Healthcare providers are aggressively adopting portal technology as market becomes more disruptive day-by-day
A new study suggests that by 2017, the U.S. patient portal business is expected to reach $898.4 million from a mere $279 million in 2012 – representing a staggering 221 percent growth.
A new analysis “U.S. Patient Portal Market for Hospitals and Physicians: Overview and Outlook, 2012–2017” by Frost and Sullivan suggests that there will be an exponential growth witnessed in the patient portal segment, largely driven by regulatory factors such as the need to meet stage 2 meaningful use requirements. Other factors would include the growing move to clinical integration, Accountable care, and increasing consumer demand for health information technology.
According the study, around 50 percent of U.S. hospitals and 40 percent of U.S. physicians have some kind of patient portal technology which they use in conjunction with their electronic health record system.
Patient portals are web-based applications that enable provider and patients to share information such as medical records, prescriptions, reports, etc and help both stay connected with each other. The various factors and efforts around patient engagement such as access to medical records, communication with providers, education, e-visits, wellness tracking, reports etc have made patient portal the key growth area.
Driven by MU stage 2 requirements, the growth and demand for patient portals is growing at a rapid speed nationwide. The MU stage 2 phase is scheduled to start from October 2013 for hospitals and in January 2014 for physicians. Through the use of patient portals MU stage 2 conforming patient portals, patient will be able to electronically view, download and transmit electronic copies of their own medical records. In addition, providers that adopt patient portals will enjoy a competitive advantage as patients increasingly demand convenient, 24/7 access to their financial and clinical data.
“The need to fully engage patients as a member of the care team is fundamentally about encouraging individuals to become more involved with their healthcare, so they will be motivated to make behavioral changes that can positively impact their health status,” said Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi. “That need will only grow as the healthcare system moves towards accountable care and value-based reimbursement. The importance of this movement cannot be underestimated.”
“As healthcare reform and transformation advances, providers will seek new ways to engage patients and influence behavior beyond the point of care and will increasingly look to the more advanced solutions that are proven to consistently motivate patient compliance and sustained behavioral change,” said Fabozzi. “These solutions, which can be considered ‘Patient Portal 2.0,’ will have robust functions such as health information exchange across diverse care settings, integration of clinical and financial data, dynamic scheduling, social networking, gaming, avatars for personalized health coaching, and e-visits.”
- HIEs and Patient Engagement – The Right Time is Now (healthitplus.wordpress.com)