Global Healthcare EDI Market: Overview
The players in the global healthcare EDI market offer various solutions as well as services to healthcare providers as well as healthcare payers. The stakeholders and participants in the global healthcare EDI market offer unique solutions for two major types of healthcare transactions, namely healthcare supply chain as well as claims management. The claims management transactions can be further classified into services such as claim status, payment remittance, clams payments, claims submission, eligibility verification, and referral certification as well as authorization, among others. These services and solutions, offered by the players and vendors in the global healthcare EDI market are delivered through various delivery modes, including EDI VAN, mobile EDI, web and cloud based EDI, and point to point EDI. Some of the most important and prominent end users for the products and solutions in the global healthcare EDI market include healthcare payers, pharmacies, healthcare providers, and medical devices as well as pharmaceutical industries.
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Global Healthcare EDI Market: Major Trends and Drivers
The global healthcare EDI market will be driven by several factors within the next few years, including the fast paced development of new regulations intended to streamline and monitor transaction processes, the increasing need for reducing the healthcare costs, and the rising support from the governments across the world for implementation of HCIT. Furthermore, some other major drivers for the global healthcare EDI market include the rising requirement for efficiently managing the reimbursement as well as electronic claim transactions for healthcare providers. However, the high cost associated with the implementation of these EDI software solutions may restrict the growth within the global healthcare EDI market in coming years. Additionally, the limitations for end users remains one of the significant challenges faced by the stakeholders and participants in the global healthcare EDI market. On the other hand, the rising trend of outsourcing the EDI services may positively influence the demand within the global healthcare EDI market in the next few years.
Global Healthcare EDI Market: Key Players and Manufacturers
The landscape of the global healthcare EDI market is filled with a large number of both international as well as local players. Some of the most significant developers and players functional within the global healthcare EDI market include Optum, Athena Health, Nextgen Healthcare, Cognizant Technology Corporation, Cerner Corporation, Axway Software SA, Dell Technologies, Inc., Synnex Corporation, Axway Solutions, Plexis Healthcare Systems, McKesson Corporation, Allscripts Healthcare Solutions, Inc., SSI Group, LLC, and Cornarch SA, among others. The players and participants in the global healthcare EDI market are adopting various unique strategies to encompass a major share in the industry.
These include new service or solution launches as well as strategic partnerships and collaborations. Another essential inorganic growth strategy employed by the players and vendors in the global healthcare EDI market is mergers and acquisitions. For instance, in order to launch new HCC coding edit suite, RCxRules as SSI Group partnered up with each other in 2020. Elsewhere, Waystar Analytics Software was launched by the Waystar Health in 2020. Additionally, eSolutions was acquired by the Waystar in 2020.
Global Healthcare EDI Market: Regional Assessment
Geographically, the most essential region that is anticipated to grow at the highest rate within the global healthcare EDI market in coming years is Asia Pacific. The growth within the global healthcare EDI market in Asia Pacific will be driven by multiple factors in coming years, including the rising instances of chronic ailments, the increasing pool of geriatric population, and the rise in the demand for enhanced healthcare systems, owing to the rise in the per capita income amongst the regional population. Furthermore, the increasing awareness pertaining to the benefits of using EDI software tools amongst the healthcare payers as well as providers in the region is also expected to foster the development of the global healthcare EDI market in Asia Pacific region within the next few years.