Healthcare IT Market 2023 Ready to Reach USD 223.16 Billion with a CAGR Of 13.7% From 2018

Healthcare IT Market 2023 Ready to Reach USD 223.16 Billion with a CAGR Of 13.7% From 2018

In its latest report Meticulous Research, states that global Healthcare IT market will reach USD 223,115.1 million in 2023 with a CAGR of 13.7% from 2018. One of the prime factors for this growth is the initiatives taken by the government bodies of different countries especially the United States.

The U.S. has been frontrunner for the major healthcare technological evolutions, with several healthcare reforms and government initiatives, the country has strengthened its Healthcare IT market and provided a roadmap for digital health for all the countries across globe. Moreover, the presence of prominent HCIT vendors in the country has further boosted its dominance in the global healthcare IT market solutions.

The U.S. Department of Health and Human Services (HHS) has a critical responsibility to advance the connectivity of electronic health information and interoperability of health information technology (health IT). In healthcare IT market under the American Recovery and Reinvestment Act (ARRA), healthcare providers who invest in electronic health records technology may be eligible to benefit from more than USD 36 billion in financial incentives.

In addition to this, the government has made several reforms and announced several financial incentive programs to aid the adoption of Healthcare IT market solutions within the country.

Brows in depth report on Healthcare IT market –https://www.meticulousresearch.com/healthcare-it-solutions-market-2023/

Few of the major ones are used in Healthcare IT market

The Affordable Care Act

In March, 2010, President Obama signed the ACA into law that made hundreds of significant changes to the U.S. healthcare system between 2011 and 2014. Provisions included in the ACA are intended to expand access in Healthcare IT market to healthcare coverage, increase consumer protections, emphasizes prevention and wellness, and promote evidences based treatment and administrative efficiency in an attempt to curb rising healthcare costs through Healthcare IT market.

 

HITECH ACT

The Health Information Technology for Economic and Clinical Health Act (HITECH Act or “The Act”) is part of the American Recovery and Reinvestment Act of 2009 (ARRA). The act was created to motivate the implementation of electronic health records (EHR) and supporting technology and Healthcare IT market in the United States.

 

HIPPA

In Healthcare IT market HIPAA (Health Insurance Portability and Accountability Act of 1996) is United States legislation that provides data privacy and security provisions for safeguarding medical information.

 

MACRA

MACRA is the Medicare Access and CHIP Reauthorization Act. MACRA replaces the current Medicare reimbursement schedule with a new pay-for-performance program that’s focused on quality, value, and accountability. The program that measures eligible professionals on quality, resource use, clinical practice improvement and meaningful use of certified EHR technology and aware Healthcare IT market.

Medicare and Medicaid EHR Incentive Programs

The Medicare and Medicaid EHR Incentive Programs provide EHR incentive payments to eligible professionals (EPs) and eligible hospitals as they adopt, implement, upgrade, or demonstrate meaningful use of certified electronic health record (EHR) technology through Healthcare IT market . In the U.S., through the HR Incentive Programs, eligible hospitals, including critical access hospitals (CAHs), can qualify for EHR incentive payments totaling some $2 million or more. Moreover, EPs can qualify for HER incentive payments totaling as much as $44,000 through the Medicare EHR Incentive Program, or as much as $63,750 through the Medicaid EHR Incentive Program. North America accounted for the largest share of the global HCIT market.

 

The potent force shaping that direction will be the Meaningful Use (MU) criteria of the HER Incentive Programs. The developer of these criteria is the Health Information Technology Policy Committee (HITPC), a Federal Advisory Committee that advises the Office of the National Coordinator (ONC) and the Department of Health and Human Services (HHS)in healthcare IT market . So far, those agencies have closely followed HITPC’s recommendations, and it is likely that they will continue to do so in the future. ONC in turn is responsible for creating the EHR certification criteria that ensure that EHRs can perform to specifications that allow for Meaningful Use in healthcare IT market.

Key industry participants occupying major healthcare IT market share include Philips Healthcare, Hewlett-Packard, Agfa Healthcare, NextGen Healthcare Information System LLC, Allscripts Healthcare Solutions Inc., etc.

MIPS

MIPS is the name of a new program in Healthcare IT market that will determine Medicare payment adjustments and is an acronym for the Merit-Based Incentive Payment System. Using a composite performance score, eligible professionals (EPs) may receive a payment bonus, a payment penalty, or no payment adjustment.

For more info, please download sample report on healthcare IT market: https://www.meticulousresearch.com/request-sample-report/?cp_id=3844

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