One of the most interesting things about health IT applications, especially Electronic Medical Records (EMR) is that ever since its inception there seems to be an upward trend in the product demand. Overtime healthcare providers have realized the potential advantages that EMR technology has provided and are likely to provide to the healthcare industry. Every now and then you would come across physicians discussing specialty focused EMRs, free EMR, and especially certified EMR.
More interestingly, given this increasing popularity of the certified EMRs, the product vendors have started experiencing cut throat competition. No wonder why over the past few years, health IT has been considered to be one of the most rapidly growing industry across the US. The availability of more than 700 vendors, intensively trying to capture the market share, is clear support for the aforementioned statement. While there are thousands of reasons behind the increasing competition, the government’s financial incentive program could be attributed as one of the vital ones.
Being part of the health IT industry, we are all aware that the government requires meaningful use of certified EMR on part of physicians to consider them eligible for the program. No doubt, this is one of the essential criteria to qualify for the incentive funds. Realizing that certification was becoming a crucial requirement for physicians, be it the one who charged a monthly subscription fee for its EMR or provided free EMR, the vendors made sure that their software fulfilled the certification criterion. The logic was simple; keeping pace with the industry requirements would help them influence the client’s choice.
“Be it any industry, competition amongst the vendors can never end. In fact, new regulations and opportunities are likely to increase the existing competition. This is what is happening in the EMR industry. While the existing renowned vendors are trying their best to retain their clientele and attract more potential clients, novice vendors are enthusiastically trying to keep up with the pace”, says a San Francisco based health IT consultant.
It would not be absurd to say that besides helping physicians with clinical procedures, EMRs are also becoming a marketing tool for the vendors. The reason is, if the EMR conforms to a physician’s requirements, even if it’s not a free EMR, the physician is likely to refer it to another colleague – eventually creating a chain of references. Of course, at the end of the day, it is the vendors whose product is being promoted. However, such a situation increases the burden on the vendor to maintain the reputation in the market.
Read more: Choosing an EMR Vendor