WASHINGTON, Feb. 3, 2021 /PRNewswire/ -- CAQHtoday released the eighth annual report measuring the progress made by healthcare payers and providers in automating administrative transactions. The 2020 CAQH Indexfound that, of the $372 billion widely cited as the cost of administrative complexity in the US healthcare system, the industry can save $16.3 billion by fully automating nine common transactions. This savings opportunity is on top of the $122 billion in costs the healthcare industry has avoided by streamlining administrative processes.Levels of automation have increased for both the medical and dental industries since the last report, while the opportunity for further savings has also risen by $3 billion annually.This is largely due to a drop in costs for automated processes and higher costs for manual and partially electronic portal processes alongside increasing volumes.
"This year's report found that adoption of electronic processes generally increased across the medical and dental industries," said Kristine Burnaska, Director of Research and Measurement at CAQH. "The data also indicates that future efforts to automate could yield even greater returns."
The CAQH Index tracks automation, spending and savings opportunities for administrative transactions related to verifying patient insurance coverage and cost sharing, obtaining authorization for care, submitting claims and supplemental information and sending and receiving payments. The report categorizes transactions by whether they are fully automated, partially electronic or manual. The 2020 Index collected data from health plans and providers through the 2019 calendar year and thus excludes the impact of COVID-19 on healthcare administrative transactions.
While the industry has already avoided $122 billion annually by automating these transactions, up $20 billion from last year, the Index pinpointed opportunities for additional savings. For example, each fully automated claims status inquiry costs $11.71 less than the same transaction conducted manually for the medical industry and $10.92 less for the dental industry. Similarly, every eligibility and benefit verification converted from manual to electronic saves the medical industry $8.64 and the dental industry $8.75. Considering the millions of times these transactions occur every day, the savings potential across the healthcare economy is significant.
The 2020 Index also revealed that the costs associated with some manual and partially electronic portal transactions are increasing. This may be because, as healthcare business needs become more complex, manual processes to accommodate them are becoming more labor intensive and expensive. This further suggests that updates are needed to electronic transactions to address increasingly complex business needs that are today being addressed outside of the standard transactions.
Prior authorization achieved the greatest year-over-year progress, although it continues to be conducted manually more often than any other transaction. Electronic adoption of prior authorization transactions rose eight percentage points more than any other transaction studied saving the industry $9.64 per transaction.
"The results of the 2020 CAQH Index are encouraging," said April Todd, Senior Vice President of CORE and Explorations at CAQH. "The data shows that the opportunity to build on past progress and achieve additional savings that payers and providers can invest in patient care, innovation and expanding access in communities across the country is significant."
To read the full 2020 CAQH Index, click here.
About CAQH Explorations CAQH Explorations measures the impact and opportunity associated with streamlining healthcare business processes through various research initiatives, including the CAQH Index. The CAQH Index helps the industry optimize operations by tracking trends in adoption rates and cost savings associated with the shift from manual to electronic transactions. http://www.caqh.org/explorations
SOURCE CAQH
See more here:
- The Automation Conference - December 9th, 2016 [December 9th, 2016]
- The Best Home Automation Systems of 2016 | Top Ten Reviews - December 24th, 2016 [December 24th, 2016]
- Compact Automation - Actuators, Hydraulic Cylinders, Linear ... - December 24th, 2016 [December 24th, 2016]
- What is Home Automation? | Home Automation Systems - December 24th, 2016 [December 24th, 2016]
- Job Seekers - Automation Personnel Services - December 24th, 2016 [December 24th, 2016]
