Healthcare IT spending to hit $40B in 2011

Friday, May 27, 2011 at 8:40:00 AM

Healthcare IT spending is expected to reach $40 billion by the end of this year, according to a studyfrom market research firm RNCOS.

Much of that growth will come from spending on electronic health record (EHR) systems, mobile health applications and efforts to comply with new government standards.

Boosted by increased spending on healthcare software -- which is needed for the rollout of EHR systems -- the U.S. healthcare IT market is expected to grow at a rate of about 24 percent per year from 2012 to 2014, the study said. Spending on healthcare software rose 20.5 percent in the past year, from $6.8 billion in 2010 to a projected $8.2 billion this year, according to RNCOS.

Recent mergers and acquisitions in the healthcare IT market also point to growing private-sector interest in software, which will see sales grow at rate of more than 30 percent annually from 2012 to 2014, the report said.

The study attributed some of the increase in spending to the Healthcare Reform Act, the new ICD-10 coding system and adoption of EHR systems, which will be mandatory by 2015. Also a factor: Medicaid enrollment, which is expected to increase by 16 million people by 2019.

ICD-10 is a comprehensive medical coding system that includes more than 55,0000 codes; hospitals are required to be using it by Oct. 1, 2013.

And the adoption of EHR technology -- hastened by the requirement that healthcare facilities must achieve Posted By Rich Kneece.
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Tags: Emr Healthcare It Meaningful Use Mobile Smartphones Spending Technology

House strikes gift ban in effort to boost business

Thursday, July 08, 2010 at 12:00:00 AM

Reversing course on a new law aimed at diminishing the influence on doctors of pharmaceutical and medical device companies, the House on Wednesday voted to strike the so-called gift ban law, which critics say has hurt commerce in the medical and restaurant industries.

An amendment to preserve the ban attracted 40 votes, with 108 against. The elimination of the gift ban was included in economic development legislation that cleared the House 145-4 and now needs to be reconciled with a Senate bill in a conference committee.

Critics of the ban said it was discouraging out-of-state interests from doing business in Massachusetts and said the ban had not led to demonstrable reductions in health-care costs. Supporters of the ban said the state had already heavily invested itself in implementing it and needed to give the law more time to work itself out. Ban supporters also said other states were pursuing similar bans and predicted the law could help reduce health-care costs and ensure that the interests of patients, not drug and device makers, are the top priority for physicians.

Speaking against the ban were Reps. Garrett Bradley, Brian Dempsey and Barry Finegold. Pushing to preserve the ban were Reps. Alice Wolf, Ruth Provost, Jason Lewis and Elizabeth Malia.

See the entire article at Mass High Tech....

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Posted By Rich Kneece.
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Tags: Gifts Healthcare Payments Pharmaceutical Physician Sunshine Law

Have Sunshine Laws Left Companies in the Dark?

Sunshine Laws Stump Compliance Departments

Thursday, April 29, 2010 at 10:57:00 AM

The federal Physician Payment Sunshine Act. State disclosure laws in Vermont and Massachusetts. More disclosure laws in possibly dozens of other states in the near future. It’s enough to make a compliance department throw up its hands and leave the hassle to a third party—which is exactly what many pharma companies are doing now or plan to do in the future, according to a new study conducted by Cegedim Dendrite.

The respondents—56 professionals working in the compliance departments at their respective pharma/biotech/medical device companies—expect that the farming out of this data collection will increase the cost of aggregate spend reporting and compliance over the next year. But most have little choice, as this wave of legislation seems to have caught them with their pants down.

See entire article at PharmExec.

MTC has created several apps that allow pharmaceutical and device companies to manage, track, report on, and process payments to medical professionals. Contact us today to see how we can help you

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Posted By Rich Kneece.
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Tags: Doctors Legislation Payments Pharmaceutical Physicians Reform Sunshine Law