When it comes to hospital operations, efficiency has become a top priority.
In a report evaluating the use of health IT applications in US hospitals, HIMSS Analytics identified bed management, enterprise resource planning (ERP) and financial modeling applications as the areas positioned for the most growth among hospitals.
Using data from the HIMSS Analytics Database, the Spring 2014 Essentials report profiled 26 operational applications being used in hospitals across the United States and conducted a matrix analysis of their market penetration against their projected sale volumes. Bed management, ERP and financial modeling technologies were observed as notable opportunities for health IT vendors, having both a maturing market penetration status and an accelerated projected sales volume.
“The first-time sales outlook for these three operational applications is grounded in the industry’s ongoing efforts to create a cost-efficient and clinically effective environment,” said Lorren Pettit, vice president of Market Research for HIMSS Analytics. “The fact that the three applications represent varied aspects of a hospital’s operations suggests providers are looking for efficiencies in a multiplicity of ways.”
The report found that the sales outlook is also positive for two additional applications in the financial decision support category: contract management and financial data warehousing/mining. Medical necessity checking content applications, which belong to the revenue cycle management category, also garnered a ranking of mature in terms of market penetration with an accelerating projected sales growth. The relatively low market penetration for all of these applications suggests that opportunities for vendors in this area are very positive.
The 26 applications observed, most of which can be characterized as standard business tools, are divided into the following six categories:
- Business Intelligence
- Financial Decision Support
- General Financials
- Human Resources
- Revenue Cycle Management
- Supply Chain Management
The report also covered the popularity of each application in the marketplace at more than 5,000 US hospitals. For more information, visit HIMSS Analytics.