The SymKey® claims processing stats for 2015 are in and they’re unbelievable. We compiled statistics from 80% of our clients, covering a combined total of over 2.5 million lives. Across these clients, SymKey® touched 7.8 million claims with 5.25 million approved/denied for a 67% completion rate. This represents FTE savings of approximately 264 claims examiners, or over $12 million when using standard estimates of salaries plus benefits. Their average ROI was over 10x when compared to their SymKey® license fees. We’re so proud of the value that we’re able to bring to SymKey® clients.
We also couldn’t believe that on average our clients doubled their SymKey® usage from the prior year. There are a couple reasons for this. The Affordable Care Act brought increased membership in 2015, especially for SymKey® clients that process Medicaid/MediCal claims. Overall, their membership was up 39% from 2014, which means there were more claims to process. SymKey® allowed our clients to handle the increased claims without the need to add additional claims staff. SymKey® clients also developed more workflow automation scenarios, which allowed them to automate even more processes. This is a trend that we hope to see continue for our clients because their success is our success.
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