Electronic medical record (EMR) refers to patients’ complete paperless medical records. This type of record is stored in an electronic form and thus is known as Electronic Medical Record (EMR). EMRs are more efficient than hard-copy patient charts because they eliminate manual entry through automated data capture for improved workflow.
The global Electronic Medical Records Market is expected to be worth $60.70 billion by 2026. The growing need for improved patient care and technological advancements have driven the demand for EMRs over the past few years.
The industry is characterized by many small and local companies, which provides immense opportunities to small entrants. On the other hand, there are barriers to entry due to complex integration requirements. Each EMR solution provider has its proprietary software system, making it difficult for new players to enter the market.
What is the Electronic Medical Records Systems industry?
EMRs cover many systems that enable organizations to manage and share medical records. It includes the electronic implementation and storage of patient data, which helps faster diagnosis and treatment across various health care settings. The growing adoption of EMRs is expected to boost market growth during the forecast period.
The major factors driving this market include cost reduction, improved quality of care, and enhanced patient satisfaction.
Keep reading to learn of the electronic medical record industry trends in 2023
These trends include how hospitals and clinics will transition to the cloud, the environment required for accurate data capture, and physician burnout is a key trend.
The need for improved patient care and technological advancements drives market demand. The increasing adoption of EMRs by small and large hospitals and clinics is a significant factor that drives the global electronic medical record market.
Increased Adoption of Cloud-Based EMRs
Hospitals and clinics are increasingly transitioning from traditional paper-based EMRs to cloud-based solutions. The global Electronic Medical Records Market is estimated to grow to over 76.0 billion by 2023. The growth is driven by a higher degree of industry consolidation and intensive use of cloud technology for record management.
Cloud-based EMRs offer secure, reliable, and scalable storage. It allows medical professionals to access patient data from anywhere using a mobile device or computer.
Introduction of Artificial Intelligence in Data Processing
Artificial intelligence is gaining momentum as it helps with the automated manipulation of large volumes of data that have been captured for accurate and faster results. It also helps extract essential information from unstructured data such as text, images, and videos.
AI-based EMRs will be able to classify diseases faster by minimizing human intervention, which will help improve patient outcomes and reduce errors and costs related to redundant tasks and manual entry.
Need for an Environment for Capture of Accurate Data
EMRs need an environment for capturing accurate data for faster and better results. Since EMRs encompass a patient’s entire medical history, capturing and storing the most updated and relevant information in the shortest possible time is necessary.
The increasing requirement for digitization of healthcare services will enhance data integration from multiple sources, including point-of-care devices, wearable devices, and cloud services.
Growing Demand for Robotic Process Automation
The electronic medical record market is experiencing an influx of automated data capture across different regions due to improved workflow and increased accuracy. RPA helps achieve the required accuracy by eliminating the need for manual entry through robotic automation.
Need for Improving Patient Outcomes and Care
The introduction of AI-based EMRs will be able to classify diseases faster by minimizing human intervention, which will help improve patient outcomes and reduce costs related to redundant tasks and manual entry.
There is a growing demand to improve patient care through unstructured data mining using EMRs.
Physicians’ Burnout Sets off Demand for Improved Employee Healthcare
Physician burnout is on the rise due to reduced work hours and an increase in paperwork, leading to lower job satisfaction. It is triggering demand for EMRs that offer patient self-management tools.
Physicians are overwhelmed with the responsibility of patient data management due to a lack of efficient working hours and increased rivalry from pharmaceutical companies, payers, and purchasers. The adoption of EMRs will help physicians improve their productivity through accurate patient data capture by providing them with an easy-to-use, secure platform.
Benefits of electronic medical records
Without the interference of manual data entry, EMRs ensure that medical records are highly accurate. It means there is no chance of incorrect or outdated information being stored in the system. No room for errors means better care for patients and enhanced patient outcomes.
2. Better Governance
In a single-point access system, healthcare providers can view the patient’s medical history, ensuring that they are updated with their past treatments. Better data governance leads to improved decision-making at both micro and macro levels, leading to enhanced patient care.
3. Easy Access
Patients can conveniently access their health records anytime, anywhere, using any device. It allows easy information tracking and convenience for medical professionals to analyze patient data.
Healthcare providers can integrate their EMRs with other systems, such as the practice management system, lab results ordering software, imaging tools, and electronic health records (EHR), allowing them to access consolidated patient data from a single interface. It will help optimize the patient care process.
5. Improved Communication
Healthcare providers can communicate with their patients using EMRs through secure messaging apps that are HIPAA compliant. These messages are saved as part of the EMR system, offering an added security layer for healthcare professionals and patients. Patients can also use these apps to message their doctors and receive instant replies.
6. Faster Transactions
Healthcare providers can process insurance claim forms through pre-populated data entry fields, saving time and effort. It leads to faster reimbursement and reduces unnecessary delays that often lead to delayed patient care. EMRs also contain billing software that automatically calculates the billing codes for a particular treatment or diagnosis, thereby eliminating errors due to manual data entry.
EMRs are currently the best solution for efficient healthcare management. They provide accurate data capture to ensure enhanced patient care while speeding up decision-making and reducing costs to make it affordable for all healthcare providers across the board. These factors will drive the EMRs market growth in the future.