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EMRs Investors Stuck In Old Patterns

Posted on November 7, 2012 I Written By

Anne Zieger is veteran healthcare consultant and analyst with 20 years of industry experience. Zieger formerly served as editor-in-chief of FierceHealthcare.com and her commentaries have appeared in dozens of international business publications, including Forbes, Business Week and Information Week. She has also contributed content to hundreds of healthcare and health IT organizations, including several Fortune 500 companies. Contact her at @ziegerhealth on Twitter or visit her site at Zieger Healthcare.

Today I read an intriguing piece in The New York Times which looked at different ways capital can be invested, and how over-reliance on one style may be cramping our economy.

In the piece, Harvard professor Clayton Christensen asserts that there are three main models for investing in innovation:

Empowering: These innovations “transform complicated and costly available to a few into simpler, cheaper products available to many,” Christensen says.  Obviously, the reduction of the mainframe into consumer desktops is one example.  These products open up new markets.

Sustaining:  These innovations replace old products with newer ones that improve on the old (his example: The Toyota Prius hybrid).  They don’t necessarily open new markets, as people often buy the improved model instead of the previous version, but they do keep the market moving.

Efficiency:  These innovations reduce the cost of making and distributing products and services, making capital available to keep the improvement process. They generally don’t expand markets at all.

In Christensen’s model, industries cycle through each of these stages and create new markets and jobs in the process. But that engine seems to be stuck in neutral of late, he suggests.

At this point, he argues, VCs and companies with excess cash are focused on a new finance model which discourages investment in brand new, empowering innovations. Capitalists want to make big money but are being channeling into spending only on the third stage of the cycle.

So, why all of this economic analysis in an EMR publication?  Well, because I’d argue that the EMR business has already fallen into just such a stall.  Rather than come up with paradigm-shifting innovations which really empower doctors, vendors are falling over themselves to create more efficient models of the same basic thing.

Not only is that bad for the health IT economy, it’s bad for end users, few of whom are rapturously happy with the basic EMR paradigm.  It discourages innovations that are patient-facing — such as a fascinating three-dimensional avatar I just heard about which can be used as a PHR — since there’s little if any funding for such projects.

Worst of all, focusing on efficiency doesn’t inherently improve patient care either, something we’d hope would be the fundamental goal of any EMR.

Given the stakes involved, let’s hope investors decide that chasing efficiency by reworking old models isn’t the best way to keep the EMR business alive.  Otherwise, we may stay bogged down for many years to come.

SCOTUS Decision, Combating Mobile Health Threats, and a Video from RockHealth: This Week at HealthCareScene.com

Posted on July 1, 2012 I Written By

Katie Clark is originally from Colorado and currently lives in Utah with her husband and son. She writes primarily for Smart Phone Health Care, but contributes to several Health Care Scene blogs, including EMR Thoughts, EMR and EHR, and EMR and HIPAA. She enjoys learning about Health IT and mHealth, and finding ways to improve her own health along the way.

EMR and HIPAA

Medicaid Doctors and Dentists Gaming the EHR Incentive Program

In order to get the EHR incentive money, Medicaid Doctors and Dentists are only required to purchase the equipment. They can, technically, just buy it and do anything with Meaningful Use. Recently, Dentrix recently partnered with Henry Schein to get access to this money. In this post, the legality of doing this, with no intention of actually passing Meaningful Use standards, is discussed.

SCOTUS Decision and Healthcare IT

The recent decision on the “Affordable Health Act” has gotten the attention of many people across the country. Will this decision affect the IT and EHR world? This post delves into that question, as well as addresses how the SCOTUS decision will impact healthcare reimbursement.

Wired EMR Doctor

My Presentation Submission to 2012 mHealth Summit

Many doctors are hesitant to embrace mHealth. Dr. Michael Koriwchak submitted a talk to the 2012 mHealth Summit, explaining why he feels this is the case. This post gives a basic overview of his talk, which is split into three sections: 1) addressing practicing physicians concerns about mHealth, 2) addressing the culture differences between physician and HIT communities and, 3) outlining the concessions both physicians and the HIT community need to make in order to facilitate communication, promote adoption of mHealth, and improve the quality of mHealth products.

Smart Phone Health Care

Combating Mobile Health Threats: 13 Tips Everyone Should Read

There is a big concern for the security of mHealth, and rightfully so. With all the intelligence to create this technology, there’s people out there wanting to steal information from it. An article a mhimss.com created a list of 13 tips for “combating mobile health threats”. Read the tips and other commentary this week over at Smart Phone Health Care.

App Created to Connect Patients With Doctors Immediately

Consult-a-Doctor is a program designed to connect users with a doctor without ever leaving their home. This cloud-based program is available for the iPhone and requires a subscription. Patients are able to access live medical consultations, treatment, and even receive prescriptions through this program.

EHR and EMR Videos

RockHealth Startup Elements: Product Design with Dave Morin

RockHealth has created a series of videos concerning the elements of starting up a healthcare company. The video featured this week on EHR and EMR Videos features David Morin talking about Product Design. To check out other videos in the series, some of them are posted here.

EMR and EHR Thoughts

$34 Million Series C Funding for Practice Fusion

Practice Fusion brought their total funding to over $64 million, with $34 million coming from recent Series C Funding. Although Practice Fusion seems to be one of the major players in the EHR world, there are some complications that may make it difficult to live up to this $64 million financing.

Investing in EMR Companies

Posted on February 28, 2011 I Written By

John Lynn is the Founder of the HealthcareScene.com blog network which currently consists of 15 blogs containing almost 6000 articles with John having written over 3000 of the articles himself. These EMR and Healthcare IT related articles have been viewed over 13 million times. John also manages Healthcare IT Central and Healthcare IT Today, the leading career Health IT job board and blog. John is co-founder of InfluentialNetworks.com and Physia.com. John is highly involved in social media, and in addition to his blogs can also be found on Twitter: @techguy and @ehrandhit and LinkedIn.

I was asked a really interesting question recently:
“If you could invest in an EMR company, which EMR company would you choose to invest in?”

I find this question really interesting, because I’ve seen the detailed financials of an EMR vendor before. The business model of an EMR company is very clear and proven in many other industries.

Yet, the question about which EMR companies you’d invest in is a very different question. Certainly, there are a lot of variables when investing, but I’d love to hear other people’s thoughts about this question. Feel free to leave it in the comments or if you prefer to do it in private you can submit it on the EMR and EHR contact us page.