Full article originally published by HIT Consultant on November 11, 2024.
Whether you work in healthcare or are just a patient who has interacted with the healthcare system, it shouldn’t surprise you to read that healthcare costs have been going up and are expected to continue to do so into 2025 burdening all stakeholders. Despite the obvious need to cut wasted healthcare spending, research suggests that the industry as a whole isn’t very good at it, with administrative spending being one of the biggest culprits. One study found that nearly one-third of excess U.S. healthcare spending is on administrative expenses.
Today, the backbone of healthcare administration is claims processing. Despite the structure of a claim being standardized, the processing path that each claim follows is antiquated, with many inefficient, expensive, or error-prone steps being embedded within.
