Some of the major factors expected to boost the demand for the Healthcare EDI Market is the growing number of regulations for transaction processes, the growing need to effectively handle electronic claims and reimbursement transactions.
JERSEY CITY, N.J., Jan. 20, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Healthcare EDI Market" By Transaction Type (Claim Management, Claim Payment, Claim Status), By End Use (Healthcare Payers, Pharmaceutical Industries, Healthcare Providers), By Deliver Mode (Mobile-based EDI, Cloud-based EDI, Point to point EDI), and By Geography. According to Verified Market Research, the Global Healthcare EDI Market size was valued at USD 2.91 Billion in 2020 and is projected to reach USD 5.23 Billion by 2028, growing at a CAGR of 7.6% from 2021 to 2028.
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Global Healthcare EDI Market Overview
Like most other industries, the healthcare industry has undergone dramatic changes, especially in data processing, becoming more digitized. In the healthcare industry, huge amounts of highly sensitive data such as patient medical records, health insurance reimbursements, and health insurance claims are being exchanged between providers and payers. Nowadays, data sharing has shifted from manual to digital processes as a result of the regulations introduced by the Healthcare Insurance Portability and Accountability Act (HIPAA) and the Patient Protection and Affordable Care Act (ACA). Prior to HIPAA, data management was manual and mostly paper-based, making it difficult to protect and protect sensitive information. Today, information is exchanged electronically between trading partners via Electronic Data Interchange (EDI). This is a structured mechanism that helps reduce human intervention and improve the process.
Growing cases of chronic diseases is one of the major factors driving factors of the Global Healthcare EDI Market, as it generates significant amounts of data for the institution, which in turn generates demand for the use of the healthcare EDI system. In addition, a surge in the number of end-users such as payers, providers, pharmaceutical, and medical device industries, and others is expected to boost demand for EDI services. COVID19 has caused a global disruption in the healthcare industry, as a greater number of patients are accessing healthcare facilities or hospitals on a daily basis.
Healthcare facilities, such as hospitals and aged caregiving centers are unprecedented facing challenges. The patient data has increased globally as a result of the COVID 19 epidemic. Increasing demand for virtual care has resulted in an increased demand for telehealth solutions. There is an increase in medical billing, urgent care, and a growing need for operational efficiency. These factors have boosted demand for Healthcare EDI during the pandemic.
The major players in the market are Cognizant, Experian Information Solution, ZirMedInc and LLC., McKesson Corporation, and the SSI Group.
Verified Market Research has segmented the Global Healthcare EDI Market On the basis of Transaction Type, End Use, Deliver Mode, and Geography.
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Top Insurance Claims Management Software: Good brands that care for you
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