The use of electronic health records and other forms of health IT is becoming increasingly common, but it is not just because of the massive incentive payments being offered by the Centers for Medicare and Medicaid Services. Experts are increasingly saying that the use of technology in the delivery of healthcare is key to an organization's ability to remain competitive in the future.
Take, for example, a recent report from the healthcare information firm Fitch Ratings. The group's researchers found that healthcare organizations that use information technology tools like electronic health records are more profitable and receive more awards for offering high quality patient care, according to Modern Healthcare.
Their review of more than 291 providers showed that 25 percent had been recognized for quality and patient satisfaction by either HealthGrades, the Baldridge Performance Excellence Program or the Leapfrog Group.
Electronic health records use and other quality measures correlated to improved finances. The healthcare providers that used these tools had 30 percent more unrestricted cash and investments and 1.8 percent more annual revenue between the years 2005 and 2009.
"Fitch views advanced development of and investment in clinical information IT platforms as integral components to achieve the expected benefit of healthcare reform," the researchers wrote in their report, according to the news source.
Experts say that findings like these are a sign of the times in healthcare. It is becoming increasingly difficult for organizations that have not adopted electronic health records to compete. This may become even more of an issue in the future, when a greater number of healthcare providers will be tied into information sharing networks that allow them to quickly swap patient data in order to improve outcomes.
Thomas Skorup, vice president of applied solutions at ECRI Institute, said that there are many new care models emerging today, including patient centered medical homes and accountable care offices, that are expected to become the dominant forces in the future of patient care. These models also rely heavily on electronic health records. Any provider that wants to remain relevant may benefit from incorporating technology along these lines.
"Healthcare information exchange is a critical capability, key to many new business models evolving," he said. "The ten key indicators we identified will be useful in helping hospital leaders assess their progress and prioritize important initiatives to achieve their goals."