The Global Healthcare Information Exchange Market is expected to grow at a CAGR of 10% during the forecasting period (2022-2029).
Healthcare information exchange (HIE) is the electronic distribution of healthcare information. HIE is critical for connecting communities and ensuring patient health records are available. It is a critical component of the health information technology (HIT) infrastructure.
Download Sample Brochure @ https://www.datamintelligence.com/download-sample/healthcare-information-exchange-market
The growing need to reduce healthcare costs, the focus on patient-centric care delivery, the growing adoption of EHRs and other HCIT solutions, government initiatives to improve patient care and safety, and government funding for healthcare interoperability contribute to the market’s growth.
Growing emphasis on healthcare cost optimization will drive the market growth
The notion of electronic health information exchange (HIE) is critical in improving the quality, speed, safety, and cost of patient care by improving access to and exchange of patient health information. The electronic exchange of health data among clinicians and physicians eliminates the need for unnecessary paper and record handling costs. Furthermore, HIE can improve the completeness of patient records by reviewing the patient’s history, current medications, and other health information at the same time during visits. Furthermore, timely sharing of patient information allows for better decision-making and avoids readmissions, medication errors, and the costs associated with re-testing.
Many health care professionals have discovered that electronic health records (EHRs) improve medical practice management by increasing practice efficiencies, functionalities, and cost savings. According to recent physician surveys, EHRs reduce the costs of transcription, storage, and documentation. In addition, according to a study published in the American Care of Managed Care in 2020, patients treated in hospitals with advanced EHRs paid 9.66 per cent less than patients treated in hospitals without advanced EHRs. Furthermore, implementing certain strategies, such as the use of cloud-based solutions and the elimination of hidden fees, can result in significant cost savings. Such benefits provided by health information exchange are likely to accelerate the market’s growth during the forecast period.
Furthermore, the market is expected to expand rapidly due to an increase in demand for health information exchange (HIE) systems, which is due to the growing need for the collection, storage, and secure exchange of large amounts of healthcare data.
By Implementation Model
- Centralized / Consolidated Models
- Decentralized / Federated Models
- Hybrid Model
By Setup Type
- Internal Interfacing
- Secure Messaging
- Work Flow Management
The global market for healthcare information exchange is moderately competitive, with several major players. Allscripts Healthcare Solutions, Inc., Cerner Corporation, Covisint Corporation (Open Text Corporation), Epic Corporation Inc., Infor, Inc., Medicity, Inc., NextGen Healthcare Information Systems, LLC, Optum, Inc., and Orion Healthcare, Epic Systems Corporation, Cerner Corporation, MEDITECH, Intersystems Corporation, Change Healthcare are among the market’s major players. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the healthcare information exchange market globally. For instance, On October 18 2019, Cerner Corporation acquired AbleVets to gain greater technical expertise and scale in solution design and implementation.
DataM Intelligence was established on an elemental idea of publishing Advanced Market Research Reports with precise data points & utmost accuracy that will accelerate the decision-making in designing disruptive solutions.