New Online Tool on Measuring the Benefits of Document Capture

Here’s the scenario. You are evaluating various document capture products, and on the surface you know it is a good thing for your company. But you are struggling with how to quantify the potential benefits and need more evidence that the investment will in fact result in costs savings, improved productivity, reduced risk, and so on.

Well, here you go. Here’s a link to a relatively new EMC Captiva online benefits calculator tool that helps companies assess the potential benefits of their investment in document capture.

www.emc.com/CaptivaCalculator

The tool is very straight forward, and only requires a few minutes of time to get a response on what the potential benefits might be for a company. Unlike other tools that don’t allow you to drill down into the details that drive the cost benefits, this one exposes the assumptions and lets you adjust them to fit your companies particular situation. It lets you fine tune your assumptions like known hard costs – document storage, shipping and handling, printing, etc. You can also adjust variables like time spent performing data entry, per hourly costs of your employees, hours spent sorting and routing documents, and many other variables. You can also select what your specific business challenges are so that the costs savings it produces are specific to your challenges. If managing the risk of paper is not your real pain point, then you can simply turn that off.

The tool basically takes the information you input and creates a before and after picture. At the end of the process, it generates a detailed report (requires registration) that you can share with co-workers.  The benefit of registering is it saves your work so that you can come back later or invite other co-workers into the project.  This is often necessary as you collect information and collaborate with other people on the team.  But again, the tool has default assumptions built-in based on industry stats and other best practices data, allowing for a quick analysis and fine tuning over time.

If investing in document capture is one of your companies 2010 initiatives, then this new calculator is probably of interest. Take the next step and give it a try. If you have questions, please comment and I’d be happy to discuss.

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Automating the Capture Medical Claims Process – Not a New Concept, but Delivers Benefits

So what do you get when you take intelligent capture and medical claims mix them together? Simple…tangible benefits in the form of cost reduction and process efficiency.

For those who are not familiar with what a medical claim is and how it gets processed, think of  the last time you visited your physician or hospital. Following that visit a paper document (claim) gets generated which contains the medical billing information (e.g. procedure performed and amount being billed). The claim then gets submitted to an insurance company so that the physician or hospital can get paid.

CMS 1500 Medical Claim Form

CMS 1500 Medical Claim Form

Why Not transmit electronically?

In many cases, the information does get transmitted electronically but not all medical billing is done that way today and it will be some time before 100% of all medical billing is electronic.  So that still leaves insurance carries like a BCBS or third party payors with the problem on how to best capture and process the thousands of claims they receive each day.

Intelligent Capture is King with Medical Claims

There are many line of business processes you can automate with a document capture solution, but medical claims is one where the benefits standout.  The amount of data that needs to be extracted encompasses over a hundred fields (name, address, SSN, doctor ID, line item procedure and diagnosis codes, and so on).  By using OCR (optical character recognition) and applying business rules, a key part of the claims process can be automated, thereby eliminating most of the data entry that would occur otherwise.

Partners are Key

I like to think of this solution as a speciality that requires a software vendor and partner that know the medical claims process.  This is not your simple run-of-the-mill capture deployment, rather it takes a solution that has been proven over the years and a partner who has the skill set to deliver.

EMC partners like PaperFree, Paragon Solutions, and other EMC partners demonstrate that skill set. You can read about a recent win PaperFree just announced:

New West Health Services Chooses PaperFree Corporation to Implement Claims Processing Solution

Intelligent Data Capture Delivers

Intelligent capture for medical claims is key to solving what is often the bottleneck in the process where lots of data needs to be transformed into electronic informaiton.

The benefits can be significant, in fact cost and efficiency savings like 60% increase in overall productivity, 75% reduction in error rates, and 30% reduction in average claims processing cost are benefits that can be achieved.

So give it some thought.  Starting with the obvious challenges around automating the capture of medical claims data may be the way to go.

-Bill-

EMC Sponsored Research – New AIIM Study Reveals Investments in Document Capture Produces Rapid and Considerable Cost Savings in Less Than 12 Months

AIIM ROI paperAIIM just released a new study on document capture, that was sponsored by EMC. The research study shows that document scanning and capture is a very risk-free investment compared to other types of IT projects and payback time of the initial investment frequently occurs in less than one year.

 

 

Key findings from the study include:

  • 42 percent of organizations have increased productivity by 50 percent from their scanning and capture investment.
  • 43 percent have achieved payback within 12 months and two-thirds within 18 months.
  • Nearly half have achieved savings of 40 percent or more in paper storage costs.

A free copy of the study, “Extending Capture Capabilities – Measuring the ROI” is available at www.emc.com/captureroi

What do you think?

  • Are you achieving the benefits from document capture that you expected?
  • Do you see opportunities to further expand the use of capture?
  • Is there  a need to replace a legacy scanning/imaging application in order to achieve greater benefits?

Feel free to comment back.

– Bill –