respond to market changes and implement changes at the clinical application layer and make technology choices that complement and improve workflows.
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Now is the time to address integration
In the wake of so many changes in healthcare IT, health integration services are only expected to grow, so now is the time to have the right interoperability foundation in place. Corepoint Health has the experience and strength to deliver a dramatically simplified approach to internal and external data integration and health information exchange for hospitals, radiology centers, laboratories, and clinics. Our innovative software will streamline your IT environment, provide a fast track to achieving your interoperability goals, and create operational leverage within your organization.