August 07, 2024 – (MedCity News) –

Today’s health plans continue to pay healthcare providers significant penalties and interest when they violate prompt pay laws for clean claim-delayed processing due to various processes, disparate systems, and dependencies on functional groups. This includes, for example, authorization requirements, coordination of benefits details, external pricing, provider data management, itemized bills, and medical records requirements. In fact, major payers have paid $150 million to $60 million in penalties annually and are estimated to pay an additional 20% to 30% every year. More specifically, as the cost of working capital is increasingly a focal point, so is the need for cost avoidance and improving operating cash flow issues.

Article originally published by MedCity News