Report: Fully Adopting Transactions Standards Could Save $11.2 Billion a Year

U.S. health care providers could save $9.5 billion annually if commercial health plans fully adopted seven national standards for electronic business transactions, according to the latest annual CAQH Index. Health plans could save an estimated $1.7 billion annually if the standards were fully adopted, the report adds. Based on voluntary surveys of commercial health plans and providers, the index measures adoption, costs and provider labor time associated with the most common administrative transactions conducted between health plans and providers. These include verifying a patient’s insurance coverage, sending and receiving payment, inquiring about the status of a claim and obtaining prior authorization for care.