Spending on healthcare IT is expected to surge up to $40 billion by the end of this year, according to research by global market research company RNCOS and reported by InformationWeek.
The surge in health IT spending will largely be driven by healthcare reform and mandates to implement and meaningfully use electronic health records. RNCOS also expects much of the spending will be driven by demand for cost-effective and quality services, which can be accomplished through health IT, according to the news report.
Other findings from RNCOS research showed the health IT market is forecasted to grow at a compound annual growth rate of approximately 24 percent from 2012-2014. Experts also say revenues from healthcare IT software will increase dramatically from $6.8 billion in 2010 to $8.2 billion in 2011.
Read the news report about health IT spending.
Related Articles on Health IT:
Fitch Ratings Finds Positive Correlation Between Hospital Profitability and Advanced Health IT
Omnibus HIPAA Final Rule Will Not Mandate Encryption of Personal Health Information
Pilot Program to Assess Electronic Prior Authorization for Prescription Medications
The surge in health IT spending will largely be driven by healthcare reform and mandates to implement and meaningfully use electronic health records. RNCOS also expects much of the spending will be driven by demand for cost-effective and quality services, which can be accomplished through health IT, according to the news report.
Other findings from RNCOS research showed the health IT market is forecasted to grow at a compound annual growth rate of approximately 24 percent from 2012-2014. Experts also say revenues from healthcare IT software will increase dramatically from $6.8 billion in 2010 to $8.2 billion in 2011.
Read the news report about health IT spending.
Related Articles on Health IT:
Fitch Ratings Finds Positive Correlation Between Hospital Profitability and Advanced Health IT
Omnibus HIPAA Final Rule Will Not Mandate Encryption of Personal Health Information
Pilot Program to Assess Electronic Prior Authorization for Prescription Medications