Global Enterprise Master Patient Index Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Enterprise Master Patient Index Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Enterprise Master Patient Index (EMPI) is a database used to maintain consistent and accurate information about each patient registered with a healthcare facility, preventing duplicate records or errors. EMPI software provides an automated and easily integrated solution for creating a single source of truth for patient identity and demographic information. It is also used to facilitate the exchange of patient information between different healthcare providers, such as when a patient is transferred from one facility to another or when health data exchanges are used. While most major electronic health record systems have built-in identity management systems, many organizations choose to use solutions from software vendors that specialize in patient identity management.

Market Overview:

The latest research study on the global Enterprise Master Patient Index Software market finds that the global Enterprise Master Patient Index Software market reached a value of USD 593.46 million in 2022. It’s expected that the market will achieve USD 1041.85 million by 2028, exhibiting a CAGR of 9.83% during the forecast period.

Opportunities

Technological advancements, cost containment, and increased predictability will be an integral part of healthcare reform shortly. New technologies for smart healthcare include artificial intelligence (AI), Internet of Things (IoT), medical Internet of Things (MIoT), edge computing, cloud computing, big data, and next-generation wireless communication technologies. COVID-19 has highlighted the importance of remote diagnosis, care, and counseling. Regulatory and conduct hurdles have slowed the growth of telehealth over the past few years. But many healthcare providers are working on video conferencing and phone calls during the pandemic, and social distancing measures have also mandated online consultations for patients with moderate symptoms. With the help of conferencing technology, doctors can virtually treat patients, provide prescriptions and conduct follow-up visits via video calls. Part of this virtual care is using healthcare portal technology to build secure online healthcare portals that help providers and patients track treatments, store health records, and collect and access data from wearable devices or clinic visits. Natural language processing (NLP) can be used to create, categorize and document clinical information. Smart hospital management can help improve efficiency and effectiveness, improve patient experience, and help doctors more easily access information such as bed occupancy, equipment usage, equipment status, material and supply quantities, and other operational data by connecting digital systems. It is expected that in the next few years, the medical information system will be fully migrated to the cloud platform, and the cloud platform will also support artificial intelligence technology, virtual reality, robotics, and other applications in various fields such as telemedicine, remote surgery, drug research and development, and health management. This will promote the intelligence of medical and health services, make smart medical care achieve a qualitative leap, and develop into a future medical and health service model.

Advantages of EMPI software

EMPI software has many advantages. Electronic medical records are the basis of information construction in medical institutions, and electronic health record systems can help reduce duplicate patient data in hospitals. Duplicate and incomplete medical records can lead to delays in emergency room care, additional and unnecessary tests, and delays in surgery, and leave organizations vulnerable to lawsuits and fines. According to Black Book Market Research, duplicate records make up 18 percent of the average healthcare system's records. Inaccurate patient information accounts for more than 30% of all denied claims, costing hospitals an average of $1.5 million annually and U.S. healthcare organizations $6 billion annually. By using EMPI, healthcare organizations can significantly reduce duplicate patient records and correct errors. More accurate patient data can help improve clinical decision-making and increase patient satisfaction and loyalty. Uses of EMPI typically include data linking, finding duplicates, patient searches, and sharing data with external entities. EMPI software can collect a variety of data items from across information systems, including patient information from electronic health records, laboratories, pharmacies, billing, telemedicine, and customer relationship management, among others. EMPI automates the duplicate records cleanup process for healthcare organizations, saving staff hundreds of hours spent reviewing records and making manual corrections. EMPI uses deterministic and probabilistic algorithms to match patient records, easily identifying duplicate and erroneous patient records, such as misspellings, date swapping, missing information and default values, etc., maintaining the integrity of patient data. With predefined workflows and confidence levels, EMPI not only automatically links records, but also flags potential duplicates for remediation and review. For example, if a hospital configures EMPI with a 90% confidence level, any match below 90% will be shown as a potential match and require human approval. EMPI is also able to send notifications downstream to keep patient records in sync and facilitate accurate data exchange both inside and outside the network. In an emergency or other critical care situation, medical staff can know more about medical conditions or other information relevant to care. And, accurate patient information will positively impact healthcare organizations' claims and reimbursement processes. Additionally, duplicate patient records can also arise when multiple healthcare organizations merge and prepare to transfer patient records to an organization-wide electronic health record system. Healthcare organizations are addressing these issues by purchasing EMPI. Therefore, these advantages of EMPI software lay a solid foundation for the further digital transformation of medical institutions, and the EMPI software industry is in rapid development.

