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Home / Company / Investors / Investor Fact Sheet / Target Market

Target Market

 Nightingale believes that growth in IT spending in healthcare is attributable to three distinct factors: Government regulations and incentives, increased healthcare cost and decreased reimbursement, and advances in third party underlying technologies.

• Driven primarily by patient information privacy and security, the United States and Canadian governments have introduced legislation that establishes the rules governing patients' privacy and security in the form of the Health Information Portability and Accountability Act (HIPAA) in the United States and the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada. Complying with these regulations will accelerate the need to have secure Electronic Medical Records (EMR) and communication channels between various stakeholders, such as laboratories, specialists and hospitals. Aside from regulation, many of the provincial governments across Canada are also offering financial incentives to physicians willing to implement Electronic Medical Records (EMR). The Government of Ontario, since 2001, has already invested more than $260 million in these initiatives.
• The emerging Canadian eHealth market is also being fueled by government funding and other initiatives aimed at streamlining healthcare costs through the creation of better efficiencies in the delivery of care. In President Bush's 2004 State of the Union Address, the President specifically addressed the need for adoption of EMRs as part of his mandate for the widespread adoption of IT in clinical care. The Commission on the Future of Health Care in Canada, headed by Roy J. Romanow, Q.C. stated that "Electronic health records are one of the keys to modernizing Canada's health system and improving access and outcomes for Canadians".
• Healthcare systems in Canada and the U.S. are financially constrained, partially due to overall systematic inefficiency. Nightingale estimates that redundancy and waste has an overall cost of up to 25% of the total system budget. This systematic financial pressure has filtered its way to healthcare providers who have seen increased pressure and scrutiny on their reimbursement by payers and government agencies for their spending on Practice Management System. These healthcare providers are looking for tools and the systems that will increase their efficiency and provide them with significant cost savings in medical practice management.
• Advances in third party technologies, and the evolution of the Internet has created an affordable communication medium that is acting as a catalyst for both, the adoption of technology and for the ability to offer improved Electronic Medical Records (EMR), clinical and practice management system. As witnessed in other industries and amongst other professional groups, adoption of technology across a peer group tends to create a snowball effect, whereas a lack of adoption creates isolation