Coronavirus's Impact On Healthcare Electronic Data Interchange (EDI) Market

Electronic data interchange is a concept of electronic business communication. Healthcare electronic data interchange allows the interchange of computer-processable electronic healthcare data in a user-friendly format among healthcare institutions, healthcare professionals, and patients. Standardization, cost savings, improved productivity, and faster processing are some of the benefits offered by healthcare EDI.

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For instance, healthcare providers can send claim status requests and procure information using a predefined transaction set for organized, compliant information exchange. Healthcare electronic data interchange transactions are not email exchanges, unlike normal EDI. There are various applications of healthcare EDI systems some of them are dental and medical patient database management, clinical trials and regulatory data management, and insurance and reimbursement data management.
Healthcare EDI contains exchange of electronic healthcare data between applications and computer systems. There are different modes for transaction in healthcare electronic data interchange (EDI) such as point-to-point EDI, web-based EDI, van EDI, mobile EDI, and EDI via AS2, employed by several end-users such as pharmacies, medical device & pharmaceutical industries, healthcare providers, and healthcare players. Healthcare EDI systems need to be modified with a data-centric system in order to provide a high level of data security and quality and to keep pace with the changing healthcare trends.

A key factor driving the healthcare electronic data interchange (EDI) market is the rising need to curtail healthcare cost and regularize electronic transaction. Moreover, rising government support for healthcare IT plays a vital role in driving the healthcare EDI market. The development of new regulations for transaction process is also positively affecting the expansion of the healthcare electronic data interchange (EDI) market. Additionally, the usage of electronic data interchange (EDI) provides affordable solutions for small as well as for medium-sized healthcare providers with improved scalability and flexibility. However, data security of patients is an issue that is likely to hamper the healthcare electronic data interchange (EDI) market. Moreover, initial high implementation cost for EDI software is a factor restraining the healthcare electronic data interchange (EDI) market.

The healthcare electronic data interchange (EDI) market can be segmented based on component, transaction type, delivery mode, end-user, and geographic regions. Based on component, the healthcare electronic data interchange (EDI) market can be classified into services and solutions. In terms of transaction type, the market can be segregated into claims management and healthcare supply chain. The claim management segment can be further sub-segmented into claim status, claims submission, eligibility verification, claim payment, payment remittance, referral certification & authorization, and other EDI transaction.

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Based on delivery mode, the healthcare electronic data interchange (EDI) market can be segmented into van EDI, web & cloud-based EDI, mobile EDI, and point-to-point EDI. In terms of end-user, the market can be divided into pharmacies, medical device & pharmaceutical industries, healthcare providers, and healthcare players. Based on geographic regions, the global healthcare electronic data interchange (EDI) market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The market in Asia-Pacific is expected to expand at a significant growth rate due to the consistent rise in patient volume and the need for proper management of massive patient data.

Key players operating in the global healthcare electronic data interchange (EDI) market include Capario Inc. Mckesson Corporation, GE Healthcare, SSI Group Inc., Passport Health Communication Inc., Siemens Healthcare, Experian PLC, Optum Inc., Cerner Corporation, and Allscripts Healthcare Solutions, Inc. These players are vigorously involved in various organic and inorganic growth strategies in order to gain competitive advantage in the market. Some of the vital strategies followed by these companies include collaborations, agreements, partnerships, and launch of new products.

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