The software industry has been recently ranked as one of the best places to start a new business in. With that in mind, knowing that paper records are still the most common way of storing information is crucial to your investment acumen and here’s why; more and more medical records are being mandated to switch to electronic filing.
Currently though, the majority of doctors, hospitals and clinics find it difficult to let go of their paper based medical record keeping. It’s easy to fill out forms and it’s cheap so, it doesn’t provide a lot of incentive to implement a software based records system. One of the biggest problems with paper records though, is the large amount of physical storage needed to keep them for the legally required number of years.
Why should this concern you if you are an investor watching the stock market? Because it’s precisely this type of information that could help you invest early in a rising market.
The software industry is expected to generate about $8 billion in sales in 2012 and double that in 2013. It’s the medical office packages, that are currently dominating the market, with a whopping increasing of 376% over last year.
All those doctors, clinics and hospitals are beginning to free up space in their backrooms and install an electronic record keeping system in their administration departments. As well, insurance companies and government agencies are starting to urge these organizations to switch to electronic record keeping. So, you may want to buy up stock in medical software company providers, as they could be the next big stock boon.