http://www.softwareadvice.com/medical/
I came across an article of interest from Software Advice that I thought I would like to share with you. The article was about EHR viability and how rapid market evolution is leading some vendors behind.
The article referenced how the EHR market was doing in our poor economy. Ah, is all fair in love and war? As health information management professionals and health care providers, I think most of us are in love with what the EHR technology can do for our hospitals and clinics but the battle still remains, it’s tough for providers to access the financial viability of private EHR vendors. How do we really know the fate of all of these EHR companies? No one wants to get stuck with purchasing a product and spending countless training time only to find the company went bust. This particular article mentions that there is a way to access Medical Software Vendor Viability, but goes on to say that the industry really needs a trusted third-party to evaluate the 400 plus vendors. Most of us have heard about organizations like CCHIT that are certifying EHRs against functional criteria. However, buyers also need a way to rate the financial health of EHR vendors. I couldn’t agree more. I really feel that health care organizations need a third-party consultant that knows the market.
I personally have been involved with selection and implementation of EHR since 2005. Initially, I personally wanted to make my company, Positive Resource Health Care Industry Consultants a team of experts that organizations could draw upon to aid them through this transitional process. What I have found in the last 5 years is that the EHR vendors have their own implementation teams and most of the sales people that they hire are there to do just that, SELL. I have noticed however that training after the initial implementation can be expensive. With a high turnover rate in health care among employees that leaves the health care facility spending countless hours re-training. Another thing that I have noticed as well is that there is not an organization or group to available to rate the financial health of EHR vendors. I have been interested in this for over 5 years now. I am not interested in selling a product but rather working with the health care facility to ensure that they get what they are paying for and that they understand how it works but most importantly they know how to use the products and use it to its fullest. Still to this day, I remain vendor neutral. Although I have experience in capturing data on the backend with many of the software products that are out there my true focus is on the training. I have found that my true passion is to train health care providers on how to use the products to their fullest. Most importantly, I want to ensure that the EHR vendor company is healthy and will be there for the health care organization for years to come.
The article mentioned that Electronic health record (EHR) software vendors aren’t churning out profits like you might expect and then goes on to state that some of them are facing a cash flow crunch.
The author states that there are three major issues for this
• EHR Vendors Are Spending Money Like Crazy
• But Providers Are Gun Shy
• Subscription Pricing Constrains Cash Flow
So where does that leave the health care organizations when they are ready to select an EHR product?
The best advice is to have your administrator and health care providers watch the market. Get to know the vendors and their companies. Do your homework. Another option is to call upon a consultant that is considered an expert with the market. Another note that the author mentions and I too have found is that vendor size is important, but it isn’t the deciding factor for success and viability. The winners and losers will be determined by the competency and discipline of their management. EHR vendors must spend with discipline and generate a strong return on their investments.
In Conclusion
There will be some changes within the next five years and consolidation will be a net positive for the industry. I agree with the comment in the article that buyers must be careful not to become collateral damage as the fierce battle for market share plays out. It’s important to determine which vendors are stable and which ones will make the cut. I couldn’t agree more that providers should keep in mind that their success is tied to the success of the software vendor that will enhance and support their EHR system in years to come.
Tags: consultant, EHR, electronic health record, Health information management, hospital, stimulus package
