Emdeon takes on Healthcare Efficiency
It is a busy time for Emdeon, a provider of revenue and payment cycle solutions and clinical data exchange. Emdeon, who holds the single largest national health information network, has recently launched an initiative that focuses on stopping the use of paper in basic business transactions in the healthcare industry, which in turn will save billions of dollars every year.
“We have partnered with the Center for Health Transformation, founded by Former House Speaker Newt Gingrich, and are working with federal and state governments, to offer ideas for achieving immediate savings,” Susanne Powell, Director of Corporate Communications for Emdeon, said. “The cornerstone of Emdeon’s efforts is the launch of the U.S. Healthcare Efficiency Index™ with a goal of creating a single national reference for tracking the industry’s transition from a paper-based manual system to an efficient electronic one.”
The development of the U.S. Healthcare Efficiency Index has been a year in the making. The idea that something needed to be done to conserve paper and save money came about during industry and public policy discussions.
“Miriam Paramore, Emdeon’s Senior Vice President of Corporate Strategy and Government Affairs, spearheaded the development of the Index to raise awareness of potential savings and bring the industry together to measure progress and overcome any remaining barriers,” Powell said.
The Index is being launched in phases. Phase 1 is complete and highlights cost saving opportunities based on available industry data. Phase 2 is currently underway and includes primary research being conducted in partnership with the Owen School of Management at Vanderbilt. Data will be collected directly from payers and providers to provide an accurate measurement of progress. Future phases of the Index will expand its scope beyond medical claims to include dental, pharmacy, worker’s compensation and others. The information provided in each phase will become more specific as the Index progresses.
“The first phase of the Index focused on gathering industry data around five basic healthcare business transactions – eligibility, claim submission, claim status inquiry, claim payment and remittance advice (the paper that shows how much was paid on a claim),” Powell said. “Administrative waste from these five transactions adds up to $30 billion per year – and $11 billion could be saved each year just by going from paper checks to direct deposit.”
Awareness of how much money was being spent on paper for basic business transactions was very low. Thanks to the development of the Index, understanding of the problem is starting to rise. Emdeon has taken, and will continue to take, the steps needed to get out the word.
“Emdeon created a social marketing campaign focused on the question, “What would you do with $30 billion?,” Powell said. “Emdeon also collaborated with the Center for Health Transformation on a whitepaper, “Taking the Paper Out of Paperwork” that was released at the Healthcare Information Management Systems Society (HIMSS) conference in Chicago. Speaker Gingrich also produced a video that talks about the Index.”
Technology is the key to unlocking the savings identified in the Index. Emdeon, and the healthcare industry as a whole, must be aware of the most up-to-date innovations occurring in the technology world. The Nashville Technology Council helps inform companies of these innovations. Emdeon has been a member of the Council since 2004.
“Technology and healthcare are vital parts of the Nashville economy, and the NTC has done a great job of promoting these important industries and fostering dialogue and development among its members,” Powell said. “Emdeon looks forward to an ongoing and productive relationship with the Council.”
For further information about the U.S. Healthcare Efficiency Index™ please visit the following links:
US Healthcare Index
www.save30billion.com
Hear more about Emdeon’s efforts with the Stimulus Package at Technology Nashville Conference, May 21st. Susanne Powell, Director of Corporate Communications, will be representing Emdeon in a panel discussion surrounding “How to Get Stimulus Money.” Click Here to find out more.
