Friday, August 7, 2009

HASC Estimates $500 Billion Savings by Reducing Administrative Costs

In its latest report, the Healthcare Administrative Simplification Coalition (HASC) estimates that the US can save up to $500 billion over ten years by reducing administrative costs by just 10 percent.

The report, titled "Bringing Better Value: Recommendations to Address the Costs and Causes of Administrative Complexity in the Nation's Healthcare System," offers four suggested areas of improvement:

  • Implementation of a universal credentialing form for payers, hospitals, and other institutions;
  • Using electronic patient data to help speed up determinations on insurance coverage eligibility;
  • Standardization of patient ID cards;
  • And standardization of the prior authorization process for radiology and pharmacy services.

The report makes many references to cost savings for clerical work; however, MSPs know that the major focus of our work is at a higher level. Clerical work is one of those necessary-but-not-valued responsibilities.

As the experts of the credentialing process, there is a great opportunity for us to share our best practices and be a part of healthcare reform.

To read the full report, click here:

Source: HASC

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