Here’s what CAQH found eight common administrative tasks cost the healthcare industry per transaction:
1. Claim status inquiry: $10.13
2. Prior authorization: $14.24
3. Eligibility and benefit verification: $8.77
4. Attachments: $5.06
5. Claim submission: $4.22
6. Remittance advice: $4.22
7. Claim payment: $3.18
8. Coordination of benefits: $1.05
More articles on healthcare finance:
Bon Secours to close Kentucky hospital, affecting 1,000 employees
Trump ‘going to look’ at Medicare cuts
Medicare to cover acupuncture for chronic low back pain
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.