Healthcare Industry Trends in Electronic Business Transaction Adoption, Costs and Savings
There is widespread consensus that administrative costs in healthcare are excessive. By some estimates, more than $31 billion each year is spent conducting basic business transactions between healthcare providers and health plans. Much of this expense can be attributed to resource-intensive manual processes, such as phone calls to verify patient coverage or mailing claims and paper checks.
The CAQH Index® is the annual industry report on trends in adoption rates and cost savings associated with the shift to electronic business transactions. It is based on surveys of healthcare providers and health plans representing over 140 million covered lives and more than 5 billion claims-related transactions. For the second year, the report also includes information specific to dental health plans and providers.
In this webinar, CAQH will present key findings from the upcoming 2016 CAQH Index. Learn the progress made from the industry shift from manual to electronic claims-related transactions, as well as the costs, savings and gaps that remain. The Index analyzes the most common business interactions between health plans and healthcare providers, including claim submission, eligibility and benefit verification, prior authorization, claim status inquiries, claim payment, remittance advice and coordination of benefits.
The briefing will address:
- How much can U.S. healthcare save by completing the switch?
- How much of the savings belong to providers and health plans?
- What are the biggest opportunities to reduce costs?
- Which electronic transactions show the most progress?