8 Key Areas Representing $13.3B in Cost Saving Opportunities for Healthcare Administration
Portals are now playing a key role in many insurance-related transactions, but many processes are only partially electronic and they are often not integrated with other hospital systems. While certainly more productive than sitting on the phone with a payer, this approach is not overly cost-efficient.
Fully electronic automation of medical prior authorizations represents a potential savings of $417 million dollars annually.
For the past three years, the medical industry has consistently shown an impressive 96 percent adoption rate for fully electronic claim submissions; however, there is still room for improvement.
Another area of opportunity relates to remittance advice, a process that is now fully electronic for 57 percent of medical plans. Thirty-nine percent of plans use partially electronic solutions like portals and interactive voice response (IVR), and only 4 percent rely strictly on manual processes.
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