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.
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. Healthcare EDI finds application in insurance and reimbursement data management, clinical trials and regulatory data management, and medical and dental patient database management.
In February 2017, Dell Technologies Inc. quickened the digital transformation in healthcare EDI market with the introduction of cloud integration solution for healthcare EDI.
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Global healthcare EDI market is expected to grow significantly during the forecast period. Some of the major factors driving growth of the market include expanding base of patient due to the increasing prevalence of chronic diseases, rising need to curtail healthcare costs, and government support for healthcare EDI.
According to the World Health Organization (WHO), chronic disease is the leading cause of mortality globally, comprising 60% of all deaths. Also, approximately 17.7 million people died from cardiovascular diseases in 2015, representing 31% of all global deaths.
Of these deaths, an approximate of 7.4 million deaths were due to coronary heart disease and 6.7 million were due to stroke. WHO also reported that globally 8.8 million people died from cancer which is 1 in 6 of all global deaths in 2015.
With the rise in these chronic diseases, the volume of patient is also increasing. Moreover, these large number of deaths also prompts the end users to avail healthcare EDI products for different reimbursements claims.
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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.
With respect to strategic developments, various new product launches and strategic alliances have been taking place in the healthcare EID market.
In April 2017, McKesson Corporation completed the acquisition of CoverMyMeds. CoverMyMeds’ software suite can automate the medication the medication prior to the authorizing process for more than 49,000 pharmacies, 500 electronic health records system, and 700,000 providers.
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