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HIT in South Korean Hospitals

Source:Ringier Release Date:2011-01-31 939
Medical Equipment
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South Korea, along with Japan and The Netherlands, is one of the few countries that prohibit the operation of profit-oriented hospitals. However, this trend is beginning to change with the first foreign, for-profit hospital being built in Songdo. The prevalence of chronic diseases due to rapid changes in lifestyle and an increase in the aging population has necessitated efficient and modern systems that offer patients quick and easy access to healthcare services.

New analysis from Frost & Sullivan finds that South Korean healthcare IT (HIT) market was valued at USD 92.8 million in 2009 and is expected to grow at a compound annual growth rate of 6.8% from 2009 to 2016. In 2009, South Korea spent USD 66.20 billion on healthcare, and further spending is expected in 2016 with an increase to USD 114.40 billion. Hospitals are keen to adopt IT to reduce their operational expenditure and improve the quality of their services. HIT also aids in seamless medical bill reimbursement.

"A major contributing factor to the high growth rate of the HIT market in South Korea is the government encouragement through disbursement of subsidies and creation of several policies, guidelines, and regulations. South Korea has been witnessing significant developments in E-health during the recent past and has one of the most advanced IT infrastructures in Asia," says Frost & Sullivan Research Analyst Amritpall Singh.

South Korea is shifting from telemedicine to ubiquitous healthcare (u-health), thereby enabling self-care by patients and real-time monitoring by physicians. The country's new status as a medical tourism destination has spawned specialty hospitals that have teams of specialists, various facilities, and sophisticated equipment. These hospitals aim to provide high-quality services and thus are likely to invest in HIT, primarily for insurance reimbursement and in electronic health record applications.

"South Korea also plans to make significant improvements in the area of green technologies. This will pave the way for increased eco-friendly management of hospitals and raise the number of 'intelligent' products used in hospitals," notes Singh. Green products that are able to reduce energy consumption by a rate of 30.0% are gaining acceptance among hospitals that seek better energy management and smart systems that monitor energy usage.Air Zoom Pegasus 35
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