As healthcare revenue management continues to transition towards electronic solutions, some recent news once again reinforces how providers can save money. The most recent Council for Affordable Quality Healthcare (CAQH) Index reveals that the healthcare industry can save over $11 billion dollars each year by transitioning to entirely electronic claims management, with providers benefitting the most when it comes to savings.
Providers that go fully electronic could save more than $9 billion a year. This means all business including electronic claim submission, payments, and benefits verification is handled electronically.
Thanks to the greater use of health portals, providers were also able to boost their savings. These portals allow providers to keep tabs on claims and reimbursement regarding a certain payer. The portals also allow providers to obtain advice regarding admittance and any opportunities for claims denial management.
By concentrating on adopting electronic claims management, providers can not only save money but also boost productivity and efficiency by reducing the time required to take care of administrative tasks. Providers performing manual transactions spent at least five additional minutes compared to those performing electronic transactions which, in the long term, can quickly add up.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical payment systems, please call 877-759-6315.