EDI in Healthcare
Amidst ever evolving regulatory challenges, pressure of rising costs, it is vital for healthcare organizations to stay on top of their efficiency levels. Managing healthcare payment is a significant process which puts tremendous stress on their administrative bandwidth and affects efficiency, regulatory compliance as well as cost of care. Any gap in filing claims could lead to claim rejections and subsequent paper work. Payers and clearing houses have to leverage technology to enable smooth claim processing. Electronic Data Interchange (EDI) is the electronic remedy to handling healthcare payment challenges.
However, EDI in healthcare has its own complexities to handle. The most important aspect of EDI in healthcare are the governing standards. These are extremely vital for medical claims. Every EDI transaction needs a standardized format to ensure quick transfer and interpretation of data. Also, EDI transactions have to be compliant with regulatory requirements such as HIPAA and follow ANSI standards.
With supporting documentations and claims being submitted via EDI, healthcare providers and payers are reaping the benefits of fewer denials and rework requests, faster identification of submission errors and claims processing, resulting in increased ROI.