Health Information Exchange Market | Allscripts Healthcare Solutions Inc, Relayhealth Corporation, Infor Inc, Cerner Corporation, and eClinicalWorks
[201 Pages Report] The health information exchange market is projected to reach USD 1,545.0 million by 2020 from USD 990.6 million in 2015, at a CAGR of 9.3% during the forecast period.
Over the years, web portals have been used in healthcare organizations to schedule appointments, register patients, and send secure email to providers. They are also used to provide laboratory results, refill prescription requests, and maintain personal health records. According to Stage 2 of Meaningful Use, patients should have access to view and download electronic copies of their own medical records. Web portals help in retrieving patient information, in an easier and efficient manner as compared to obtaining health records manually.
HIEs and EHRs help healthcare professionals in health management and enable better decision-making for enhanced patient care. HIEs also facilitate reduction in duplicative treatment, thus avoiding additional expenses.
Secure messaging is a web-based message system utilized for managing and exchanging encrypted messages with the stakeholders. These messages may contain sensitive information regarding patient health. Secure messaging helps in achieving Stage 2 (electronic transactions) Meaningful Use, which is described as the crucial transport mechanism for clinical information sharing. Direct secure messaging (DSM) plays a critical role in enhancing patient care by providing constant communication with physicians, healthcare organizations, and end users.
Well-organized electronic interfacing is essential for healthcare data management to simplify workflow. Over the years, the demand for interfacing internal applications has been increasing due to rising need of streamlining workflow and reducing healthcare costs by eliminating medication errors
The other applications include personal health records (PHR) and chronic disease management (CDM). PHRs allow patients to have uninterrupted access to their clinical data including medications, diagnoses, allergies, surgeries, and lab results. HIE integrates with CDM to aggregate patient data from various sources into patient registries. This feature of the CDM provides great value to physicians, and helps them avoid searching many sites.
Data privacy and security concerns are likely to restrict the growth of the market. In healthcare, approximately 30% of data breaches result in medical identity theft, mainly due to lack of internal control over patient information, lack of top management support, obsolete policies and procedures or non-adherence to existing ones, and insufficient personnel training. Governments in many countries in mature markets are currently struggling to address and coordinate the combined needs of privacy and freedom of information.
Key players in this market include Allscripts Healthcare Solutions, Inc. (U.S.), Relayhealth Corporation (U.S.), Infor, Inc. (U.S.), Cerner Corporation (U.S.), and eClinicalWorks (U.S.) among others. These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.
Federal mandates like Meaningful use, growing patient-centric approach in healthcare delivery, increasing EHR adoption rate, and need to curtail healthcare cost are some of the key factors driving the growth of market.
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