Visionflex Recently Announced New Partnership with an Australian Provider of Cloud-Based EHR MediRecords
With MediRecords, an Australian company that offers cloud-based electronic medical records and practice management systems, Visionflex has entered a new partnership. The firms will cooperate to integrate the cloud-based practice management and electronic health record software platforms from MediRecords with Visionflex's Vision video conferencing platform.
Electronic Health Record Software Technological Breakthroughs are Fueling Industry Expansion
During the projected period, market growth is anticipated to be driven by technological advancements in the electronic health record software sector. Software derived from artificial intelligence seamlessly integrates and offers options with a variety of characteristics. Machine learning and natural language processing can be aided by documenting a patient's medical experience, searching through huge databases for crucial records, and gauging patient satisfaction. Healthcare providers who use speech-to-text recognition systems can benefit from the combination of machine learning mode and NLP.
EHR Software's High Cost is Limiting the Market
On-premise solutions' and EHR services' high maintenance costs could stifle the market's expansion in the years to come. Concerning electronic medical records, there are numerous privacy and security concerns (EMR). Therefore, it is anticipated that the market for electronic medical records (EMR) will be constrained by worries about patient privacy and safety, as well as the number of security breaches, the maintenance costs of on-premise solutions, and costly installation.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the electronic health record software market plan acquisitions to improve their brand recognition globally. For instance, in December 2021, Oracle paid USD 28.3 billion to acquire Cerner Corporation. This acquisition strengthened Oracle's position in the EHR Market because Cerner held a dominant position in the industry.
Notable Industry Development
- December 2020: A company that provides electronic health records, eMDs, was purchased by CompuGroup Medical. The acquisition was made to strengthen the company's portfolio and extend its footprint in the American ambulatory market.
- Allscripts Healthcare, LLC
- GE Healthcare
- Cerner Corporation
- Epic Systems Corporation
- McKesson Corporation
- NextGen Healthcare, Inc.
- CureMD Healthcare
- Medical Information Technology, Inc.
- AdvancedMD, Inc.
- Greenway Health, LLC
- The market in North America is expected to gain a huge portion of the global electronic health record software market share in the coming years because more major firms are working to create cutting-edge medical technology, there are EHR service providers, and the healthcare system is well-established.
- Regional growth will also be aided during the projection period by rising private and public investment in implementing electronic health records.
- In Asia Pacific, the growth in this region is primarily driven by increased demand for high-quality standards and services, which is encouraging the region's healthcare sector to go digital.
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