Health information technologies, health providers and healthcare information technologies all experienced an 18% drop in revenues during the year, according to a report released Wednesday.
While the report is only a snapshot, the trend is troubling, according the researchers at Bloomberg New Energy Finance.
The industry saw revenues fall by 8.2% and operating income fall by 12.6%.
The companies were not named.
“The health information industry, including health informaties, will continue to face challenges in terms of profitability,” said Christopher T. LeVine, a senior vice president at the nonprofit.
“The health industry is the primary driver of growth in the economy, and while it may be in decline, it is a big reason that the economy is growing so fast.”
The companies included on the report include:Health information providers like the National Association of Community Health Centers, which represents hospitals, community health centers and other providers, and the Association of Healthcare Professionals, which serves medical professionals.
These groups accounted for more than half of the industry’s revenue in the year ending June 30.
The health tech industry has been hit by several recent outbreaks and a spate of ransomware attacks that have crippled the healthcare system.
The U.S. health care industry has recorded $3.3 trillion in lost revenue in fiscal year 2017, according a study by the National Center for Health Statistics.
The report also found that the average age of healthcare workers fell to 29.6 in fiscal 2017, the first decline since 2011.
The median age of workers was at 29.3, and they had a median age as high as 30.4.
The industry saw a 14% drop of revenue from the healthcare sector, which includes hospitals, nursing homes and other health facilities.
This decline was partially offset by a 15% rise in operating income.
The drop in revenue was driven by the health information services sector, according, the report.
The decline was driven primarily by the healthcare IT industry, which is the largest segment of the sector.
The report noted that healthcare IT accounted for 28% of the total revenue.