Electronic Health Records: Two of the biggest software/search companies have recently entered the health information business. Google, with “Google Health,” Wall Street Journal, 2-28-08, and Microsoft with, “HealthVault,” New York Times, October 5, 2007, are the latest companies determined to use their technology expertise to move digitalized health information services to wider use by consumers and medical professionals.
Digitalized health records are more commonly know as Electronic Medical Records (EMRs) and Personal Health Records (PHRs). Electronic Medical Records (EMRs) are official patient medical records used by medical professionals, hospitals and insurance providers. EMRs are primarily used to communicate patient health information within the health industry and medical profession. Few doctors share EMR information with the consumer. Personal Health Records (PHRs) are unofficial computer-based health records that are prepared and managed by the consumer. PHRs can be useful in organizing, tracking and communicating personal health information with medical professionals.
“Google Health” and “HealthVault” offer similar health information services: personal health records in one web-based location, accessible by the consumer and authorized medical professionals, standardized consumer and medical professional health record input, capability of tracking chronic conditions like blood pressure, cholesterol and blood glucose, security and privacy. Until EMRs are universally available, and the consumers have access to their medical records in their healthcare provider’s EMR system, PHRs can be helpful for consumers to monitor their health status and manage health conditions. Maintaining a PHR allows the consumer to take an active role in their healthcare and ensure that they have comprehensive health records readily available. PHRs minimize paperwork, reduce medical errors, and facilitate better communication with healthcare providers, especially in the case of an emergency. Some providers of PHR software offer a download option to a flash drive that can be used in case of an emergency, similar to the medical alert bracelet. The health industry is implementing HIPAA (the 1996 Health Insurance Portability Accountability Act), which created standards for electronic health record transactions. As consumers request more of their medical information from their healthcare providers, to create their own PHRs, the healthcare profession will move to adopt digitalized medical records.
Privacy is the generally stated reason why computer-based and web-based health information services are not widely used. Obviously, privacy is a major concern with healthcare consumers who are concerned about how their health information may be used or accessed by the company responsible for their storage. In addition, many medical professionals are concerned about privacy, litigation, technology standards and the cost of implementing the new technology. These are major impediments to the adoption of electronic health information. However, with the entrance of Google and Microsoft, joining Intel, RevolutionHealth, Intuit, just some of the companies currently working on electronic health information projects, successful adoption of electronic health information may be closer than most experts think.
William C. Stratton, CFP®
Nova Financial Consulting, LLC
Manasquan, NJ 08736
bill.stratton@verizon.net
Discussion questions:
1. Are clients using computer-based or web-based health information services to manage their health records?
2. How can personal health record management impact the clients’ financial plan?