The market player involved in HealthcareEDI Market are focused on improving the EDI facilities by using variousstrategies. For instance, in 2015, Medical Transcription Billing, Corp., a healthcareinformation technology company, acquired three divisions of QHR Corporation,Canada-based healthcare technology company. The QHR Corporation is involved inhealthcare clearinghouse, Electronic Data Interchange (EDI), and revenue cyclemanagement divisions.
Moreover, in 2016, Tallan Inc.,combined with Dell Boomi Platform for its T-Connect extensible framework inorder to enhance high data throughput and cop up with ever changing EDIrequirement. In same year, Optum Inc., partnered with Availity, healthcareinformation Technology Company to improve the accuracy of health insuranceclaims and reduce the errors.
Healthcare domain has criticalimportance of the data management, as medical records and patient history playsignificant role in medical claims and reimbursement. Electronic DataInterchange (EDI) is the software medium for transaction of data among varioushealthcare providers and payers via computer systems. Organizer can process andtrack claims through the entire billing cycle via EDI service.
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The healthcare industry exploredEDI to address the challenges of reducing healthcare cost and replacingpaper-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 overconventional method of data interchange is the major factor driving thehealthcare EDI market growth. EDI reduces data entry time, improves accuracy,reduce operational cost, and also reduce the rework. Such key features of EDIsoftware supports the growth of healthcare EDI market.
Healthcare EDI Market Dynamics
Increasing digitization andpaperless 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 administrativeefficiencies by reducing time and significant cost saving.
Healthcare EDI market ispropelled by increasing adoption of EDI facilities in order to acceleratefinancial performance and profitability for healthcare payers and providers.For instance, according to GE Healthcare, the Centricity EDI Service of GEHealthcare employs more than 2,100 healthcare providers to manage around 588million transaction annually. EDI is adopted to reduce the claim rejection anddenials as well as reduce time requirement for submission and remission ofclaims.
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Furthermore, the use of EDIserves important role in insurance claims and documentation by streamlining thereimbursement process for healthcare payers. However, high cost of EDI softwareand its application are expected to be the major factor hindering thehealthcare EDI market growth over the forecast period.
Healthcare EDI Market - RegionalAnalysi
Regional segmentation ofhealthcare EDI market by Coherent Market Insights include North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa. North Americahealthcare EDI market holds dominant position in the global healthcare EDImarket, owing to the dominant position is the advanced healthcare infrastructureof the region. Moreover, increasing adoption of technologically advancedfacilities to improve the healthcare facilities are expected to boost theregional healthcare EDI market growth. However, Asia Pacific healthcare EDImarket is expected to witness fastest growth attributed to improving healthcareinfrastructure in the region, thereby providing the market opportunity for themarket players to penetrate in Asia Pacific region.
Healthcare EDI Market –Competitive Analysis
Healthcare EDI market isdominated 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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