New Report Shows Value of Streamlining Administrative Transactions
The goal of the Centers for Medicare & Medicaid Services (CMS) Administrative Simplification initiatives is to standardize certain transactions in order to lower costs, increase efficiency and accuracy, and reduce the clerical burden on providers. A new report, the 2013 U.S. Healthcare Efficiency Index, which tracks data from health care transactions, shows the potential of Administrative Simplification to achieve this goal and realize savings across the health care industry.
2013 Index Results
The study shows that in many cases, switching to electronic processes for health care administrative transactions presents an opportunity to greatly reduce costs:
- For electronic eligibility and claim verification, estimates indicate that providers could save more than $3 per transaction.
- For electronic funds transfer and remittance advice, the 2013 Index estimates that providers can save $1.50 per transaction.
Other notable results include an estimated 91 percent adoption rate for electronic claim submission, the highest of all transactions included in the report. With electronic funds transfer adoption continuing to grow, more and more providers will see a reduction in costs.
The 2013 Index includes data from health plans covering 100 million patients, as well as over one billion claims and three billion transactions, making it a robust indicator of trends in health care administration.
CMS Administrative Simplification
CMS eHealth University offers a number of resources to help you reduce costs and improve efficiency, including a video overview that can help you understand Administrative Simplification operating rules.