Healthcare EDI Market 2021-2027 – Onset of Advanced Technologies to Upsurge the Growth

Healthcare EDI or Electronic Data Interchange was conceptualized to create a database that might enable shared access to health information from multiple locations. It makes it possible to exchange an equivalent data between the various entities involved within the care of patients like doctors, nurses, and other health care providers. In essence, EDI breaks down the physical and financial boundaries that are set between the varied parties involved during a health care organization. The adoption of healthcare EDI solutions has witnessed massive growth in developed economies like the U.S. and Canada. this is often thanks to the very fact that there’s high demand for innovative IT solutions to streamline workflows combined with increasing regulatory requirements associated with patient safety.

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As time changes, healthcare organizations are adapting to newer technologies, so as to cater to changing demands. Big data adoption is one among those advanced technologies that has witnessed rising adoption among healthcare companies. Big tech companies are offering novel big data solutions to cater to the stress of healthcare organizations. Recently, in December 2020, Amazon Web Services (AWS) launched Amazon HealthLake, a HIPAA-eligible service that aims to support interoperability standards and boost the utilization of massive data analytics in healthcare. Such factors can stimulate growth of the healthcare EDI market within the near future.

Despite offering numerous advantages, there are concerns regarding data privacy and security. Furthermore, the implementation cost of EDI is significantly high, which could limit growth of the healthcare EDI market. However, many healthcare organizations have found an answer for these adversities like outsourcing it, which could present lucrative growth opportunities for market players.

Healthcare EDI allows for greater sharing of data that would help within the prevention and treatment of diseases. this is often the most important advantage of EDI over other traditional modes of patient information exchange like direct patient records (DPR). EDI will need to support all kinds of knowledge interchange so it’s important to determine a typical format. These healthcare organizations and healthcare providers are focused on controlling healthcare costs. Healthcare electronic data interchange (HDI) can help organizations to transmit data back and forth using standardized formats. EDI also improves productivity, which enables a better level of efficiency, accuracy, and speed. Such advantages can boost growth of the healthcare EDI market.

Recently, in June 2020, Siemens Healthineers AG partnered with Geisinger to drive digital health collaborations including AI-enabled applications

Competitive Analysis

Healthcare EDI market is dominated by the few major players such as Optum Inc., Dell Technologies Inc., General Electric Company, Emdeon Inc., The SSI Group, LLC, ZirMed, Inc., Tallan, Inc., Quadax, and Allscripts Healthcare Solutions Inc.

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