Healthcare EDI Market is Booming 2019: Optum Inc., Dell Technologies Inc., General Electric Company, Emdeon Inc., The SSI Group, LLC, ZirMed, Inc., Tallan, Inc., Quadax, and Allscripts Healthcare Solutions Inc
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.
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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.
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.
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.
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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 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.