OptumHealth Inc. announced today that its financial services unit has seen a 26 percent increase in its processing of electronic payments and statements, compared with one year ago. The company now processes 11 million claims each month.
The number of health care professionals using OptumHealth’s Electronic Payments and Statements has increased as well, up 30 percent from one year ago to 366,000 today. The system enables health plans to pay claims and send remittance advices electronically to physicians and other health care professionals, eliminating the inefficient and costly use of paper, printing and postage associated with the traditional paper-based claims settlement process.
“The increase in usage is driven by our ability to help health plans, third party administrators, physicians and other health care providers who want to speed settlements, cut expenses and reduce paper work,” said Chad Wilkins, chief executive officer of OptumHealth Financial Services. “Our experience over the past year shows there is growing industry interest in electronic solutions – and our solution in particular – to do just this. In the long run, that will help stem the rising costs of health care and recoup time for patient-centered activities. Everyone in the health care system wins.”
About 83 percent of practices using electronic payment systems report improved cash flow, and 79 percent report improved office efficiencies, according to a recent survey of health care practices conducted by Gilmore Research Group for OptumHealth Financial Services.
“OptumHealth Electronic Payments and Statements is a faster and more efficient way of getting our money,” said Carly Hudson, billing coordinator at Tanglewood Medical Supplies & Pharmacy, Inc. in northern Texas. “When you think about it, checks are archaic. Checks get lost in the mail. With OptumHealth Electronic Payments and Statements, the checks are deposited in our bank account, and we can go to the Web to view remittance advices and also identify denials more quickly.”
Approximately 2.7 billion medical claims are processed annually by health plans and other third-party payers, according to OptumHealth Financial Services. About 20 percent – or about 500 million – are paid with remittance advices transmitted electronically. OptumHealth Financial Services anticipates surpassing 130 million in 2008.
About OptumHealth Financial Services
OptumHealth Financial Services is a business unit of Golden Valley, Minnesota-based OptumHealth, a consumer solutions company that makes the health care system easier to navigate and helps people live life to the fullest. OptumHealth Financial Services includes OptumHealth Bank, Member FDIC, one of the largest administrators of health savings accounts (HSAs) in the country, and Administration Resources Corp., a leading third-party benefits administrator. More information about OptumHealth Financial Services can be found at www.OptumHealthFinancial.com.
About OptumHealth
OptumHealth Inc. helps individuals navigate the health care system, finance their health care needs and achieve their health and well-being goals. The company’s personalized health advocacy and engagement programs tap a unique combination of capabilities that encompass care solutions, behavioral solutions, specialty benefits and financial services. Serving more than 60 million people, OptumHealth is the nation’s largest health and wellness company. It is a business unit of UnitedHealth Group (NYSE: UNH). More information about OptumHealth can be found at www.OptumHealth.com.
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