Study: Electronic processing of insurance claims triples in 10 years
Healthcare providers are receiving insurance payments faster than ever. Why? Because the proportion of insurance claims submitted electronically to health plans has more than tripled in the last decade, a new study has found.Three-quarters of health insurance claims are now submitted electronically, according to America's Health Insurance Plans. That is up from 24% in 1995. As a result, 98% of claims are processed within a month of receipt from the healthcare provider.
Much of the change has come in the last four years. In 2002, just 44% of claims were submitted electronically, compared to 75% today. It costs an insurance company an average of 85 cents to process a "clean" claim submitted electronically compared to $1.58 to process a paper claim, the study noted. To see the full report, visit www.ahipresearch.org/pdfs/PromptPayFinalDraft.pdf.