CheckAlt Partnership Helps Address Potential $9.9 Billion Savings Via Healthcare Provider Claims Automation
Written by Rob Snyder
Automation of paper claims-related business payments among U.S. healthcare providers—combined with adoption of electronic payment methods including online portals—has the potential to save providers at least $9.9 billion annually, as predicted by the 2019 CAQH Index report, which has identified increasing industry cost savings opportunities for three years in a row. To help healthcare providers realize this significant savings opportunity, CheckAlt recently enhanced its healthcare lockbox processing service by forming a strategic partnership with RMS to deliver leading revenue cycle management that uses automation to accelerate cash flow.
According to the 2019 report, “While the industry has already avoided $102 billion annually by automating administrative transactions, significant opportunities for additional savings remain...” if providers can transition to fully electronic processes. Together, CheckAlt and RMS are helping healthcare providers automate electronic remittance advice (ERAs) and streamline transaction posting, distilling data from insurers into a single digital source for simplified storage, sorting, and retrieval anytime from the web.
One of my final business trips prior to the pandemic was to the new CheckAlt office in beautiful Miami to present the value of removing manual processes from healthcare provider operations via the CheckAlt/RMS joint healthcare lockbox solution. Speaking to bank partners who support the healthcare industry, we emphasized key considerations for healthcare providers when selecting an automated claims management solution:
• Seamless banking integration
• Healthcare billing system agnostic
• Actionable analytics via digital archive and reporting
• U.S. based operations (no outsourcing)
• Excellent customer experience
The feedback and interest to date has exceeded our expectations as companies have approached us saying that the data merely supports what they've known all along—that the mountains of paper that pile up due to the various healthcare documents, including ERAs, EOBs, and statements, are slowing business growth down.
“Use of electronic transactions for a single medical claim requiring all seven business transactions benchmarked by the Index could save a provider practice almost 40 minutes on average—plus more than $15 in direct cost savings,” according to CAQH's same report from 2018. “... Even though the time and cost savings are substantial, provider practices have been slow to adopt electronic transactions. One of the barriers that sometimes prevents providers from benefitting equally from this transition is the need to make an investment in practice technology that supports all business transactions.”
CheckAlt and RMS designed the joint solution with this barrier in mind. With the CheckAlt/RMS solution, healthcare providers can rely on CheckAlt to electronify whatever paper they have left in the system and RMS to reconcile the disparate statements that would otherwise come into the office from various directions. Best of all, the CheckAlt/RMS solution—while certainly an investment—can accommodate small- to mid-size businesses at various stages of growth and financial means.
To learn more about CheckAlt’s lockbox services and speak with a representative about our joint healthcare payment automation solution with RMS, visit https://www.checkalt.com/products/lockbox-services or reach out to me directly: email@example.com.