Did you know that only about 40% of claims are electronically processed? Why should you find out more about electronic claims processing and medical billing? It has been estimated that more than 6 billion insurance claims are filed each year which works out to about 500 million claims per month. Of these Medicare accounts for 500 million claims per year. Electronic claims are easier on the health care provider and the insurance company. Medicare pays two weeks faster for claims processed electronically. They offer this as an incentive for the other 60% that are still doing them manually with a CMS 1500 form (formerly known as HCFA 1500).
Even without any incentive the electronic claims process shortens the payment cycle time by 50%. Not only are they faster but they are more accurate and can reduce average error rates to less than 1 or 2%. If that wasn't enough reason to file your claims electronically Congress has mandated electronic claims submissions formats. Uniform formatting helps everyone. Who wouldn't want to increase their payment turn around time and have fewer errors?
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