Hospital EHR spending projected to reach $9.9B by 2024

Despite budgetary strains from the COVID-19 pandemic, a new report predicts regulatory requirements and medical-service spending growth will benefit electronic health record vendors in the years to come. The electronic health record industry has benefited from steady growth over the last few years, but a new report warns the financial squeeze from COVID-19 may lead to setbacks for many EHR vendors.

Even so, the business research company Freedonia Group points out in its report that the crisis has also demonstrated the importance of both EHRs and interoperability between systems.

Report authors also predict that EHR vendors will benefit from regulatory requirements around EHR implementation and projected growth in hospital spending.

“US expenditures on electronic health records (EHRs) are forecast to total $19.9 billion in 2024,” according to the report, which predicts hospital EHR spending will reach $9.9 billion.