Fact: Insurance carriers spend $19 billion annually processing paper claims

Fact: Healthcare providers spend $7 billion annually just submitting claims to carriers

Fact: According to the New England Journal of Medicine, the U.S. Healthcare System wastes up to 24 cents out of every dollar on administrative and billing costs, or in excess of $6 billion annually

Fact: More than $679 million is spent on postage each year by healthcare providers submitting paper claims

Fact: A paper claim takes 15 to 20 minutes to complete

Fact: 30 to 35% of all paper claims are rejected due to typo's, errors and omissions

Fact: Less than 1% of electronic claims are rejected

Fact: An electronic claim takes just seconds to prepare

Fact: Most electronic claims are processed for payment by carriers within 24 hours

Fact: The American Medical Association estimates each paper claim costs providers $7 to $12 in direct expenses

Fact: Electronic claims cost healthcare providers between $1.50 and $3.00

Fact: Using paper claims submission, reimbursement takes an average of 90 to 120 days

Fact: Electronic claims are paid within 7-21 days

Fact: Reports show that the average healthcare provider has more than $150,000 in outstanding accounts receivables

Fact: Electronic Claims Submission can reduce outstanding accounts receivables by more than 60%

Fact: Coding errors for surgical procedures eats up about $6 billion annually in unneeded costs

Fact: Medicare provides healthcare coverage to some 35 million people over age 65

Fact: Medicare paid out some $110 billion in benefits, the fourth largest expense in the government, ranking behind defense, Social Security and interest payments on the national debt in 1994

Fact: The social Security Administration estimates some 2.2 million people will turn 65 in the year 2003