CHICAGO, April 6 /PRNewswire/ -- The U.S. economy transmits over 18 billion electronic payments each year, yet approximately half of all healthcare financial transactions are still paper-based. Costs of paper, printing, postage and labor for manual processes in healthcare are estimated to add up to nearly $30 billion a year in waste(1). As healthcare reforms are considered in Washington and in all 50 states, administrative savings represent a bright spot -- low-hanging fruit -- that could help pay for longer-term reforms.
To help inform this dialogue, Emdeon, in cooperation with the Center for Health Transformation, today unveiled an important whitepaper at the HIMSS 2009 Annual Conference. The whitepaper, "Taking the Paper Out of Paperwork: How Electronic Administration Can Save The U.S. Health System Billions," looks at the gaps in the industry that keep it dependent on manual processing - and offers practical steps for breaking this costly and inefficient cycle.
"In these trying economic times, combined with the specter of unsustainable spending, Medicare insolvency and runaway growth in Medicaid, we must find those IT solutions that can not only save lives but can also lower costs," said Former House Speaker Newt Gingrich, founder of the Center for Health Transformation. For more of the Speaker's message, view the video foreword to the whitepaper.
The whitepaper provides a step-by-step roadmap for both payers and providers and highlights best practices that are delivering tangible results today. This pragmatic approach leverages technology and infrastructure that already exist - and provides a vision for a new kind of industry collaboration.
"It's not about infrastructure," says George Lazenby, chief executive officer of Emdeon. "The infrastructure is there, and the technology exists. All the constituents are looking for ways to optimize their business processes."
Among the barriers cited are lack of integration, lack of complete standards, competing priorities between stakeholders and a perceived lack of value to healthcare providers.
"We see higher adoption of electronic healthcare transactions when they meet the needs of both providers and payers," said Lazenby. "It's about making the information available at the point where decisions need to be made."
Recommendations outlined in the whitepaper include:
Emdeon is a leading provider of revenue and payment cycle solutions that connect payers, providers and patients to integrate and automate key business and administrative functions throughout the patient encounter. Through the use of Emdeon's comprehensive suite of products and services, its customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle process. Emdeon is owned by General Atlantic LLC and Hellman & Friedman LLC. For more information, visit www.emdeon.com.
Link to the Whitepaper:
Link to the Video:
(1) National Automated Clearing House Association, ACH 2007 Volumes, May 19, 2008; U.S. Healthcare Efficiency Index(TM), http://www.ushealthcareindex.com, February 2, 2009.
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