Meditech (Medical Information Technology Inc.)
Meditech (Medical Information Technology, Inc.) sells health information technology used in 2,400 healthcare sites in the U.S., Canada and United Kingdom.
The privately-held company holds approximately 19% of the hospital electronic health record (EHR) market share in the U.S., according to hospital and B2B research firm peer60. For 2015, the company's combined products and service revenues were $475.5 million, and in that year Meditech employed nearly 3,750 workers, as detailed in publicly available financial reports.
Meditech's products have been popular among midsize hospitals and other settings whose budgets are not big enough to afford EHRs sold by leading competitors Epic Systems Corp. and Cerner Corp.
The company's origins date back to 1966 when A. Neil Pappalardo began assisting with the development of the Massachusetts General Hospital Utility Multi-Programming System (MUMPS, or more simply M) programming language at that medical center's computer lab. When MUMPS became commercially available in 1969, Pappalardo founded Meditech.
Today, Pappalardo serves as Meditech's chairman and is steering the company through challenging times. The vendor faces intense competition from rivals that include Epic, Cerner, McKesson Corp. and CPSI. Since the Obama administration launched the Electronic Health Records Incentive Programs in 2009, which provided incentive payments to hospitals and physician offices that implemented EHRs and proved meaningful use, Meditech saw its revenues rise to its highest level of $597.8 million in 2012. However, revenue has decreased from 2013 through 2015 as of this writing. According to company records, the declines were primarily due to lower product bookings.
The Westwood, Mass.-based firm offers a wide range of clinical and administrative applications that are integrated with the company's flagship web-based EHR product, the current version of which is Meditech 6.1. The company says its technology serves more than 100 million patients in hospitals, ambulatory centers, home care, hospice, long-term care facilities and behavioral health sites.
Other healthcare business functions integrated into Meditech's EHR include:
- Revenue cycle management
- Population health management
- Mobile-based physician rounding
- Readmissions data tracking
- Medication reconciliation
- Telehealth monitoring for home-based patients