Are you using the healthcare electronic fund transfer standard in your practice? The standard allows providers to request that claims payments be made using EFTs via the ACH Network instead of paper checks, and health plans are required to comply.
When EFTs via ACH are used in combination with Electronic Remittance Advices (ERAs), providers can realize significant time and costs savings. But the real return on investment is achieved when providers automate the reassociation of the EFT via ACH payment and the ERA and automatically post the receivables. After moving to automation, the Midwest Center for Women’s Healthcare reduced its days in receivables from 25 to 13, and one large hospital group reduced its claim payments processing costs by 70 percent.
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