Electronic health records to boost IT and healthcare sector growth
While the kind of tech boom we saw during the 90′s may not happen in the US anytime soon, one growth opportunity that will provide a big boost to the IT sector is creation of electronic health records. While it will fundamentally change how doctors and hospitals retrieve data about patients, it will also create additional revenue streams for software companies that will benefit by first creating the systems and then maintaining.
Will it benefits IT firms in India? You bet. Most of the work involved is going to be fairly low-tech and labor-intensive and Indian firms are ideal for making that happen at low cost. However, it will still benefit companies that are based in the US since service and training will be done locally.
Have we addressed all the privacy concerns? Probably not yet but Americans are definitely warming up to the idea after what they saw happening to people on the Gulf Coast after Hurricane Katrina.
I am not convined about the rosy forecast ($81 billion in savings) put out by RAND (the research was funded by companies that have a vested interest in electronic health records – GE, HP, Xerox, J&J, and Cerner), but we now have another strong driver of change.
How can you participate in this growth opportunity?
Get engaged now. Since the government and healthcare companies are involved, the pace may be somewhat slow, but if you set the processes in place now, you will be ready to ride the wave when it comes.
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