Contributed by: William E. Barbato, general manager and vice president of payment solutions at Change Healthcare
The immense value of swift digital adoption to healthcare and payment solutions in particular cannot be overstated. Myriad benefits include: administrative savings, improved provider satisfaction, and an ideology of sharing in the benefits of cost avoidance, workflow simplification, and the modernization and digitization of provider payments and remittances.
Through the Settlement Advocate solution, Change Healthcare is increasing provider satisfaction by making healthcare more affordable, removing waste and increasing compliance efficiency and security of all mission-critical operational aspects. As a preferred CMS payment partner, we are proud to work with RAM Technologies’ customers to continue to inspire a better healthcare system.
Addressing pain points
Some of the main challenges and problems that payers experience include making certain organizations remain compliant while not overpaying, slashing administrative costs without loss of efficiency, and reducing the negative impacts on the organization while simultaneously improving customer satisfaction.
These sound like daunting tasks, but research indicates that reducing administrative costs is one of the most effective and efficient ways to quickly yield positive changes in a number of areas within a healthcare organization. The employment of an effective Settlement Advocate solution can help.
Deploying a Settlement Advocate solution
Settlement Advocate is a comprehensive payment solution for payers that streamlines the payment settlement process, reducing print payment-related cost and driving electronic payment adoption.
Data from the 2021 CAQH Index found that, of the $391 billion spent on administrative complexity in the United States healthcare system, $42 billion, or 11%, is spent conducting administrative transactions. Of the $42 billion, the industry can save $20 billion, or 48% of existing annual spend, by transitioning to fully electronic transactions. While the industry has already avoided $166 billion annually by automating administrative transactions, total spend continues to rise and opportunities to reduce costs exist.
Breaking new ground
In addition, moving from smaller startup MA plans to midsize plans and trying to get into Medicaid come with their own challenges.
From digitization of payments and remits to the most comprehensive payment modalities in the industry including security and compliance, 1099 reporting and filing, we can help healthcare organizations create efficiencies and enhance their current processes. Working together with RAM Technologies, our goal is to simplify the payment process, reduce payment-related costs, and drive electronic payment adoption.
COVID-19 continues to impact utilization, transaction volumes, and workflows, but the industry needs to maximize opportunities to work together to identify gaps and opportunities in processes and systems. Improving patient care while reducing administrative burden will provide further impetus for all parties involved to collaborate, navigating new policies, requirements and norms.
To stay up to date on the latest from RAM Technologies, follow us on LinkedIn