Cost Savings and Enhanced Productivity Accorded by Healthcare Electronic Data Interchange (EDI) to Boost their Market

MarketResearchReports.biz has announced the addition of a new market study to its repository, titled, “Healthcare Electronic Data Interchange (EDI) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.” It discusses the uptake of electronic data interchange (EDI), which is the electronic interchange of business information using a standardized format, in the healthcare sector.

It sets out with a basic definition of healthcare electronic data interchange (EDI). It informs that there are various manner for transaction in healthcare EDI, namely web-based EDI, point-to-point EDI, mobile EDI, EDI via AS2, and web-based EDI. They are leveraged by end users such as healthcare providers, pharmacies, and medical device and pharmaceutical industries, among others.

Healthcare electronic data interchange (EDI) is seeing rapid adoption on account of the benefits it provides. Those include cost savings, standardization, enhanced productivity, and rapid processing. With the pressing need of healthcare entities to reduce operational costs and regularize electronic transactions, demand for healthcare EDI is rising. In addition, increasing support from the government for implementation of healthcare IT to make various processes seamless is also benefitting the market.

The report uncovers that new rules pertaining to transaction processes is benefitting the healthcare electronic data interchange (EDI) market too. Medium and small-sized healthcare providers are at the forefront of driving sales of healthcare EDI since they accord better flexibility and scalability. Despite so many advantages, one drawback is holding back the market from attaining its full potential – concerns over data security of patients in EDI. Further, steep cost of installing EDI software is also another factor dragging down sales growth in the healthcare electronic data interchange (EDI) market.

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The two main components of healthcare electronic data interchange (EDI) market are solutions and services. Transaction-wise, healthcare supply chain and claims management are the two main segments of the market. The segment of claim management can be further divided into claims submission, claim status, claim payment, eligibility verification, referral certification and authorization, payment remittance, and other EDI transaction.

Depending upon the mode of delivery, the market for healthcare electronic data interchange (EDI) market can be divided into web and cloud-based EDI, van EDI, point-to-point EDI, and mobile EDI. The web and cloud-based EDI segment, of them, holds largest share in the market because they cost less and do not require expensive software installations. They also offer scalability and are compatible with mobile devices.

North America, South America, Asia Pacific, Europe, and the Middle East and Africa are some of the key regions in the market that have been studied in the report. Among them, the Asia Pacific market is predicted to rise at the fastest clip owing to a large pool of patients and the pressing requirement to manage the vast pool of patient data. North America is another key market because of the early adoption of latest healthcare IT solutions, stringent rules pertaining to patient safety, and the presence of a large number of healthcare IT companies in the region.

Savvy players in the global market for healthcare electronic data interchange (EDI) are taking both the organic and inorganic route to grow. They are seen banking upon agreements, collaborations, product launches, and partnerships to progress. Some of the prominent participants in the market are Capario Inc. Mckesson Corporation, SSI Group Inc., GE Healthcare, Passport Health Communication Inc., Experian PLC, Siemens Healthcare, Cerner Corporation, Allscripts Healthcare Solutions, Inc., and Optum Inc.

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