Health Information Exchange Market Explores New Growth Opportunities By 2025
Health information exchange infrastructure is being developed for data distribution and sharing between providers and also to support the sharing of the health information records across providers in various geographic regions of the country. Health information exchange will drive the sharing of the data amongst the providers and health systems via the Nationwide Health Information Exchange Network. HIMSS is actively engaged in the development of Health information exchanges and HIMSS also provides a wide range of tools and statistical resources for interested professionals across the globe in Health information exchange. Health information exchange permits doctors, nurses, pharmacists, providers and patients to accurately and securely access and share any vital health information through Health information exchange with speed, safety, and quality.
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Although Health information exchange is widespread available, a maximum number of medical information is stored on paper. Sharing of these medical information happens through fax or emails or by the patients themselves. Health information exchange can’t substitute the patient-provider communication, but it can surely increase the completeness of the patient’s records which will have the patient’s history, present medications, and other health-related information. Timely sharing of important patient information can help in decision making in critical times. Patient information transfer through Health information exchange can avoid readmissions, medication errors will improve diagnoses and will even reduce duplicate testing. Like for example, if Lab results are obtained electronically through health information exchange and incorporated into a provider’s Electronic health records, a list of patients will directly be generated, the provider can schedule necessary follow-ups with the patients and arrange appointments regarding medication.
Health information exchange market has many driving factors at its end. Decentralized treatments and increasing incidences of cardiac arrests will enhance the health information exchange market.
Health information exchange market is increasing due to the usefulness during the emergency cases where the doctors need to know the patient’s history and medications to start new treatments for any new disease observed. Restraining factors of the Health information exchange market may be the data breaches. Data breaches in the health information exchange can be dangerous as the data can be obtained by anybody and can be mis-utilized. Health information exchange market is not available at all hospitals and clinical laboratories across therefore it will not be available for all. The main opportunity in the health information exchange market is that it can be integrated with different operating systems at the hospitals, labs, and clinics. Health information exchange systems can be integrated with revenue cycle management and core administration. Advanced technology can pose to be the threat to the health information exchange market.
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North America has the largest market share of the health information exchange market, trailed by Europe and Asia Pacific. The Greater share of the health information exchange market in North America is attributed to the rising figures of accountable care organizations in US and Canada to increase the healthcare facilities. Furthermore, Asia Pacific health information exchange market is projected to grow at the highest growth rate.
Allscripts Healthcare Solutions, Inc. (U.S.), Infor, Inc. (U.S.), Cerner Corporation (U.S.), NextGen Healthcare Information Systems, Covisint Corporation (U.S), RelayHealth Corporation (U.S.), Optum, Inc. (U.S.), Epic Corporation Inc. (U.S.), Orion Health (New Zealand) and eClinicalWorks (U.S.) are selected key players in the health information exchange market globally.
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