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Healthcare IT Market Destined to Boom Year On Year

Healthcare IT Market Destined to Boom Year On Year

Healthcare IT Market Destined to Boom Year On Year

Today’s healthcare industry is embracing the technological edge at a very fast pace. This displays a transformation of the healthcare enterprise electronic process from an immature level to a different state which is always ready to go for the level of productivity.

The global hospital asset management market was valued at $2.6 billion in 2012 and is poised to reach $6.7 billion by 2017 at a CAGR of 20.9%.

The global hospital asset management market is estimated based on the healthcare and pharmaceutical segments. Based on the technology, the market is segmented into RFID, RTLS, and ultrasound and infrared tags. The strong impact of this technology on cost savings in hospitals and pharmaceutical industries, enhanced workflow management, patient and staff safety, are the major factors driving the market growth. Whereas, technical issues, operational challenges, privacy, data security, integrity issues, implementation costs and budgetary constraints are the major factors hindering the market growth.

Hospitals face tremendous budget challenges every fiscal year. It seems like they have to do more with less money all the time. Managing all the assets of a hospital is difficult if the right Real-time Location System (RTLS) is not in place to keep track of everything. A RTLS is able to optimize resource allocation, improve workflow efficiency, track and analyze the assets of a hospital. The solution it provides helps improve patient safety and financial, clinical and operational procedures.

Active RFID-RTLS is used as a patient tracking system to keep patient flow in the hospital moving. This type of tracking system is able to measure a patients waiting time. Each system can be set up so the staff will get a reminder every 15 minutes to check how a patient is moving throughout the whole process. The tracking makes everyone from the admitting nurse to the lab technician accountable for their actions.

The use of Electronic Medical Records (EMRs) could be widespread soon and health professionals need to efficiently plan for their implementation.

When putting together an EMR system, organizations need to decide where to store patient data. There can be onsite storage, with backup storage off-site, or storage in the cloud. The cloud provides flexibility and personalization, cloud computing can eliminate many of the complex constraints of traditional computing environments, including space, time, power and cost. For example, patient records and charts can be stored electronically and retrieved when needed. One big reason why CIOs and other healthcare managers were initially reluctant to go to the cloud was security concerns. One interesting angle to the story is that some cloud vendors have yet to sign business associate agreements (BAAs), which are a requirement under HIPAA rules. Yet, other vendors, such as Box, Microsoft and Verizon, did sign BAAs, according to a report by Information Week.

Also, cloud capability and mobile applications allow healthcare providers and staff to have anywhere access to practice management information.

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About Kalpana Singhal

Kalpana Singhal is Co-Founder & Editor in Chief at Techplus Media. She is an Innovative & challenger Entrepreneur who started her journey from corporate communication in early 2001 with I.T. Industry followed by Lead - Editorial at BeautyIndia.in in 2008 . You can follow her on twitter, Google+ and Facebook.

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