8 Key Areas Representing $13.3B in Cost Saving Opportunities for Healthcare Administration
by Scott Overholt, Director of Business Development, Vyne Medical
Scott Overholt, Director of Business Development, Vyne Medical
According to the 2020 CAQH Index report, an annual report published by the Council for Affordable Quality Healthcare, a study of eight key transactional areas revealed opportunities for cost savings totaling $13.3 billion for medical providers and plans willing to move to fully electronic administrative processes. The CAQH report examined eight key transactions: Eligibility and Benefit Verification, Prior Authorization, Claim Submission, Attachments, Coordination of Benefits, Claim Status Inquiry, Claim Payment, and Remittance Advice.
1. Eligibility and benefit verification
Social Security: Get your new standardized benefit verification letter online tribstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribstar.com Daily Mail and Mail on Sunday newspapers.
If you receive a Benefit Verification letter, sometimes called a âbudget letter,â a âbenefits letter,â a âproof of income letter,â or a âproof of award letter,â we have good news for you! A new standardized Benefit Verification letter is now available when you need proof of Social Security benefits, Supplemental Security Income, or Medicare.
In addition to name, date of birth, and the benefits received, the new Benefit Verification letter includes other identifiers to prevent misuse and fraud. This is an added benefit to you as proof of income for loans, housing assistance, mortgage, and other verification purposes.
The same standardized letter is also available if you need proof that you do not receive benefits, or proof that benefits are pending. If you are an individual representative payee, you can use the my Social Security Representative Payee portal to access the same standardized Benefit Verification letter online for your beneficiari