Electronic 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.
This research report analyzes this market depending
on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
· North America
· Asia Pacific
· Europe
· Rest of the World
This report provides comprehensive analysis
of
· Market growth drivers
· Factors limiting market growth
· Current market trends
· Market structure
· Market projections for upcoming years
This report is a complete study of current trends in
the market, industry growth drivers, and restraints. It provides market
projections for the coming years. It includes analysis of recent developments
in technology, Porter’s five force model analysis and detailed profiles of top
industry players. The report also includes a review of micro and macro factors
essential for the existing market players and new entrants along with detailed
value chain analysis.
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