This increased knowledge, all by itself, allows for greater innovation in EHR optimizations as experts understand the possibilities for uniquely targeted usages. In the days since meaningful use standards were introduced, though, the number of technologies reduced to the degree that IT professionals could learn one in great depth. In other words, healthcare technologies were more siloed without the EHR interoperability that can significantly be attributed to Epic. Or, if they worked at the same organization for a lengthy time, they would gain in-depth knowledge of the systems used there, the knowledge that might not have transferred well to another organization. Epic Dominance and Healthcare IT StaffingĬommon sense suggests that, in the days when healthcare systems used one of the hundreds of different types of technologies to manage their operations, IT professionals would have obtained a more surface level of multiple systems. Plus, as other EHR companies are “chasing a market leader,” this can drive innovation in them, and Epic itself will need to continually improve because of advancements in artificial intelligence, sensor technologies, and so forth. This EHR system allowed them to lower costs and enhance patient experiences and outcomes.Īnother benefit of Epic’s dominance is its increased interoperability. Healthcare organizations, he says, must partner with vendors that meet their specific needs for their hospital, the answer is clearly Epic. Here’s another viewpoint from a different executive: Scott Arnold, executive vice president and CIO of Tampa General Hospital. Plus, they add, Epic earmarks more than 30 percent of its budget to R&D, which the spokesperson believes is much higher than other EHR systems. In response, Epic shared how pricing, for most of its products, has largely stayed the same for two decades. This can lead to higher prices as well as possible reductions in a focus on customer satisfaction and innovation. One CIO who expresses concerns about Epic becoming a potential monopoly notes how, when any one company has greater market control, there is less competition. Does Epic’s Market Control Affect Competition, Prices, and Innovation? Costs increased to use these integrated “mega-suite” EHRs but were justified because of how they streamlined the healthcare organizations’ technology. Then, when the United States government began stage one of its meaningful use objectives-which requires healthcare organizations’ compliance to qualify for Medicare and Medicaid incentive payments-complex EHR applications were developed to manage an umbrella of healthcare IT needs within one system. Prior to 2011, hospitals used hundreds of applications to handle their IT needs. Meditech holds 16.7 percent of the market with other, smaller firms in the single-digit percentages. The Oligopoly Landscape of the EHR Marketīecker’s weighs in, talking about Epic’s market “command” to healthcare executives in November 2022, starting with a middle-ground quote that shares how this dominance isn’t positive or negative “it just is.” Today’s EHR landscape, this CIO notes, is an oligopoly-with a status of limited competition-rather than a monopoly where there’s exclusive control of the market by Epic.Ĭlosest to Epic is Oracle Cerner with 24.4 percent of the market share while Epic is picking up large health systems, Cerner continues to add smaller ones. Read on as we dive into the effects of Epic’s market dominance on the healthcare records industry. In 2021, Epic was implemented in seventy-four hospitals, which was more than four times its nearest competitor, Oracle Cerner. Additionally, its numbers continue to grow. With over 250 million patient records and a 32.9 percent hospital market share, it’s clear that this leading EHR system is having an impact on the healthcare industry. Epic’s stronghold on the electronic health records (EHR) market is undeniable.
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