Growing demand for patient data management solutions

Continued growth in the healthcare industry encourages healthcare providers to adopt IT solutions to ensure an easy workflow, focusing on adopting EMPI software to maintain and manage patients' clinical, financial, and demographic data. North America dominated the global EMPI software market. Among the major players, the market growth in the U.S. is attributed to the growing healthcare industry, rising healthcare spending, rising adoption of digital healthcare, increasing government support for digital healthcare, and competition among government entities and market players to strengthen EMPI Collaboration enhanced by the implementation of the software. Moreover, the increase in complaints of medical ransomware attacks has made hospitals pay more attention to protecting the security of patient information. The market growth in Canada and Mexico is attributed to the presence of international market players, the increasing adoption of advanced technologies, and the presence of supportive government regulations. The EMPI software market in the Asia Pacific is expected to grow at the fastest rate in the coming years. In populous countries like China and India, hospital administrators are under constant pressure to reduce costs while continuing to improve patient care. The development of infrastructure in the healthcare industry and the attention of pharmaceutical companies are driving the growth of the healthcare market. Favorable government healthcare policies are also driving the market. For example, Japan has provided its citizens and residents with a universal insurance plan and better healthcare services at affordable prices for over a year. This has increased the adoption of healthcare analytics in the country. Moreover, the growth of remote patient care due to the aging population and long-term chronic diseases makes the exchange of medical records more and more important. EMPI software ensures that health information is transmitted in a clear and standardized format, minimizing the inconvenience of moving patients to different healthcare facilities. The COVID-19 outbreak has increased the use of big data analytics in public healthcare monitoring and disease tracking, which has also positively impacted the EMPI software market. For example, in March 2020, the Nebraska Health Information Initiative (NEHII), the state's leading health information clearinghouse connecting more than 70% of providers, partnered with NextGate's cloud-based Enterprise Owner Patient Index (EMPI) Solution integration for enhanced patient matching. Covering more than 4 million patient records in the Nebraska region, the EMPI will integrate information from more than 300 participating health systems. As a result, EMPI software has become a critical tool for healthcare centers to maintain clinical, financial, and demographic data throughout the care continuum, thereby playing an important role in delivering safe and quality care. This is driving the growth of the EMPI software market.

Technology and talent issues

The technical barriers of EMPI software in promoting the informatization of the medical industry are mainly reflected in two aspects. On the one hand, it is based on the various dimensions of the medical scene to carry out the research and development of the underlying technology and the personalized technical design of the scene application, and on the other hand, it is the application of the new generation of information technology in the medical field. The differences in the type, scale, business process, and information application level of medical institutions determine the high degree of individualization of medical information needs. In the implementation process of the medical information business, it is necessary to fully consider the linkage between health administrative departments, medical institutions, doctors, and patients. Therefore, EMPI software companies need to have a relatively deep understanding of medical technology, including clinical medicine, medical institution construction planning, medical institution function settings, and medical institution business processes. It is difficult for new entrants who lack long-term accumulation to acquire relevant capabilities. The new generation of information technology such as big data, artificial intelligence, and other technologies in medical scenarios has a long R&D cycle, high investment, high risk, and high requirements for basic data integration capabilities, which are the natural technical barriers of EMPI software. EMPI software is a typical technology and knowledge-intensive industry, and high-quality technical talents, management talents, and market talents are relatively scarce in the industry. EMPI software has the obvious characteristics of an expert system, which requires the research and development team to have rich medical knowledge support. Therefore, the industry needs a large number of talents with dual knowledge backgrounds in IT and health care. Therefore, the technical and talent barriers of EMPI software companies have become the limiting factors for the development of the industry.

Region Overview:

In 2022, the share of the Enterprise Master Patient Index Software market in North America stood at 65.63%.

Company Overview:

The major players operating in the Enterprise Master Patient Index Software market include QuadraMed Corporation, Meditech, IBM, Summit Healthcare, Rhapsody, etc. Among which, QuadraMed Corporation ranked top in terms of sales and revenue in 2023.

QuadraMed Corporation

QuadraMed® is a leading provider of award-winning healthcare technologies and services that improve the safety, quality, and efficiency of patient care. Founded in 1993, QuadraMed provides proven, flexible solutions that help make our clients successful by streamlining processes, increasing productivity, and driving positive patient outcomes.

Meditech

MEDITECH develops EHRs to simplify and enhance clinicians' interactions with patients. We make technologies that encourage human connection, instead of getting in the way. To that end, we are empowering healthcare organizations large and small with better tools for secure and cost-effective care, including our scalable Cloud Platform, MEDITECH as a Service (MaaS), and our strategic partnerships with Google and Apple.

Segmentation Overview:

By type, 77.79% segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Large Enterprises segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Enterprise Master Patient Index Software market covered in Chapter 3:

QuadraMed Corporation
Rhapsody
Summit Healthcare
IBM
InterSystems Corporation
Verato, Inc.
Meditech

In Chapter 4 and Chapter 14.2, on the basis of types, the Enterprise Master Patient Index Software market from 2018 to 2029 is primarily split into:

Cloud-based
On premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Enterprise Master Patient Index Software market from 2018 to 2029 covers:

Small and Medium Sized Enterprises
Large Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)