In a recent MGMA Insights article, InstaMed CTO and Co-Founder Chris Seib shares how healthcare can no longer afford to resist the digital revolution.
Read the full article, Healthcare can no longer afford to resist the digital revolution, in MGMA Insights. Below is an excerpt from the article.
Providers for their part have made significant investments in digital tools to streamline daily operations and thereby reduce costs related to manual and paper-based processes. Digital tools, such as patient portals and EHRs, hold great promise for the industry’s costs problems, but their potential remains an untapped promise. According to the 2017 CAQH Index Report, the industry stands to save $11.5 billion a year if it were to fully adopt electronic transactions, with providers claiming $9.5 billion of that total.
Resistance among healthcare providers to the digital revolution is often and anecdotally attributed to privacy and security concerns related to HIPAA regulations. But consider the following: paper cannot be encrypted and can easily be lost, stolen or copied.