Herndon, VA (PRWEB) September 18, 2014
According to Deltek’s new report, Federal Health Information Technology Market, 2014-2019, government initiatives to modernize the nation’s healthcare will fuel demand for spending on electronic health records, analytics, decision support systems, and cloud computing. Deltek forecasts that investments in health information technology systems and services by federal government agencies will increase from $4.3 billion in FY 2014 to $4.8 billion in FY 2019. The new Deltek GovWin IQ report provides insight into key priorities and implementation strategies for federal health information technology over the next five years and examines market drivers and inhibitors, technology applications, and key initiatives supporting agency strategies.
The aging population, rising health care costs, and caring for the nation’s military and veterans will drive federal health care expenditures up over the next decade. As a result of these market drivers, agency health IT strategies are focused on improving health outcomes, lowering costs, increasing access to care, and improving the health of the U.S. population.
Veterans Affairs, the Defense Department, and the Department of Health and Human Services continue to lead the ranks of federal spenders for health IT. “Significant IT spending around implementing electronic health record systems for military and veterans will drive market growth,” said Angie Petty, Research Analyst at Deltek. “There’s a lot of work needed to comply with interoperability mandates. Spending on these modernization efforts will also advance agency goals to improve access to care.”
Agencies that are spending on health IT face challenges around keeping pace with rapid technology advancement, achieving interoperability goals, and assuring security and program integrity. The ever-increasing volume and variety of data that agencies collect and store will yield opportunities for contractors. In particular, big data products and services will be in demand by agencies within the Department of Health and Human Services as they look to analyze health care trends, treatment strategies and outcomes, and biomedical data. The need for big data solutions will become more prominent over time as agencies amass data on claims, medical research, drugs and patient care. “Much of the focus moving forward will be on data-driven decision making to achieve healthcare goals, which will drive adoption of analysis and visualization tools to help gain greater insight into both business operations and patient care,” said Kyra Fussell, Research Analyst at Deltek.
Additional opportunities for contractors will be available as agencies such as Agriculture, Social Security Administration, Environmental Protection Agency, Office of Personnel Management, and the State Department invest in health IT. These organizations will be spending on data analysis resources like dashboards and visualization tools to help identify health trends for workers and regional populations. “The ability to monitor and track health incidents will facilitate diagnostics for individuals and provide greater understanding of geographic health trends,” said Fussell.
With numerous agencies embracing the business and operational benefits of implementing and using cloud services to drive efficiencies, the government will be looking for health IT solutions offered in a cloud model as well. “Increased demand for system capacity and expanding needs for data access make compelling arguments for cloud deployments,” said Petty. “As agencies collect and store greater volume and variety of health information, cloud storage looks like a great investment.”
For more information on the Federal Health Information Technology Market, 2014-2019 report, visit GovWin.com. A free summary is available here and the full report is free to subscribers of GovWin’s Federal Industry Analysis program. Press interviews can be arranged by contacting Lauran Cacciatori.
Deltek is the leading global provider of enterprise software and information solutions for professional services firms and government contractors. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential. 18,000 organizations and 2 million users in over 80 countries around the world rely on Deltek to research and identify opportunities, win new business, optimize resources, streamline operations, and deliver more profitable projects. Deltek – Know more. Do more.® http://www.deltek.com
About GovWin IQ
Deltek’s GovWin IQ provides the market intelligence tools and analysis government contractors need to gain a competitive advantage and be a formidable player in the federal market. Backed by a team of government research and analysis experts, GovWin IQ provides the most powerful, comprehensive, and timely lead generation and business intelligence solutions available. More than $1.8 trillion opportunities are tracked every year. http://www.deltek.com/govwin