Healthcare EDI Market Is Witnessing Massive Growth As Siemens Healthineers Partners With Geisinger To Drive Digital Health Collaborations Including AI-Enabled Applications

 


Healthcare EDI or Electronic Data Interchange was conceptualized to build a database that would enable shared access to health information from multiple locations. It makes it possible to exchange the same data between the different entities involved in the care of patients such as doctors, nurses, and other health care providers. In essence, EDI breaks down the physical and financial boundaries that are set between the various parties involved in a health care organization. The adoption of healthcare EDI solutions has witnessed massive growth in developed economies such as the U.S. and Canada. This is due to the fact that there is high demand for innovative IT solutions to streamline workflows combined with increasing regulatory requirements related to patient safety.

As time changes, healthcare organizations are adapting to newer technologies, in order to cater to changing demands. Big data adoption is one of those advanced technologies that has witnessed rising adoption among healthcare companies. Big tech companies are offering novel big data solutions to cater to the demands of healthcare organizations. Recently, in December 2020, Amazon Web Services (AWS) launched Amazon HealthLake, a HIPAA-eligible service that aims to support interoperability standards and boost the use of big data analytics in healthcare. Such factors can stimulate growth of the healthcare EDI market in the near future.

Despite offering numerous advantages, there are concerns regarding data privacy and security. Furthermore, the implementation cost of EDI is significantly high, which could limit growth of the healthcare EDI market. However, many healthcare organizations have found a solution for these adversities such as outsourcing it, which could present lucrative growth opportunities for market players.

Healthcare EDI allows for greater sharing of information that could help in the prevention and treatment of diseases. This is the biggest advantage of EDI over other traditional modes of patient information exchange like direct patient records (DPR). EDI will have to support all types of data interchange so it is important to establish a standard format. These healthcare organizations and healthcare providers are focused on controlling healthcare costs. Healthcare electronic data interchange (HDI) can help organizations to transmit data back and forth using standardized formats. EDI also improves productivity, which enables a higher level of efficiency, accuracy, and speed. Such advantages can boost growth of the healthcare EDI market.

Recently, in June 2020, Siemens Healthineers AG partnered with Geisinger to drive digital health collaborations including AI-enabled applications

 

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