Payers are now required to support both electronic remittance advice (ERA) and electronic funds transfer (EFT) capabilities. Use this infographic to figure out how to best deliver ERA/EFT by taking these factors into consideration.
As healthcare costs in the United States continue to rise, many payers and providers have been collaborating to counteract these rising costs. And as they continue to shift to the fee-for-value reimbursement model, they have seen some success in reducing costs through the use of bundled payments and accountable care organizations.
Managing and collecting payments is becoming more difficult for healthcare providers as the healthcare industry continues to rapidly change. Now that the Affordable Care Act requires everyone to have health insurance, copays and deductibles are becoming a more significant part of providers’ cash flow. Another significant change is the shift to electronic payment systems.
admin3 Cutting Edge Trends in Healthcare Claims Payments
In an industry that is steadily transitioning into paperless processes, payers are no longer able to avoid the digital movement. Payers are now required to support both electronic remittance advice (ERA) and electronic funds transfer (EFT) capabilities. This means that payers must assess how to implement such capabilities, whether that be through the support of resources from within an organization or through the guidance of a third-party vendor.
Under the Affordable Care Act (ACA), a headlong push for digital financial transactions associated with healthcare was put in place among the more notable changes of that legislation. However, while the focus is generally on delivering easier transactions of healthcare provision and targeting how it is paid for, the actual implementation of that focus has been left to the healthcare industry to resolve.
admin3 Recommendations for Healthcare EFT Adoption
In the past, reimbursement models were based on a fee-for-service plan (FFS), but as the implementation date of MACRA quickly approaches, payers have already started to shift to the fee-for-value (FFV) model required under the new legislation.
adminHealthcare Reimbursement in the Fee-for-Value World