The cost of manual healthcare administrative activities continues to be a burden for plans, providers and vendors, but the industry has also made progress in a number of areas. Join the CAQH Index team on Wednesday, February 10th to learn about:
The cost of manual healthcare administrative activities continues to be a burden for plans, providers and vendors, but the industry has also made progress in a number of areas.
- The progress made in adopting electronic transactions;
- Changes in savings opportunities;
- Costs avoided through automation; and
- The challenges that still exist for the industry.
Of the many business transactions measured in the 2018 CAQH Index, claims status inquiries offer the healthcare system the greatest per-transaction opportunity for cost savings. Despite fewer claim status inquiries occurring overall compared to the prior year, a significant savings opportunity remains because the transaction is highly inefficient when not conducted electronically.
The latest CAQH Index report shows that the healthcare industry continues to make progress toward automating business processes as the number of transactions increases. The sixth annual CAQH Index, released earlier this month, is the industry standard for tracking health plan and provider adoption of fully electronic administrative transactions. The report provides insights into how the business of healthcare is changing, calls for greater industry collaboration and identifies opportunities for cost savings. Major takeaways include:
The healthcare industry has made moderate progress in the adoption of electronic business transactions, but significant savings potential remains for healthcare providers and health plans, according to the 2017 CAQH Index released on June 14th. The fifth annual CAQH Index measures adoption, costs and provider labor time associated with the most common administrative transactions conducted between health plans and providers.
CAQH will be co-hosting a Twitter chat with Don Lee, the Executive Producer of the #HCBiz Show, on "The Cost Savings Opportunities on the Business Side of Healthcare." Join the conversation on Twitter by following the hashtag #hitsm.
Topics for this week’s #HITsm Chat:
T1: #Healthcare administrative costs have been projected to reach $315 billion by this year. What are some of the sources of these excessive admin costs? #hitsm
T2: Why is it important to track progress related to admin costs? #hitsm
Administrative functions are a necessary component of the business of healthcare to ensure that consumers can access quality care and that providers are compensated for delivering that care. However, when the time and money spent on administrative functions is excessive, fewer resources are available for patient care.
After reporting mixed or only marginal gains for several years, how much progress did the 2017 CAQH Index find in the healthcare industry transition to electronic administrative transactions?
Join this CAQH Index webinar, in which the full report will be revealed publicly for the first time, for answers about:
- Adoption of electronic administrative transactions by the healthcare industry, medical and dental health plans and providers.
- National potential savings opportunity from full adoption.
- Greatest opportunities for savings.
- Cost and time to conduct the most common administrative transactions.
- Practice management system and clearinghouse vendor support of electronic administrative transactions.
Are we doing all we can to maximize administrative savings in healthcare? What are the biggest opportunities to cut costs for healthcare providers, health plans and other industry stakeholders? Join our discussion with co-host Jane Sarasohn-Kahn, Health Populi blogger, on Twitter on Thursday, February 16th at 2pm ET by following #CAQHchat and using the hashtag in your tweets.
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.