CMS reported almost 100% adoption of rate electronic claim submission in 2016. According to CAQH, The commercial healthcare industry could save over $8 billion annually by fully adopting electronic processes for six of the most common claims-related administrative processes.
Paperless claims have many advantages including quicker detection of errors, faster payment, and lower administrative costs which positively impacts your revenue cycle
Advantages of Electronic Claims
- Earlier Payment of Claims: Clean claims are paid in 14 days (in most cases) which shortens your claim cycle and improves your cash flow.
- Quicker Detection of Errors: Easier to detect and fix claims before they're submitted.
- Saves Time: On average, providers spend 8.5 more minutes conducting manual transactions compared to electronic transactions.
- Reduced Administrative Costs: Less resources are needed to submit the claim to the payer.
- Integrity of Claims: It's proof that the claim went to the payer uncompromised on this date.
- Robust Data: Analytics, reports, and claim workflow are based on the date the claim went out.
- Timely Filing Proof: Final source record of what data was on the claim submitted to the payer.
With advantages like these, electronic claim submission simplifies the billing process, improves efficiency of your revenue cycle and increases cash flow. Here are a few things to keep top of mind when searching for the right claims management system.
5 Qualities of the Right Clearinghouse
- Knowledgeable and immediate claims support
- Quick claim status responses
- Consistent 835s
- System usability (simple navigation and user-friendly)
- Integrated solution (claims scrubber, claim edits, and denial management all-in-one)
Healthcare providers can outsource the printing and mailing of virtually all their claims through the innovative claim management technology, efficientC. It's never been easier to submit clean claims to payers. To learn more, connect with our efficientC team.