The market player involved in Healthcare
EDI Market are focused on improving the EDI facilities by using various
strategies. For instance, in 2015, Medical Transcription Billing, Corp., a healthcare
information technology company, acquired three divisions of QHR Corporation,
Canada-based healthcare technology company. The QHR Corporation is involved in
healthcare clearinghouse, Electronic Data Interchange (EDI), and revenue cycle
management divisions.
Moreover, in 2016, Tallan Inc.,
combined with Dell Boomi Platform for its T-Connect extensible framework in
order to enhance high data throughput and cop up with ever changing EDI
requirement. In same year, Optum Inc., partnered with Availity, healthcare
information Technology Company to improve the accuracy of health insurance
claims and reduce the errors.
Healthcare domain has critical
importance of the data management, as medical records and patient history play
significant role in medical claims and reimbursement. Electronic Data
Interchange (EDI) is the software medium for transaction of data among various
healthcare providers and payers via computer systems. Organizer can process and
track claims through the entire billing cycle via EDI service.
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The healthcare industry explored
EDI to address the challenges of reducing healthcare cost and replacing
paper-based transaction with standard electronic transaction. Moreover,
government acts such as Health Insurance Portability Act of 1996 (HIPAA)
created standards to achieve administrative simplicity in healthcare industry.
The benefits of EDI over
conventional method of data interchange is the major factor driving the
healthcare EDI market growth. EDI reduces data entry time, improves accuracy,
reduce operational cost, and also reduce the rework. Such key features of EDI
software supports the growth of healthcare EDI market.
Healthcare EDI Market Dynamics
Increasing digitization and
paperless office is enhancing the growth of healthcare EDI market.
Conventionally, data transfer was subjected to paper-based communication,
increasing the chance of human error and making the workflow cumbersome.
Henceforth, EDI is an essential component for creating administrative
efficiencies by reducing time and significant cost saving.
Healthcare EDI market is
propelled by increasing adoption of EDI facilities in order to accelerate
financial performance and profitability for healthcare payers and providers.
For instance, according to GE Healthcare, the Centricity EDI Service of GE
Healthcare employs more than 2,100 healthcare providers to manage around 588
million transaction annually. EDI is adopted to reduce the claim rejection and
denials as well as reduce time requirement for submission and remission of
claims.
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Furthermore, the use of EDI
serves important role in insurance claims and documentation by streamlining the
reimbursement process for healthcare payers. However, high cost of EDI software
and its application are expected to be the major factor hindering the
healthcare EDI market growth over the forecast period.
Healthcare EDI Market - Regional
Analysi
Regional segmentation of
healthcare EDI market by Coherent Market Insights include North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa. North America
healthcare EDI market holds dominant position in the global healthcare EDI
market, owing to the dominant position is the advanced healthcare infrastructure
of the region. Moreover, increasing adoption of technologically advanced
facilities to improve the healthcare facilities are expected to boost the
regional healthcare EDI market growth. However, Asia Pacific healthcare EDI
market is expected to witness fastest growth attributed to improving healthcare
infrastructure in the region, thereby providing the market opportunity for the
market players to penetrate in Asia Pacific region.
Healthcare EDI Market –
Competitive Analysis
Healthcare EDI market is
dominated by the few major players such as Optum Inc., Dell Technologies Inc.,
General Electric Company, Emdeon Inc., The SSI Group, LLC, ZirMed, Inc.,
Tallan, Inc., Quadax, and Allscripts Healthcare Solutions Inc.
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