What You Ought to Know:
– Annually, the US healthcare business spends $39 billion on 9 administrative transactions, in response to a brand new report from CAQH.
– The 2020 CAQH Index additionally uncovered that by automating these transactions, the business may save $16.3 billion yearly–a 42% value discount.
CAQH, launched the eighth annual report measuring the progress made by healthcare payers and suppliers in automating administrative transactions. The 2020 CAQH Index discovered that, of the $372 billion broadly cited as the price of administrative complexity within the US healthcare system, the business can save $16.3 billion by absolutely automating 9 frequent transactions.
$122B Financial savings Alternative
This financial savings alternative is on high of the $122 billion in prices the healthcare business has averted by streamlining administrative processes. Ranges of automation have elevated for each the medical and dental industries because the final report, whereas the chance for additional financial savings has additionally risen by $3 billion yearly. That is largely on account of a drop in prices for automated processes and better prices for guide and partially digital portal processes alongside rising volumes.
Rising Prices of Guide & Partially Digital Portal Transactions
The 2020 Index additionally revealed that the prices related to some guide and partially digital portal transactions are rising. This can be as a result of, as healthcare enterprise wants turn out to be extra advanced, guide processes to accommodate them have gotten extra labor intensive and costly. This additional means that updates are wanted to digital transactions to handle more and more advanced enterprise wants which might be at this time being addressed exterior of the usual transactions.
Prior Authorization Achieved Best YoY Progress
Prior authorization achieved the best year-over-year progress, though it continues to be carried out manually extra usually than every other transaction. Digital adoption of prior authorization transactions rose eight share factors – greater than every other transaction studied – saving the business $9.64 per transaction.
“This 12 months’s report discovered that adoption of digital processes typically elevated throughout the medical and dental industries,” stated Kristine Burnaska, Director of Analysis and Measurement at CAQH. “The information additionally signifies that future efforts to automate may yield even higher returns.”
To obtain the complete report, click on right here.