Industry News

Fact: Insurance carriers spend in excess of $19 billion annually processing paper claims.

Fact: Healthcare providers spend more than $7 billion annually just submitting claims to carriers.

Fact: According to the New England Journal of Medicine, the U.S. Healthcare System wastes up to 24 cents out of every dollar on administrative and billing costs, or in excess of $6 billion annually.

Fact: An electronic claim takes just seconds to prepare.

Fact: Using paper claims submission, reimbursement takes an average of 90 days.

Fact: Electronic claims are paid within 7-21 days.

Fact: Electronic Claims Submission can reduce outstanding accounts receivables by more than 60%.

Fact: Coding errors for surgical procedures eats up about $6 billion annually in unneeded costs.

Fact:  Forty-nine percent of claim appeals are overturned (chances are good your appeals would be overturned)

Fact:  Only one appeal is filed for every 14,000 insured enrollees

Fact:  There are 201,690,000 people covered by private insurance; 53% are self-insured and 47% are fully insured

Fact:  Health Insurance covered more than 249 million people in 2006

Fact:  Nine out of 10 claims are processed within 21 days of receipt

Fact:  Lack of information and the need to coordinate benefits between multiple insurance coverages were the primary reasons for pending claims

Fact:  Almost half of all claim denials (48 percent) are due to the submission of duplicate claims

Fact:  According to CMS, Medicare Part A and Part B claims filed in 2005 totaled just over 1 billion (1,013,777,051)

Fact:  Since October 2003 (HIPAA Transaction final date), this industry has saved well over 2 billion dollars where it didn't expect to save anything due to standardized transactions resulting from HIPAA

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