Director of Specialties
How stable is your Electronic Health Record (EHR) company? With recent turmoil to the EHR Market, including multiple company acquisitions, this is a question that too many physicians are being forced to ask themselves.
With more than ten years of experience in the health IT industry, direct experience with countless EHR companies, and 1,000+ product reviews, I have gained a lot of insight regarding the subject of acquisitions. Over the next few months, we will be using our experience to educate practices about what to look for in a stable EHR company and what to do if your EHR company is acquired.
This month, we will highlight the top three causes of an EHR acquisition.
- Federal Policy Requirements: With a constantly evolving healthcare landscape, EHR vendors have to stay up-to-date on numerous federal policy requirements, including the latest 2015 CEHRT requirement. What we’ve seen happen is that, when an EHR company can’t keep up with federal policy requirements, they may be forced to close their doors or sell to a larger company.
- Outdated Technology: A recent article published on Forbes indicated that outdated technology can lead to increased administrative tasks, increased potential of data loss, and can make your practice more vulnerable to cyber-attacks. We’ve seen EHR companies that are unable to meet current and future demands of health IT, ultimately forcing them to close their doors.
- Product Support Demands: In an era of automation, EHR companies struggle to meet the demands of a demographic that expects instant results AND quality customer service. Unfortunately, vendors who are unable to maintain these expectations will eventually lose clients or have to sell to a larger company.
If any of these causes resonate with you, you may want to begin the process of searching for a new EHR company while the decision is still yours to make.
Read the next two blogs in the series to learn more about The Evolution of an Acquisition.