Switch to electronic transactions could save $8 billion

A recent report by the Council for Affordable Quality Healthcare (CAQH) found that transitioning certain routine business transactions from manual to electronic could result in $8 billion of savings annually for the healthcare industry.

 

Using 2013 data, the CAQH studied claim submissions, eligibility and benefit verification, prior authorization, claim status inquiry, claim payment, and remittance advice transactions. It found that the average cost for a manual transaction was $2 compared to five to ten cents for an electronic transaction. The CAQH based its savings projection based on this cost difference and the large volume of these transactions.