Nearly 25% of hospitals and health systems in America are looking to cut 1-5% of their costs over the next few years. And according to Kaufman Hall, most hospitals will need to cut costs by as much as 30% if they hope to remain competitive in five years? time.
One of the most efficient ways to cut costs is by buying and installing the right medical claims management software. Medical claims and other processing services take up valuable time for any hospital, and the situation is only set to get worse as America ages.
Healthcare claims and processing services in many health systems are already stretched to the breaking point. By 2030, chronic conditions will have appeared in six out of every ten Baby Boomer, meaning even more people will be crowding health systems and will need to be processed.
And the varying degrees and types of coverage can make processing and claims very complicated. Two out of every five people in the United States, if they are under 65, have employer-based healthcare coverage. But there are many without insurance, many on Medicaid, and some who use personal plans, state plans, and group sharing plans.
Medical claims management software and healthcare claims processing software is an excellent way to manage these complicated factors, and to cut costs. Currently, it costs and average of $25 to refile a claim. Medical claims management software can reduce that cost.
Medical claims software can also help with collections. Data from the Medical Group Management Association says that health systems fail to collect about 60% of what they are owed by patients. Medical claims management software can simply the process of keeping track of bills, patients, and what is owed.
Many hospitals and health systems also need to update their computer software and filing techniques anyway, so installing some form of medical claims management software while other systems are already being updated can be cost-effective. And the cost and difficulty of training people to use the new system will be more than offset by savings in time and manpower down the line.
Simply put, healthcare claims and processing software can manage claims faster and more cheaply, help eliminate bad debt, and provide a smoother and more satisfying experience for patients.