EHR costs proving to be roadblock to big data and predictive analytics
The predictive analytics market is gaining traction and driving EHR growth. But in something of a twist the costs of new EHR tools are simultaneously creating a significant barrier to big data and analytics, according to a new Research and Markets report.
Indeed, as healthcare providers continue to amass copious amounts of healthcare data, including clinical, administrative and financial information as well as the shift from ICD-9 to ICD-10, are all leading healthcare organizations to implement analytics tools to make use of accrued data, according to the report.
EHR adoption, meanwhile, is growing among healthcare providers, and the market will continue to expand at a CGR of 5.53 percent over the next four years, Research and Markets projected.
“One trend impelling growth in this market is the increased adoption of predictive analytics,” one of the report’s analysts commented. “The ever increasing volume variety, and velocity of clinical and non-clinical data have compelled healthcare organizations to implement statistical tools, data science and mining technology.”
But implementation of healthcare information systems, encompassing EHR software, hardware and network installation costs, are also some of the greatest hindrances en route to a future of big data and predictive analytics, Research and Markets noted.
What’s more, the extra hardware and software installation involved when integrating EHR systems with pharmacy and laboratory data may prove to be too expensive for smaller hospitals and providers in developing countries to put new analytics to work anytime soon, the report said.