The healthcare industry has undergone a number of fundamental changes over the past decade. The increased use of wearable medical devices, the now ongoing struggle to defend against ransomware and other cybercrime threats, and on and on.
One change you may not have noticed is how many Electronic Health Record (EHR) software vendors there are. There’s been a growing trend of vendor consolidation in the EHR market, one that’s gone relatively unnoticed when compared to high profile trends in the medical community.
But don’t let that fool you – vendor consolidation will have serious effects on your ambulatory health services practice. Do you know what they are?
There are less than half as many EHR vendors in operation as there were a decade ago.
According to KLAS Research, an Orem, Utah based IT Review Firm, EHR vendors have dropped from 1000 plus companies 10 years ago, to roughly 400 companies in total today.
“Not enough doctors pay attention to what’s happening with healthcare technology. But there are some who are worried, and they’re worried because they’re aware of the ramifications,” said Libby, president of the Virginia Pediatric Group and a board member of the Physicians Foundation, to Medical Economics.
As in any economic model, when you decrease competition, it’s often the consumer who suffers:
The best way to mitigate the effects that will come with vendor consolidation is to work with an IT company you can rely on. An IT company will be able to :
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