According to a report by Grand View Research, the CAGR of the Electronic Health Records (EHR) market from 2019-2025 will be 5.59%. It also predicts that revenue in 2025 will be over $33.41 billion. Another 2019 report by market research firm Business Intelligence states that the global EHR market is valued at $30 billion in 2019 and will reach $38.3 billion by 2025. Whatever the predictions are, you can’t deny that EHR software is necessary to ensure smooth healthcare operations. There are many EHR vendors on the market, but the top five to seven vendors control a large share of revenue metrics and subscribers. These vendors dominate the market because they provide features that serve numerous niches within the healthcare industry. Before we look at the top 5 EHR software vendors, let’s understand what an EHR is, its benefits and some common features they support.
Compare Top EHR Software Vendors
What is an EHR?
Simply put, an EHR is a patient’s paper chart converted to a digital medium and stored either in the cloud or on-premise servers. However, they have evolved beyond being digital versions of paper records. Today, they are designed to give a broader view of a patient’s health and history. They are real-time patient records that are available to authorized users and patients via a patient portal. EHR records details like medical history, patient encounters, treatment plans, medications immunization dates, radiology images, allergies and laboratory results.
They let healthcare practitioners create, share and store patient and population health data in a secure, digital format. Additionally, these systems provide evidence-based tools to aid a physician’s decision making processes while streamlining and automating operational workflows. Adopting an EHR has become a required feature by the American Recovery and Reinvestment Act passed in 2009. This has led to market growth not only in the US but also in other countries.
The top EHR vendors will likely include the following benefits in their solutions for healthcare facilities:
- AI-Driven: These platforms should have included AI that adapts and learns from practice data.
- Secure: They are encrypted and HIPAA compliant, protecting the practice’s information, both for the patient and the practice.
- Fast and Easy to Use: An EHR is easy to use and make physician’s work easier, faster and manageable with flexible, intuitive and efficient programs.
- Certified: They have comprehensive functionality, interoperability and security features and have to be certified by CCHIT.
- Interoperability: They can share patient data between different providers, practice management and an EHR. Most EHR vendors include this feature.