Published on April 24, 2014
Health Information Exchange Where is it headed? © CureMD Healthcare
Health Information Exchange (HIE) • Most of the health IT leaders feel that Health Information Exchange has been flourishing while others feel that successful HIE organizations are not that many and in reality, successful exchange of health information has become an uphill struggle • According to some recent reports, the global HIE market is projected to reach up to $900 million by 2018, showing a compound annual growth rate of 9.5% compared to 2013 • Factors such as government incentives, improvements in patient care and safety and reduction in healthcare costs will largely be responsible for this growth
Health Information Exchange (HIE) • There are other factors which might hinder the progress of the HIE market altogether. They include high implementation costs, slow ROI and interoperability issues • A KLAS Research report from March says that out of the 219 HIE providers surveyed, satisfaction with the solutions dropped an average of 8% since last year as their demands continue to outgrow the pace of HIE vendor delivery • The report says grants are exhausted, public HIEs are struggling and vendors focusing too much to deliver long-term value
Health Information Exchange (HIE) • An industry leader says, “The vendors are still hesitant into making data available for HIE, because they don’t know what lies ahead.” They are unaware of what advantages they are giving up that they worked so hard to create • From the vendors’ point of view, it is pretty much clear that one “winning” means some other “lost” • In an ideal scenario, they need to come around to the idea of transparently sharing patient information that puts patients more in control of their healthcare
Health Information Exchange (HIE) • Leading players in the market are so involved in their own systems that they are not really making it easy for the customers to pick and choose what they would like • They are not ready to give up their advantage as yet • In more ways than one, demand has outpaced delivery as vendors do not indulge into developing things that technology doesn’t allow right now • Partly, it is a technology issue while in some cases, it could relate to the entire ecosystem
Health Information Exchange (HIE) • So what is the real reason behind such a huge difference of opinion between industry professionals? • How could industry leaders differ so much on HIEs? • It could be because health IT executives are adopting a wait-and-see approach • They want someone to take the first step, monitor it, and then see what it means for their organization • There are plenty of reasons to be frustrated due to HIE challenges at this point in time
Health Information Exchange (HIE) • For the healthcare industry, HIE will be really important for both provider organizations and patients that they care for in the near future • Ensuring a complete longitudinal view of patient data across the entire healthcare continuum is almost becoming a prerequisite for improved clinical outcomes • So despite the fact that we are unsure whether HIE will be a success, one thing we all agree is that the industry continues to move towards population health management and risk-based care
Read more on blog.curemd.com • To read more on this topic, visit: • http://blog.curemd.com/health-information- exchange-where-is-it-headed/
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