GE Healthcare, a large electronic health record (EHR) and health IT software company based out of Chalfont St. Giles, England, will invest $2 billion into the development of software and analytics capabilities over the next five years, the company announced.
The investment, GE says, is an effort to accelerate the development of it systems to deal with what it calls the “increasing productivity challenges”, faced by its healthcare organization customer base. Much of these challenges involve healthcare reform, and the switch from a fee-for-service reimbursement system to one that is dictated by performance-based outcomes. GE hopes to improve hospital operations management, clinical effectiveness, and optimized care across entire populations with these upcoming advancements, the company said.
Specifically, GE Healthcare says it will look to develop software that allows for faster data entry, as well as enhanced proactive asset management and clinical decision support. It will aim to create software that also minimizes payment cycles and reduces waste, while allowing for more collaboration and availability of patient information.
In pre-released comments, John Dineen, President & CEO of GE Healthcare, said, “Healthcare has always relied on ’big data,’ and the need to understand data is even greater now. What is important is how we use data, providing the right technology that allows physicians to pinpoint the right diagnosis; match it to the right treatment; and make more informed decisions.”
GE’s announcement comes on the heels of a report from the Orem, Utah-based KLAS Research, which ranked usability in ambulatory EMR systems. GE ranked third overall, but clients noted much of that did not come from the vendor itself.