Potential Impact of COVID-19 on Healthcare Information Exchange Market

Healthcare Information Exchange Market: Overview

The market intelligence study titled “Healthcare Information Exchange Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” delves into the prospect of growth of the world market for healthcare information exchange. It also assesses the sequential growth of the said market over the timeframe of forecast that extends from the year 2017 to the year 2025. The said market research study also comprises various non-pervasive and pervasive inclinations and they have also been included in the said report. A detailed snapshot of the said market with the analysis of Porter’s five forces has been provided in a bid to present a concise and clear landscape of the market vendors to the readers. The market intelligence study also points at mergers, important conglomerates, numerous research and development activities, acquisitions, and corroborations. The companies that have been profiled in the study come with thorough examination based on their market shares, prime products, and marketing strategies.

Healthcare information exchange is considered to be an integral and significant element of health information technology (HIT) infrastructure. Healthcare information exchange refers to the deployment of healthcare information electronically within a well defined regional area so as to bring healthcare stakeholders all together. These stakeholders comprise labs, nurses, patients, pharmacists, doctors, and numerous health care providers

Healthcare Information Exchange Market: Trends and Opportunities

There is a greater need for more access to health information patients, rising awareness about healthcare information exchange technology, increasing collaborations between the stakeholders are a few of the primary growth promoting elements that are driving the market for health information exchange. In addition to that, increasing incentives programmes by the U.S. government and high cost that is associated with the current system of health information exchange are other factors that are prognosticated to steer the growth of healthcare information exchange industry. However, there is a flip side of the said market too. Factors such as complicated technology together with initial high investment, and less return on investment (ROI) are major restraints of the said market.

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In accordance with a study that has been conducted at Sushoo Health Information Exchange, the method of exchanging patient information comes with a cost of around USD 17,160 every year for one time clinician practice. As such, it creates a demand for exchange of patient information system and efficient electronic storage. Health information exchange assists in the high speed access and sharing of clinical data of patients with the healthcare providers so as to provide timely, efficient and effective delivery of patient care.

Sharing of patient information on a time to time basis helps in taking effective decision at the time of point of care, diminishing duplicate testing and improve diagnosis rate, avoiding readmissions and medication errors. Health information exchange comprises clinical data from numerous providers, public health data and cost and activity data from various providers and payers. The technology offers a very high quality patient care together with diminished expenditures that are associated with manual tasks such as mailing of patient records, printing of document, and also time and efforts that are involved with recovering of patient reports. Structure and geographical scope of health information exchange, however, may vary across different geographies.