Could electronic transactions save healthcare $8B in these 6 areas?

There is room for greater efficiency in every area of revenue cycle management at present.  Becker’s touches here on 6 areas:

  1. Claims Submission
  2. Eligibility & Benefit Verification
  3. Prior Authorization & Referral Certification
  4. Claim Payment
  5. Claim Status Inquiries
  6. Claims Remittance Advice & Receiving & Posting Payments

The value of improvements in these areas is an estimated $8B annually with the lion’s share of that saving going to physician practices ($6.7 billion).  Insiders have known of the efficiency potential in these areas for years.  A few in the industry have even been able to tap into these efficiency streams.  What is needed is leadership and policy that will make these efficiencies pervasive across all healthcare organizations.  It’s encouraging to see some valuation of the benefits the improvements will bring.