Due in part to a rising demand among the nation's medical facilities and government incentives, a new report by Millennium Research Group (MRG) suggests that the electronic medical record software industry is about to experience a period of frenzied growth. The report, which was released on November 9, indicates that by 2016, the EMR software market will be a more than $8 billion a year industry.
As a result, many EMR software providers are expected to enter the field in the coming years, potentially creating problems for the doctors and small medical facilities that rely on their support.
"These drivers have led a large number of new EMR vendors to enter the market," MRG analyst Mickel Phung said in a press release. "More than 750 companies offering some kind of EMR solution have entered in the span of two years. The long-term viability of these newer entrants is questionable."
By choosing to work with a newer company, doctors may be putting the strength of their software support system at risk. For example, if these individuals choose to work with an EMR provider that offers troubleshooting, training and installation support, they could lose all of these valuable assets when the company goes under.
To best mitigate this risk, doctors and medical facility managers may be well advised to purchase this technology from a reputable provider of Lytec or Allscripts software with years of industry experience. By ensuring that all of the added benefits they experienced with the company's service will be intact throughout the transition process, doctors can rest assured that their decision to work with a certain provider doesn't jeopardize their facility's ability to function at maximum efficiency.