Health and Wellness Informatics News
The prior authorizations are very complex and time-consuming functions that can be well performed by technology.
Inefficiency is quite a prevalent issue in the various areas of healthcare. Especially when it comes to the manual administrative functions, it becomes very significant.
The industry is increasingly adopting the technology as per the use of telehealth and the boost for electronic health record interoperability. The administrative complexity is continuing to become more burdened as hugely paper and fax oriented.
The firm of healthcare technology and research firm CAQH has recently come with a report detailing the extent to which cost-saving is going to appear. It is based on the use of automation with AI-powered tech with the administrative ground.
Since the industry has avoided more than $122 billion in the cost of streamlining certain processes. It is now existing with an opportunity to save an extra $16.3 billion with the fully automated manual healthcare transaction.
According to April Todd, one of the things is marking prior authorization and the challenging attachment for the industry. It is opposed to every other transaction.
There is no kind of standard specified in HIPAA for the exchanging of medical documentation. Plans, providers, and vendors are hesitant to develop a solution as they can change the course later if any issue occurs.
Various other avenues are potential for the savings with which it comes to claim the status. As the provider submits a claim, they are unsure about what the status is in the term of their reimbursement.
They also need to send additional documentation to prove the claim. Manual healthcare transaction can be a very time-consuming and very complex process.
The reason for automation is still getting implemented in the fits, and it is starting the healthcare as the technology is now catching up for the need. There are various signs of improvement from the past years.
Todd thus hopes that it is the initial stage of a trend. Also, it can leverage healthcare much. The saving opportunity of $16 billion is a fluid number and lower from last year and may occur higher in next years.