- GE Healthcare and Accenture are poised to use their alliance to update the way the healthcare industry processes medical claims, according to a recent announcement.
- Outdated technology is responsible for about $2 billion in lost revenue to U.S. healthcare providers, GE Healthcare suggested.
- The pair plan to use their combined consulting businesses and analytics expertise to help providers save an average of 25% to 50% of their current costs to re-process denied claims, which GE Healthcare billed as "one of the largest areas of lost revenue in the U.S. healthcare system."
The plan, which builds on the GE-Accenture alliance first announced in 2013, aims to assist a wide range of providers that includes large health systems, physician groups and hospitals by demonstrating how claims management impacts their financial performance. GE-Accenture would follow through by using those insights to redesign workflows and financial operations.
“GE Healthcare’s leading analytics technology, combined with Accenture’s proven consulting capabilities, will help our customers deliver better outcomes, putting financial savings to better use improving clinical care and health system operations," Jon Zimmerman, VP and general manager of GE Healthcare IT Clinical Business Solutions, said in a prepared statement.
GE Healthcare notes management of denied claims has been a challenge for providers. It adds that Accenture estimates that one of five claims is denied, and that each of those cost an average of $25 per claim to re-process. "For a $1 billion health system, reducing claims denials can yield a 0.5-1 percent lift in operating margin amounting to $5- 10 million annually," the announcement stated.