Health IT will see a major boost with the implementation of healthcare reforms. Till now, there has not been too much investment in IT sector by the healthcare industry. But with the requirements asking for more focus and attention, Health IT will get increased funding.
The healthcare industry has seen tremendous change and growth in the recent past. With healthcare reforms implemented,
the dynamics of the industry has seen volcanic change that drives the need of custom automated solutions for healthcare companies. Talk about insurance companies, hospitals, insurance agents, and government agencies: Everybody needs to leverage its effectiveness through various types of software solutions to cater to the needs of information dissemination, guideline compliance and being up-to-date for the consumers.
Healthcare industry comprising medicine, dentistry, nursing, pharmacy and allied health need automated healthcare software. Going by global healthcare industry’s standard classification, the healthcare has been classified including, biotechnology, diagnostic substances, drug delivery, drug manufacturers, hospitals, medical equipment and instruments, diagnostic laboratories, nursing homes and providers of health care plans.
It goes without saying that The IT departments of healthcare industry suffer from poor infrastructure. The need of custom automated software is there but the investment needs to be made. Without doubt, investment is made when there are some chances of return. But as the healthcare companies and entities would need to comply with the new healthcare standards, they will have to cut their costs in other areas and try to invest in this.
If you want to go for some statistics, let’s consider a report by Commonwealthfund. The report says that the adoption of electronic health records could produce efficiency and safety savings of $142 billion in U.S. physician offices and $371 billion in U.S. hospitals till 2020. But cost of around $156 billion over five years, with an additional $48 billion in operating costs is also associated with it. But this is something that can be pursued given the betterment it offers to the industry.
When we talk about Health IT, it could include, electronic medical records (EMRs), electronic health records (EHRs), personal health records (PHRs), payor-based health records (PBHRs), and electronic prescribing (e-prescribing). All these systems need to be developed in a robust manner to ensure that the dictums of healthcare reforms are fully complied to.
Some features of HIT include:
* Electronic Health Records (EHRs)
* Electronic Medical Records (EMR)
* Personal Health Records (PHRs)
* Payor-based Health Records (PBHRs)
* Electronic Prescribing (e-Prescribing)
* Financial/Billing/Administrative Systems
* Computerized Practitioner Order Entry (CPOE) Systems
Apart from these, healthcare software outsourcing could mean: cardiology software, clinical software, dental practice software, electronic medical records software, EMS software, health care software, health insurance software, healthcare case management, healthcare contract management, medical appointment software, medical billing, medical equipment software and medical staffing software, etc.
The healthcare reforms do not simply ask healthcare companies to comply with some norms but also the insurance companies, which provide financial stability and securities to consumers.
Healthcare reforms ask every state to build a health insurance exchange, which is a huge challenge, given its newness and wanted functionality. The states will be depending upon big or innovative healthcare software companies to come ahead and provide the solutions, set up systems who could sustain the operations of these exchanges and run them smoothly, and also provide customer care to the consumers who come and do business with these exchanges.
All this mean that the software companies could on a real big business opportunity where healthcare companies, health insurance companies, and state governments would be their clients. In professional terms, this opportunity would be termed as a B2B market.
The development of software for healthcare industry is pretty much custom based. It could vary according to some norms or law, or it could be state specific. At the same time, different healthcare companies could have their own software designed for specific purposes. All this generates tremendous business opportunities for software companies. The idea of tapping this opportunity can be harnessed by the software development companies for a good reason.
Without doubt, the emergence of healthcare software solution would mean work all around. The one who taps it or caters to it will get most of the benefit.
