As a medical billing service, it is our primary duty to look after the revenue cycle management process of physicians on board. We are on a mission to narrate billing obligations in a fashion that is fast and in the direct interest of clinicians. Some of our clients have recorded their detailed feedback on Clutch for any of you interested in reading client reviews. https://clutch.co/profile/p3-healthcare-solutions#reviews
The claimed and paid amount has to concur in an ideal state. It is the job of a medical billing company to comply in such matters that involve the speedy transfer of payments. Any hiccups in the billing process directly affect the practice besides tainting the reputation of the third-party billing vendor.
Explanation of Benefits (EOBs) and Electronic Remittance Advice (ERAs) are documents that discuss the amount billed and the payment received. They also contain information about any discrepancies in both the amounts. The third term EFT refers to Electronic Funds Transfer which is the modern way to address the payment process.
Medical Billing Company Supports ERAs in an Age of Automation
Physician practices can save much time and money if their EOBs turn into ERAs that are electronic documents. Think of the time it takes for a medical practice to deal with payment details manually. It involves a lot of fields to be manually addressed, dropping checks at the bank, and reconciling payments.
If payers can create digital documents like ERAs regularly, physicians won’t have to re-enter payments manually. The process of payment posting is crucial, and to make it easier, we’ll have to digitize EOBs right away.
Medical billing outsourcing requires accurate coding of claims in which there are no over coding and under coding errors. If EOBs reimburse amounts lesser than what is claimed in the bill, our company investigates so that the RCM process keeps on running smoothly.
Benefits of ERA
- Once the system of automation is in place, posting payments doesn’t involve manual intervention at all
- It enables faster payments because time is saved in the very instance
- Makes way for improved and classic denial management
Electronic Funds Transfer (EFTs)
HIPAA medical billing says a lot about the medical billing service in line with the law and its provisions. Under HIPAA, EFT via the Automated Clearing House (ACH) is the only standardized way to move funds electronically. Hence, we have to take note of that in every transaction we make on behalf of the physicians and specialty-specific doctors.
Just like the way employee checks are deposited, ACH EFT makes sure funds smoothly move between insurance companies and physicians.
Benefits of EFT
- It is a payment mode that directly coordinates with ERAs
- The staff members don’t have to be occupied, and there is less paper usage
- The claims payments are deposited in a safe and secure manner
- Saves time
21st Century After Effects of Electronic Cashflow
The healthcare industry brought into effect a new standard in the form of ANSI 835 for electronic insurance payments and reconciliation a few years ago. Both ERA and EFT are part of this act. Their role for each other is vital. When an ERA carries the details of the payment, EFT is the actual process through which the payment is made to their rightful owners upon adjudication of claims.
ERA merely forms a report by which benefits are explained. Both the technologies devise simplification of the payments to physicians while expediting the process in the spirit of better healthcare outcomes.