Report: EHR Market to Grow at Steady Pace, Reach $8.3B by 2016

The U.S. market for electronic health record systems is expected to reach $8.3 billion by 2016, growing at an annual rate of more than 12%, according to a report from Millennium Research Group, a Toronto-based market research firm, Health Data Management reports.

The report -- titled, "U.S. Markets for Electronic Medical Records 2012" -- predicted that Medicare reimbursement penalties for noncompliance with meaningful use requirements starting in 2015 will fuel steady demand for EHR systems (Goedert, Health Data Management, 11/10).

Under the 2009 federal economic stimulus package, health care providers who demonstrate meaningful use of certified electronic health record systems can qualify for Medicare and Medicaid incentive payments. Eligible health care providers who do not meet meaningful use requirements by 2015 will see their Medicare reimbursements decline by one percent annually to a maximum of five percent...