A new survey by a healthcare technology solutions company has identified that manual follow-up procedures on late payments from insurance companies costs the organization 33% more per claim than previous estimates.
A new survey by a healthcare technology solutions company has identified that manual follow-up procedures on late payments from insurance companies costs the organization 33% more per claim than previous estimates. This despite the availability of automated procedures to follow-up on these billing processes.
Recondo Technology surveyed the claims follow-up procedures implemented by healthcare financial professionals from hospitals, physician groups, and consultant organizations. Traditionally done by back-office staff, previous estimates have found that claims follow-up costs between $2.75 and $3.75 per claim. However, nearly three-fourths of survey participants estimated this number at $4 per claim, which stood at nearly 33% more than what was widely assumed. A small number per claim, but a significant impact nonetheless. Recondo estimates that this tedious process could cost the industry over $3.1 billion more than was previously thought.
Jay Deady, CEO of Recondo, said, “Not only is it costing the industry more than is currently believed to find problems within the healthcare revenue cycle and remediate them, but the vast majority of healthcare organizations are relying on outdated means to automate claims follow-up, outsourcing it, or doing nothing at all.” He suggests using Web-sourced data to remove claims that are in queue to be paid off soon, which can free valuable staff time.
With over half the survey participants saying their organization used manual follow-up processes instead of using technologies that can automate the process, this is certainly a food for thought and an important value proposition for the healthcare financial world.
Beyond Insulin: The Impact of Next-Generation Diabetes Technology
April 17th 2024Experts explain how new diabetes technologies like continuous glucose monitors are transforming care beyond intensive insulin therapy, offering personalized insights and improving outcomes for patients of all treatment levels.
Read More
Emily Goldberg Shares Insights as a Genetic Counselor for Breast Cancer Risk Screening
October 30th 2023On this episode of Managed Care Cast, Emily Goldberg, MS, CGC, a genetic counselor at JScreen, breaks down how genetic screening for breast cancer works and why it is so important to increase awareness and education around these screening tools available to patients who may be at risk for cancer.
Listen
Study Suggests Walking 10K Steps Daily Improves QOL in Severe Hemophilia
April 12th 2024Among a small group of patients with severe hemophilia, researchers found that getting in more than 10,000 steps each day was linked to significant improvements in perceived physical health and quality of life (QOL).
Read More
Examining Telehealth Uptake to Increase Equitable Care Access
January 26th 2023To mark the publication of The American Journal of Managed Care®’s 12th annual health IT issue, on this episode of Managed Care Cast, we speak with Christopher M. Whaley, PhD, health care economist at the RAND Corporation, who focuses on health economics issues, including the influence of the COVID-19 pandemic on health care delivery.
Listen
What We’re Reading: Telehealth Debate; STD Rise Among Older Adults; PFAS Limits in Water
April 10th 2024Lawmakers are under pressure to decide the fate of COVID-era telehealth payment changes; the CDC reports an alarming increase in sexually transmitted disease (STD) cases among Americans 55 years and older; new regulations aim to reduce harmful exposure to per- and polyfluoroalkyl substances (PFAS), also known as “forever chemicals.”
Read More