HEALTHCARE EDI MARKET ANALYSIS

Market Challenges And Opportunities

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.