Press release
Healthcare EDI Market Projected to witness a Single Digit CAGR during 2018 - 2026 With Top Key Players Optum Inc., Dell Technologies Inc., General Electric Company, Emdeon Inc., The SSI Group
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. 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.
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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.
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 – 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.
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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Healthcare EDI Market - Regional Analysis
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.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Download The Highly Informative PDF Brochure of This Business Report @ https://www.coherentmarketinsights.com/insight/request-pdf/2006
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.
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 – 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.
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.
Request Customization @ https://www.coherentmarketinsights.com/insight/request-customization/2006
Healthcare EDI Market - Regional Analysis
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.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
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