The healthcare economy is going digital. However, a minimum of 1.1 million labor hours of manual administrative work goes into conducting basic transactions each week. For example, up to 40 percent of claim payments and remittance advices, are still done the old-fashioned way—by hand.

The financial services industry offers an interesting comparison. Today, consumers enjoy automated cash withdrawals, global banking and routine streamlined transactions. While healthcare is a more complex industry with many more stakeholders, there are lessons that can be applied from the banking world.

A new CAQH CORE issue brief explains that one reason for banking’s progress is that automation became possible because the private and public sectors worked together to develop a standard set of guidelines. In healthcare, CAQH CORE Operating Rules provide a similar roadmap to the same type of full automation.

Read the full issue brief to learn how healthcare can become more efficient through standardized business processes and greater adoption of electronic transactions.