Improving Investments in Healthcare Industry Beneficial for Global Healthcare EDI Market
by Ranu Kurmi tmrElectronic Data
Interchange, abbreviated as EDI, is an innovative electronic communication
technology, that offers exchange data standards, for exchange of data by any
kind of electronic technology. Electronic data exchange permits exchange of
important data between two or more companies, situated in two or different
countries, by application of certain standards of EDI. EDI can be defined as,
exchange of data, by using predetermined message terms and standards, from one
computer device to another, without any human or mechanical intervention.
Electronic data exchange was launched by National Institute of Standards and
Technology in 1996.
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Healthcare Electronic Data Exchange
(EDI) is the systematic application of EDI in the field of healthcare. EDI has
played a valuable role in the healthcare industry. It is been very critical to
manage the data in healthcare field, such as, patient history records,
medication data, emergency services records and others. However, EDI helped to
manage this huge data in very efficient, systematic and easily accessible
manner. EDI is implemented in almost all sub-divisions of healthcare industry,
since it saves lot of time and money, and ultimately propels the growth of
healthcare industry. As of now, major applications of EDI in the healthcare
industry include insurance and reimbursement sector, dental and medical patient
database management, clinical trials and regulatory data management and others.
The market of healthcare EDI is
segmented on the basis of products and end users. In products segmentation, it
is further divided on the basis of mode of delivery, such as, P2P EDI, VAN EDI,
Cloud EDI, mobile EDI and others. On the basis of transactions, it is sub-divided
as, premium payments, eligibility verification, insurance and reimbursement
claim status, enrollment related transactions and others. Further, on the basis
of end users, it is sub-divided as healthcare service providers (medical
infrastructure, clinics, hospitals and other medical assessment centers),
pharmacies and medical devices and equipment manufacturers, suppliers, and
distributors, and healthcare financers, such as government financers and
private financers.
Moreover, the market is segmented on the
basis of geography, such as, North America, Europe, Asia-Pacific and Rest of
the World (RoW). At present, North America and Europe are the most prominent
markets, owing to well developed technological networks. However, Asia-Pacific
and some countries in RoW region are expected to show lucrative growth in the
upcoming period, owing to enhanced awareness about use of technology to perform
day-to-day EDI activities and growth of technological network.
The market of healthcare EDI is driven
by many influencing factors, such as, rapidly growing technology and its
applications in the healthcare industry, increase in prevalence of chronic
diseases and growing awareness. This is supported by rapidly growing clinical
trials and R&D, increasing base of end-users such as hospitals and private
payers, and strong focus on reimbursement and insurance claims. Rapidly
increasing technological applications is considered as the most important
driver supporting the growth of this market. Owing to this, a large amount of
money and time, which was wasted in healthcare data management, has been saved
that ultimately contributes in the growth of the industry.
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However, limited technological access in
rural and under developed region of the world, threat of loss of system
database due to technical issues are some of the restraints, expected to hinder
the growth of market. Furthermore, financial limitations also act as a barrier
in the penetration of EDI.
Some of the ajor players operating in
this market include Capario Inc., GE Healthcare, Siemens Healthcare, Ssi Group,
Inc., Passport Health Communication Inc., and Optum Inc. amongst others.
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