For the report, titled “Essentials of the U.S. Hospital Market, 4th Edition,” HIMSS Analytics surveyed 5,100 hospitals.
The researchers projected that health IT would account for about 43% to 48% of total hospital capital budgets this year.
The projected figures are lower than 2007 levels, possibly as a result of the ongoing recession. However, the report predicts that health IT spending will increase over a longer time frame by a compounded annual rate of 7.5%.
The report identifies several factors that could account for the increase in health IT spending, including:
- Incentive payments for electronic health records outlined in the federal economic stimulus package;
- Increased clinical automation spending;
- New ICD-10-CM codes; and
- New 5010 standards for electronic claims.
Materials related to the report are available on HIMSS Analytics’ Web site (Anderson, Health Data Management, 6/4).
EHR Market Growth
In related news, a recent study by Kalorama Information suggests that the market for EHR applications and data transfer will increase from $575 million in 2008 to $1.6 billion by 2013, Healthcare IT Newsreports.
The report, titled “High-Tech Patient Monitoring Systems Markets,” predicts that the market will increase by 23.3% annually through 2013 as a result of increased EHR use in hospitals and physician offices.
The report also notes that EHRs are a key component of President Obama’s health care reform efforts because they have the potential to:
- Boost efficiency and accuracy;
- Cut health care costs;
- Improve patient outcomes and satisfaction;
- Provide greater physician freedom; and
- Reduce hospitalizations.
