Healthcare electronic data interchange (EDI) facilitates the exchange of healthcare data which is processed using computer software in a standardized format. Healthcare industry processes a large number of documents such as medical records of patients, healthcare claims, and reimbursement records. Healthcare EDI helps in the exchange of this information among healthcare institutions, healthcare professionals, and patients.
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The use of healthcare EDI increases accuracy, improves productivity, helps in faster identification of errors, consumes less time, secures exchange of information and leads to ease of work for the healthcare providers, healthcare payers, and pharmacies.
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The key trend witnessed in the global healthcare EDI market is increasing number of research and development activities. With the rising prevalence of adoption of advanced technology in the healthcare market, the key players are investing more on the research and development on healthcare EDI, for the growth of the global healthcare EDI market.
Additionally, increasing use of EDI in healthcare manufacturing and distribution industry and growing focus on integration platform as a service (IPAAS) are major trends observed in the global healthcare EDI market. The increase in outsourcing of EDI services and introduction of ICD-11 guidelines are creating ample opportunities for the growth of the global healthcare EDI market.
MARKET SEGMENTATION
By Component
• Services
• solutions
By Delivery Mode
• Web & Cloud-based EDI
• EDI VAN
• Point-to-Point EDI
• Mobile EDI
By Transaction Type
• Claims Management
o Claims Submission
o Claim Status
o Eligibility Verification
o Payment Remittance
o Referral Certification & Authorization
o Claim Payments
o Others
• Healthcare Supply Chain
By End User
• Healthcare Providers
• Healthcare Payers
• Medical Device & Pharmaceutical Industries
• Pharmacies
Geographically, North America was the largest market for healthcare EDI in 2016, followed by Europe and Asia-Pacific. Some of the major factors driving the growth of the global healthcare EDI market in North America include, presence of a large number of healthcare EDI companies and rising demand for the innovative technological advancements in the healthcare market. Adoption of EDI services for supply chain management in hospitals and increased government efforts for improvement in reimbursement processes and healthcare coverage are driving the growth of the European healthcare EDI market. Asia-Pacific is expected to witness fastest growth during the period 2017 – 2023, due to the increasing healthcare expenditure by government, rising focus on research and development and technological investment.
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Some of the key players in the global healthcare EDI market are GE Healthcare, Cognizant Technology Corporation, Cerner Corporation, Axway Software SA, Dell Technologies Inc., Synnex Corporation, McKesson Corporation, Allscripts Healthcare Solutions Inc., SSI Group, LLC, Comarch SA, Optum Inc., and Quality Systems Inc.