- iAutomation - December 25th, 2016 [December 25th, 2016]
- Beyond Automation - hbr.org - December 25th, 2016 [December 25th, 2016]
- Automation The Car Company Tycoon Game on Steam - December 25th, 2016 [December 25th, 2016]
- Automation - Wikipedia - December 25th, 2016 [December 25th, 2016]
- Build automation - Wikipedia - December 26th, 2016 [December 26th, 2016]
- Home - Enerwave Home Automation - December 27th, 2016 [December 27th, 2016]
- Automation | Technologies | Systems | Integrator ... - December 27th, 2016 [December 27th, 2016]
- Automation - DESHAZO - December 27th, 2016 [December 27th, 2016]
- Custom Automation & Machine Design | Automation GT - December 27th, 2016 [December 27th, 2016]
- IT Automation - BMC - December 27th, 2016 [December 27th, 2016]
- Werner Electric | Automation - January 28th, 2017 [January 28th, 2017]
- Automationtechies | Automation Engineering Recruiting - January 28th, 2017 [January 28th, 2017]
- Automation - Mazak Corporation - January 28th, 2017 [January 28th, 2017]
- Automation | Food Engineering - January 28th, 2017 [January 28th, 2017]
- Test Automation Services for Development of Regression ... - January 28th, 2017 [January 28th, 2017]
- UI Automation Overview - msdn.microsoft.com - February 5th, 2017 [February 5th, 2017]
- The Evolution of Automation and What It Means for the Integration Industry - Commercial Integrator - February 7th, 2017 [February 7th, 2017]
- Automation, robots could replace 250000 public sector workers in the next 15 years - Computer Business Review - February 7th, 2017 [February 7th, 2017]
- New telecom transformation goals require service automation - TechTarget - February 7th, 2017 [February 7th, 2017]
- Automation expected to displace insurance underwriters, real estate brokers - CIO Dive - February 7th, 2017 [February 7th, 2017]
- The Perks Of Automation And The Risks: Why To Think Twice About Getting Into That Driverless Uber - Forbes - February 7th, 2017 [February 7th, 2017]
- Voices Reinventing enterprise finance by overhauling AP automation - Accounting Today - February 7th, 2017 [February 7th, 2017]
- DFLabs Launches the First Security Automation and Orchestration Platform based Upon Supervised Active Intelligence - Business Wire (press release) - February 7th, 2017 [February 7th, 2017]
- VIDEO: Going Big on Automation in a Small Footprint Facility - ENGINEERING.com - February 7th, 2017 [February 7th, 2017]
- Building a better model of human-automation interaction - Phys.org - Phys.Org - February 7th, 2017 [February 7th, 2017]
- Cruise Automation Is Testing an App For Hailing Self-Driving Cars - Fortune - February 8th, 2017 [February 8th, 2017]
- AlixPartners examines automation in manufacturing and logistics management - Logistics Management - February 8th, 2017 [February 8th, 2017]
- Women need to look out for each other in automated workplaces - The Guardian - February 8th, 2017 [February 8th, 2017]
- Automation vs. the H-1B visa program: Which matters to employees? - TechTarget - February 8th, 2017 [February 8th, 2017]
- Automation is the unavoidable future of the economy - The Daily Cougar - February 8th, 2017 [February 8th, 2017]
- Speeders beware: Legislation would allow automation crackdown ... - SFGate - February 9th, 2017 [February 9th, 2017]
- Robots versus bureaucrats: Why public sector work is ripe for automation - Financial Post - February 9th, 2017 [February 9th, 2017]
- Rockwell Automation Surged 10% in January as Growth Picked Up Steam - Motley Fool - February 9th, 2017 [February 9th, 2017]
- Global Medical Automation Market to Reach Approximately $75.6 Billion by 2025 - By End User, Application ... - PR Newswire (press release) - February 10th, 2017 [February 10th, 2017]
- Automation 'key' to advancing Thai production - The Nation - February 10th, 2017 [February 10th, 2017]
- WorkWave Releases New Lead Management And Marketing ... - PR Newswire (press release) - February 10th, 2017 [February 10th, 2017]
- 'We employ insane levels of automation' Kris Canekeratne - Times of India - February 10th, 2017 [February 10th, 2017]
- Most people are optimistic about workplace automation, social data suggests - ZDNet - February 10th, 2017 [February 10th, 2017]
- Yes, there's a job creation argument for automation and technology ... - The Hill (blog) - February 10th, 2017 [February 10th, 2017]
- Technobabble: Automation and the modern worker - CIO Dive - February 10th, 2017 [February 10th, 2017]
