As with other industries, the healthcare field is constantly seeking ways to improve outdated and costly business processes. The burdensome task of handling paper files – including EOBs (explanations of benefits) – puts a strain on staff and can have a negative effect on revenue streams.
According to data from the Council for Affordable Quality Healthcare, 24 cents of every dollar spent goes to administrative and billing costs. Many health plans report than 100 percent of claim attachments are submitted manually, and each manual attachment can cost almost $6 compared with the cost of sending and/or receiving an electronic claim attachment.
Adopting automated processes for standard transactions, including EOBs, claim submissions, payments and attachments has the potential to save health plans more than $1.4 billion annually. In total, electronic transactions have the potential to save the healthcare industry at least $9.4 billion annually.
If your organization is struggling with the costs and complexities of EOB processing and other tasks, consider automating those processes. Working with an experienced provider dedicated to evolving technology can improve your bottom line and your free employees to focus on core competencies, thus improving efficiencies.