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Electronic Claims Facts
Only 40% of claims are electronically processed. It is estimated that more than 6 billion insurance claims are filed each year or around 500 million claims per month.
- Medicare alone receives more than 500 million claims per year.
- Electronic Claims Processing reduces payment turn-around time by shortening the
- About 30 to 35% of all paper claims are rejected due to typos, errors and omissions.
- More than 220 million Americans are covered by some form of health insurance. The
average person accounts for 6 physician encounters per year.
- Electronic Claims Submissions have been mandated by Congress in 1996 when they
passed legislation on administrative simplification called the Health Insurance and
Portability and Accountability Act of 1996 (HIPAA). This act, signed into law in
August,1997 calls for the electronic transmission of core financial and administrative
transactions, including billing, electronic claims processing, eligibility, and payment
and remittance advice.