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.
