According to Kalorama Information, electronic medical records (EMR) is the crucial component needed to make Big Data in healthcare a reality, and this a factor that will drive system sales. As part of the American Recovery and Reinvestment Act, the U.S. government dedicated $20.6 billion to electronic medical record (EMR) projects and penalties will start applying soon for use of paper records.
Kalorama Information, in its complete study of the EMR industry, EMR 2014: The Market for Electronic Medical Records, says that despite these incentives many challenges face the industry in the coming years – as the healthcare market as we have known it changes, driven toward a "Big Data" revolution. The report can be found at: http://www.kaloramainformation.com/redirect.asp?progid=86524&productid=8100400.
Big Data is a blanket term for the enormous datasets produced by manufacturers, healthcare providers, regulatory bodies, scientists and others. Many stakeholders believe that Big Data has the potential to improve operations and produce faster, more informed decisions.
As more of health data is gathered by EMRs it is becoming more of an issue of where to store all the data. Growth is also coming from additional patient enrollments as well as technology advancements, particularly in imaging, where storage requirements are very high. According to industry participants, data storage requirements for the healthcare sector is doubling every 18 months and capacity to accommodate it is lagging behind. Fortunately, the availability of the cloud is another option that is getting serious attention.
Kalorama says that investing in technology that is designed to address Big Data will help provide more personalized care. Toward that end, EMR vendors such as Allscripts, athenahealth, Cerner, CPSI, Greenway and McKesson have joined forces to form the CommonWell Health Alliance.
The CommonWell Health Alliance is an independent, not-for-profit trade organization open to all health information technology suppliers devoted to the simple vision that health data should be available to individuals and providers regardless of where care occurs. The belief is that it is absolutely critical for interoperability to be built into our health IT systems, while protecting health data and other personally identifiable data associated or shared with healthcare providers.
Kalorama has continuously examined the fast-changing market for electronic medical records (EMR) for nearly a decade. The global market for EMR was $23.2 billion in 2013. But despite continued investment in this realm, 100 percent EMR adoption could still be more than a decade away.
The Kalorama Information report EMR 2014: The Market for Electronic Medical Records is a complete global analysis of the EMR market. The report includes the important trends that will affect companies offering software, hardware and services related to EMR. Kalorama is now conducting research into Big Data efforts in Healthcare and will publish a report in August.