How EDI helps in Digitization of Healthcare Sector
Lately, several industries have opted for the digitization of their business processes. Moreover, post COVID19 is being marked as a new era of a paperless workflow by communicating all the business data electronically.
Healthcare industry has also been at the forefront of harnessing the digital change. This sector generates a massive number of documents in the form of patient documents, prescriptions, insurance claims, healthcare billing and more. Most of these documents are critical to patient care; hence, it is vital to ensure secure & error-free transmission of such information.
This has led to the increasing use of EDI in Healthcare. Electronic Data Interchange (EDI) is the electronic exchange of data between businesses in a standardized format. EDI is a very efficient way to exchange information that is easy to implement and saves both time and money.
EDI integration solutions have revolutionized the healthcare sector and you can expect major transformations in the coming years as well. So, it’s high time that you adapt to the change and reap the benefits offered by EDI. Healthcare industries are opting for EDI services so that they can maintain all imperative patient’s data and health records safely.
EDI in Healthcare
A lot of data is shared between parties all over the medical industry, making it particularly important to ensure the accuracy of the data as well as maintaining the security of the information to protect patient’s privacy. EDI documents are sent in a preset EDI format which makes sending & interpreting the data very quick and efficient.
The types of data that are usually transmitted in the healthcare sector include:
- Exchange of healthcare billing information between parties
- Transfer of retail pharmacy claims from pharmacies that dispense medicine based on the prescription
- Exchange of insurance claims and benefits enrollment forms
Benefits of EDI in Healthcare
By adopting EDI integration solutions, healthcare companies can benefit immensely.
- Standardized Transactions: EDI reduces the complexity and confusion caused by the use of different format types. With EDI all information is delivered in a structured format, thus reducing the time as well as error caused in decoding or manually entering the same information.
- Improved Data Accuracy: As the data doesn’t need to be manually rekeyed into the system, the accuracy of the data gets improved a lot. Improved accuracy also builds more trust in the received information as well as on the entire system.
- Faster processing: EDI services don’t only benefit healthcare professionals and institutions but also the patients. EDI transactions are particularly beneficial for patients because it speeds up the claims and benefits process.
- Data accuracy drastically minimizes the chances of mistakes that can cost a fortune at times. Additionally, the information is reliable with EDI integration solutions empowering the healthcare industry.
- Reduced Costing: Processing paper-based transactions can be costly. The automation achieved using EDI reduces the costs associated with staffing, storage, printing and other processing costs.
- As per WEDI data, EDI healthcare saves up to $1.00 per claim for health plans, $0.86 for hospitals, and $1.49 for physicians. Since it is faster, data processing and operational time are also reduced.
- Enhanced Data Security: Security & privacy of the data is paramount in the healthcare sector as sensitive information such as patient’s personal information is transmitted. EDI transactions guarantee the security of such data. For example, HubBroker converts all the data in its iPaaS system, which ensures that only the authorized parties can access the transmitted information.
Amidst the constant pressure of rising costs & ever-evolving regulatory challenges, it is crucial for healthcare organizations to operate with maximum efficiency. EDI Integrations & Managed EDI Services by HubBroker provide organizations with an efficient, cost-effective, and secure method of transmitting data. The automated flow of information eliminates the concerns about compliance, errors & lost productivity.