- Improving Behavior Through Automation of Vehicle Systems - School Transportation News (blog) - February 11th, 2017 [February 11th, 2017]
- Automation Nightmare: Philosopher Warns We Are Creating a World Without Consciousness - Big Think - February 11th, 2017 [February 11th, 2017]
- Why Don't We See More Automation in Federal Networks? - Nextgov - February 11th, 2017 [February 11th, 2017]
- Automation can revitalize the US workforce - Fox News - February 11th, 2017 [February 11th, 2017]
- Readers Write (Feb. 12): The moose population; jobs, start-ups and automation; diversity in the funny pages - Minneapolis Star Tribune - February 12th, 2017 [February 12th, 2017]
- Automation can replace bureaucrats and save taxpayers money - Hot Air - February 12th, 2017 [February 12th, 2017]
- TigerStop hopes to ride automation to new heights - The Columbian - February 12th, 2017 [February 12th, 2017]
- Your Most Valuable Resource is Time Get More of it through Automation - CMS Critic (press release) (blog) - February 13th, 2017 [February 13th, 2017]
- What Does Device Automation Mean for Users? - Medical Device and Diagnostics Industry (blog) - February 13th, 2017 [February 13th, 2017]
- How To Beat Automation And Not Lose Your Job - Forbes - February 13th, 2017 [February 13th, 2017]
- Logistics firm gets automation boost - The Straits Times - February 14th, 2017 [February 14th, 2017]
- PP Control & Automation launch new video to kick-start exciting plans for 2017 - Manufacturer.com - February 14th, 2017 [February 14th, 2017]
- Automation's Impace on Data Center Monitoring Alerts - The Data Center Journal - February 14th, 2017 [February 14th, 2017]
- Hollysys Automation Technologies Reports Unaudited Financial Results for the First Half Year and the Second Quarter ... - PR Newswire (press release) - February 15th, 2017 [February 15th, 2017]
- 4 Automation Hacks to Save You Money and Manpower - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Istuary Innovation Group and Bluewrist Partner to Bring Robotics and Automation into China's Manufacturing Sector - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Redwood Software Named a Strong Performer in Independent Robotic Process Automation (RPA) Report - Yahoo Finance - February 15th, 2017 [February 15th, 2017]
- Boeing ramps up automation, innovation as it readies 737MAX | The ... - The Seattle Times - February 15th, 2017 [February 15th, 2017]
- Robots and AI are coming for our jobs, but can augmentation save us from automation? - Digital Trends - February 15th, 2017 [February 15th, 2017]
- The Impact of Bad Data in Automation: Why Quality Management is Critical - R & D Magazine - February 16th, 2017 [February 16th, 2017]
- Automation: Are We Empowering Human Interaction Or Displacing It? - Business 2 Community - February 16th, 2017 [February 16th, 2017]
- Life in the Fast LaneAutomation with Software-Defined Intelligence - InfoWorld - February 16th, 2017 [February 16th, 2017]
- Luddite Lefty Journalists Apparently Think Workplace Automation is Conservatives' Fault [VIDEO] - Daily Caller - February 16th, 2017 [February 16th, 2017]
- Will automation define the future of network technology? - TechTarget - February 16th, 2017 [February 16th, 2017]
- Editorial: Improving automation - The Motorship - February 17th, 2017 [February 17th, 2017]
- TigerText Unveils Role-based Scheduling Automation, Amazon Alexa integration - HIT Consultant - February 17th, 2017 [February 17th, 2017]
- 89% people want automation at workplace: Adobe - Economic Times - February 18th, 2017 [February 18th, 2017]
- Delta veers to EV parts, automation - Bangkok Post - February 18th, 2017 [February 18th, 2017]
- Robotic process automation makes nearshore outsourcing more ... - CIO - February 18th, 2017 [February 18th, 2017]
- The working-class job that Trump could save from automation - Washington Post - February 18th, 2017 [February 18th, 2017]
- China must be ready for automation - Basic Income News - February 18th, 2017 [February 18th, 2017]
- Bill Gates Says Robots Should Be Taxed Like Workers - Fortune - February 18th, 2017 [February 18th, 2017]
- Trump and automation challenge India's IT industry - VentureBeat - February 18th, 2017 [February 18th, 2017]
- Both Trump and Automation Are Challenging India's IT Industry - Fortune - February 20th, 2017 [February 20th, 2017]
- 89% people want automation at workplace: Adobe - ETCIO.com - February 20th, 2017 [February 20th, 2017]