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1/23/2017 |
Insights |
Manual Business Transactions Costing Healthcare Billions |
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Manual Business Transactions Costing Healthcare Billions
by Scott E. Rupp
The move to digital record keeping has helped the healthcare industry reduce costs by improving efficiency. However, there's still a good deal of money to be saved with even more adoption of electronic business transactions in healthcare, according to the 2016 Council for Affordable Quality Healthcare (CAQH) Index.
How can we be sure? We can't really, but a good level of conjecture by the nonprofit organization suggests another $10 billion annually could be saved across the industry.
The widespread adoption of electronic business transactions is increasing, but the report says "resource-intensive manual transactions costs U.S. health plans and healthcare providers as much as $11 more per transaction and on average $6 more than when conducted electronically. Millions of these transactions are exchanged daily."
This is the CAQH's fourth annual report, which measures adoption, costs and provider labor time associated with the most common administration transactions conducted between health plans and providers.
Read full article on MultiBriefs.
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