One of the most needed elements in today’s healthcare market is more organization.
A lost medical bill can mean bad news and lost time for a hospital. An inaccurate final amount can cause a lot of stress to someone who just got out of the emergency room. As you can see, the function of healthcare claims and processing software is only going to increase from here. With the aid of a specialized system designed to manage schedules, fluctuating pricing and different healthcare plans your ability to both save money and help your customers will improve exponentially. Likewise, without it you run the risk of burning out your employees and failing to receive the payments required at the end of each billing cycle.
Learn more about healthcare claims processing software and how it can help your hospital or clinic run more smoothly.
Medical debt is one of the leading causes of debt in the United States today. Different healthcare reforms have been introduced and modified over the past few years in an attempt to both pay off this mounting deficit while still providing Americans with high-quality healthcare. Medicare, Medicaid, individual health insurance plans and state insurance plans all stand to benefit from healthcare claims and processing software, even if you’re sure you’re all caught up on what you need to know.
Let’s continue looking at how things have changed before learning about claims processing services. Back in the early 1960’s nearly 50% of Americans over the age of 65 had no health insurance plans in place. Recent data has shown this number to have shrunk all the way down to 2%. Today two out of five Americans under the age of 65 have employer-based healthcare coverage. By the time 2030 comes around the last Baby Boomers will turn 65 and one out of every five Americans, or 70 million people, will be an older adult. This changes our expectations for both healthcare norms and software expectations immensely.
Hospitals and general health systems are in dire need of more efficient systems. Some data has been rather promising, to start. Harvard researchers recently compiled and cross-referenced data from the National Medicaid Consumer Assessment Of Health Providers And Systems (or CAHPS) survey, finding out that Medicaid enrollees rated their overall healthcare experience an 8 out of 10. Other data, such as a survey conducted by Kaufman Hall, found most hospitals and health systems need to cut costs up to 30% over the next five years to stay afloat.
Clinics are anticipating the change. A 2017 Kaufman Hall survey found one-quarter of American hospitals stating they hope to decrease their costs by anywhere from 1% to 5% over the next five years. Compare this to recent information found from the Medical Group Management Association, revealing as much as 60% of the amount owed by patients is never collected. The cost to refile a claim is $25, to boot, and that doesn’t even begin to factor in the amount of labor involved for employees spending more time catching up to speed than attending to their prescribed tasks.
Healthcare claims and processing software is designed to streamline a very messy process and help everyone save money. By keeping better track of medical claims your employees won’t have to work quite as hard figuring out what people owe and why. Likewise, your patients don’t have to accumulate hidden debt by failing to pay over an extended period of time. Once 2030 arrives six out of 10 Baby Boomers will be managing at least one chronic condition. The need for more accessible and consistent medical care services is only going to keep growing.
Healthcare claims and processing software is essential to keep everyone on the same page. How will you streamline your process over the coming years?