The cloud computing market in the healthcare sector was growing on its own but it has gotten an even bigger boost from the COVID-19 pandemic. Cloud computing has is the practice of using remote servers in place of local servers or networks to store, manage, and process the data. Therefore, the use of the cloud moves the data center infrastructure outside of the organization. The COVID-19 pandemic is expected to have a positive impact on the market for HER (Electronic Health Market). According to an article appearing in the Journal of the American Medical Informatics Association (JAMIA, the development, implementation, and evaluation of EHR-based data sharing networks and platforms and public health information systems are required in the fight against COVID-19. Since EHR systems can be multi-disciplinary, they can be utilized to collect and analyze data from public health departments, healthcare organizations, and socioeconomic indicators. This can be of immense importance while preparing to roll out programs designed to tackle COVID-19. A report from Mordor Intelligence added: “According to the Center for Medicare and Medicaid Services (CMS), EHR refers to an electronic version of patient health information that includes vital signs, patient demographics, progress notes, problems, past medical history, medications, laboratory data, immunizations, and radiology reports. Lack of interoperability prevented the sharing of this data. However, as companies are currently working to develop more patient-friendly interoperable devices, the situation is now changing. Complex healthcare systems require diverse EHR products so that information may be shared seamlessly. By enabling better workflows and reducing ambiguity, interoperable EHR allows data transfer between EHR systems and healthcare stakeholders much more easily. Thus, due to the factors mentioned above, the market is expected to witness a high growth rate over the forecast period. Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Allscripts (NASDAQ: MDRX), Change Healthcare (NASDAQ: CHNG), Phreesia, Inc (NYSE: PHR), Accolade, Inc. (NASDAQ: ACCD).
Mordor projected that: “The healthcare cloud computing market was valued at USD 23,749.33 million in 2020, and it is expected to reach USD 52,303.35 million by 2026, registering a CAGR of 14.12% during the forecast period of 2021-2026. North America holds a significant share in the healthcare cloud computing market and is expected to show a similar trend over the forecast period. The United States is a leader in the healthcare cloud computing market, mainly due to the high adoption rate of healthcare IT services and the continuous financial and regulatory support from government agencies.”
Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS: Healthcare Triangle (HCTI) Acquires DevCool, an Electronic Health Record (EHR) Focused Healthcare IT and Managed Services company – Acquisition Expected to Add Approximately $20 Million in Revenues – Healthcare Triangle Inc. (“HCTI” or the “Company”) a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform company announced today that it has acquired DevCool, Inc. (“DevCool”), ranked by Inc. 5000 as among the fastest growing private companies in USA in 2021.
DevCool provides EHR Implementation and Managed Services to 6 of the top 10 Hospitals in the USA and specializes in providing services to cancer research hospitals and university medical centres. The combined entity will focus on accelerating healthcare providers to adopt cloud technologies in improving clinical, operational, and financial performance. This will open up significant opportunities for HCTI, a premier partner of AWS, Google Cloud, and Microsoft Azure to upsell its SaaS Platforms like CloudEz, DataEz, and Readabl.AI to the existing client base of DevCool.
“With the acquisition of DevCool, Healthcare Triangle will implement technological advancements designed to improve hospitals’ provisioning of patient care, reduce information technology costs, and enable faster EHR deployments for hospital clients as part of its strategy to consolidate its leadership position in the healthcare space. This will further provide clients to host their EHR on public clouds (Amazon Web Services, Google Cloud, and Microsoft Azure) with the HCTI’s CloudEz Platform and expertise,” said Suresh Venkatachari, Chairman and CEO of Healthcare Triangle, Inc.
He added that “With the acquisition of DevCool, we will add large health systems and Integrated Delivery Networks (IDN) to HCTI’s client portfolio, and we expect it to be accretive to EBITDA.”
“We see the acquisition of DevCool improving patient outcomes by implementing AI and Data driven platforms across medical centers and clinical facilities. Healthcare Triangle (HCTI) expects significant opportunities in cloud transformation services, further growth of data analytics and AI platforms based recurring revenues in the healthcare domain,” said Shibu Kizhakevilayil, Head of M&A and Board of Director of Healthcare Triangle Inc. “We look forward to working with Sandeep Deokule and the DevCool team in our continued journey to become a top 10 healthcare IT company in US,” said Mr. Kizhakevilayil. CONTINUED… Read this full release for Healthcare Triangle at: https://www.healthcaretriangle.com/investors/
Other recent developments in the markets include:
Allscripts (NASDAQ: MDRX) recently announced that Next Level Urgent Care has selected Allscripts to improve connectivity, provide better electronic health record (EHR) workflows and greatly advance analytics to all of its locations. All Next Level Urgent Care’s facilities will implement Allscripts Touchworks® platform as well as Microsoft Azure hosting and services.
Next Level Urgent Care provides walk-in care for non-life-threatening illnesses and injuries such as sprains, strains, fractures, lacerations, allergies, rashes, and congestion issues, with locations throughout the Houston area. As the first organization in Texas to achieve Urgent Care Center Accreditation through the American Academy of Urgent Care Medicine (AAUCM), a voluntary evaluation that measures the quality of services and performance against nationally recognized standards, Next Level Urgent Care clinics provide an alternative for the treatment of non-life-threatening health conditions.
Change Healthcare (NASDAQ: CHNG) recently announced that Stratus Imaging PACS, a cloud-native, zero-footprint Picture Archiving and Communication System, is live in clinical use. This scalable, cloud-native platform is now being used by StatRad, an award-winning teleradiology service whose 90 radiologists read approximately 1.5 million studies a year and serve hundreds of hospitals across the United States.
Stratus Imaging PACS provides a seamless solution for radiology practices to read images from multiple hospitals on one platform, anytime from anywhere, including at home and on mobile devices. Proprietary streaming technology assures high performance and speed across different network conditions. One advantage of using the cloud-native solution is scalability and significantly reduced downtime for upgrades or maintenance, helping to keep security protection and functionality up to date. Having the ability to read images 24 hours a day, seven days a week is required to meet the needs of the hospitals and patients that large radiology practices serve.
Phreesia, Inc (NYSE: PHR) recently announced that its patient intake platform has earned renewed HITRUST CSF Certification for information security. The designation validates Phreesia’s commitment to meeting key regulations and protecting sensitive information.
“This recertification underscores Phreesia’s dedication to safeguarding sensitive personal health and financial information,” said Wes Shriner, Phreesia’s Senior Director of Information Security. “We prioritize security in every decision we make as an organization. This continuous third-party examination gives patients and providers using our platform confidence that their information is safe with Phreesia.”
Accolade, Inc. (NASDAQ: ACCD) recently announced financial results for the fiscal second quarter ended August 31, 2021.
“At Accolade, we believe it is time for a new approach that recognizes healthcare is a personal experience, and that we must stop rewarding a system that fundamentally doesn’t work for patients or employers. At our recent Evolve21 customer conference, we were proud to introduce Personalized Healthcare, a new category that enables a nationally scalable model of value-based care. Personalized Healthcare requires all healthcare companies to step up and offer solutions that deliver a personalized experience, are powered by data-driven insights, and align the financial model with demonstrated value. Our new solutions – Accolade One and Accolade Care – deliver one of the broadest offering portfolios available to employers,” said Rajeev Singh, Accolade Chief Executive Officer.
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