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Drive Toward EMRs and Electronic Claims Submission Stimulates the U.S. IT Markets for Homecare

Drive Toward EMRs and Electronic Claims Submission Stimulates the U.S. IT Markets for Homecare

PALO ALTO, Calif., Dec. 13 /PRNewswire/ -- While regulatory changes necessitate the utilization of electronics claims processing, the adoption of electronic medical records (EMRs) by hospitals is increasing pressure on the homecare industry to invest on information technology (IT) solutions. Homecare IT systems developed to link home health agencies (HHAs) with provider practices and hospitals facilitate communication and reduce processing time, thus assuring greater profitability. Hence, as standardized formats and electronic claims requirements take hold, HHAs are recognizing the financial benefits of such systems, thereby driving growth in the U.S. IT markets for homecare.

New analysis from Frost & Sullivan (http://www.healthcare.frost.com/), U.S. IT Markets for Homecare, reveals that revenues in this industry totaled $353.8 million in 2005 and can reach $613 million by 2009.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the latest analysis of the U.S. IT Markets for Homecare then send an e-mail to Melina Trevino - Corporate Communications at [email protected] with the following information: your full name, company name, title, telephone number, e-mail address, city, state, and country. We will send you the information via email upon receipt of the above information.

Currently, there are several regulatory drivers and market forces that encourage the adoption of IT solution in the home healthcare sector. Among them, the Certification Commission for Healthcare Information Technologies is creating an efficient, credible, and sustainable mechanism for the certification of healthcare information technology (HIT) products with the goal of accelerating the adoption of robust, interoperable HIT throughout the US healthcare system.

"As the home healthcare sector is lagging behind other industries in the use of IT systems, federal efforts are being aimed at creating adequate incentives to encourage the adoption of new technologies," notes Frost & Sullivan Research Analyst Andre Guillemin. "The Centers for Medicare & Medicaid Services (CMS) is actively encouraging the use of systems that are compliant with the Health Insurance Portability and Accountability Act (HIPAA) of 1996 by ending its contingency for non-compliant electronic claims and even providing its own claims submission software at minimal or no cost."

The most significant trend among major IT providers in the home healthcare sector is the move to increase integration and interoperability of their products. Integration is taking place at two levels: firstly, within each company's product portfolios and secondly, between different systems. Moreover, most major participants have partnerships with other vendors, and even indirect competitors, in order to enhance the interoperability of their software.

Spurred by legislative requirements and the relatively rapid return on investment (ROI), billing and administrative software solutions represent the largest product segment in the home health market. Point of service (POS) software, on the other hand, is the second major product segment and vendors cite increased clinical efficiency, reduced administrative work, and better quality of care as the primary value propositions associated with POS solutions.

Also, with baby boomers fast entering the above 65 years age bracket, private duty is a new emerging market segment in the home healthcare industry. Since private duty service organizations will require IT services, the segment has the potential to create incredible growth for the homecare IT sector in the mid to long term.

"With the homecare IT market poised for rapid growth, competition is becoming intense and differentiation is boiling down to three primary product characteristics: price, features, and customization," says Guillemin. "The future of homecare IT lies in the development of integrated product suites and interface solutions for homecare providers of all sizes and scope."

U.S. IT Markets for Homecare is part of the Healthcare Information Technologies subscription. It utilizes primary and secondary research to provide an in-depth analysis of the homecare IT sector, including product analysis, market forecasts, market challenges, as well as drivers and restraints. Further, The study also discusses integration trends, regulatory changes, competition, and technologies to provide insight into emerging market. Analyst interviews are available to the press.

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com/.

U.S. IT Markets for Homecare F575-48 Contact: Melina Trevino Corporate Communications - North America P: 210.247.2440 F: 210.348.1003 E: [email protected] Radhika Menon Theodore Corporate Communications P: +91 (044) 52044668 E: [email protected] Donna Jeremiah Corporate Communications - Asia Pacific P: +603 6304 5832 F: +603 6201 7402 E: [email protected] Surbhi Dedhia Corporate Communications - India P: +91 22 2832 4705 Ext: 131 E: [email protected]://www.frost.com/

Keywords in this release: homecare IT, home health agencies, HHAs, electronic medical records, U.S., EMR, electronic claims processing, Certification Commission for Healthcare Information Technologies, Centers for Medicare & Medicaid Services, CMS, health insurance portability and accountability act of 1996, HIPAA, point of service software, POS, research, information, market, trends, technology, service, forecast, market share

Contact: Melina Trevino Corporate Communications - North America P: 210.247.2440 F: 210.348.1003 E: [email protected] Radhika Menon Theodore Corporate Communications P: +91 (044) 52044668 E: [email protected] Donna Jeremiah Corporate Communications - Asia Pacific P: +603 6304 5832 F: +603 6201 7402 E: [email protected] Surbhi Dedhia Corporate Communications - India P: +91 22 2832 4705 Ext: 131 E: [email protected]

Frost & Sullivan

CONTACT: Melina Trevino, Corporate Communications - North America,
+1-210-247-2440, Fax: +1-210-348-1003, [email protected], Radhika Menon
Theodore, Corporate Communications, +91-44-52044668, [email protected],
Donna Jeremiah, Corporate Communications - Asia Pacific, +603-6304-5832, Fax:
+603-6201-7402, [email protected], or Surbhi Dedhia, Corporate
Communications - India, +91-22-2832-4705 Ext: 131, [email protected], all of
Frost & Sullivan

Web site: http://www.frost.com/

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