Healthcare providers nationwide are waking up to the substantial benefits of electronic claim submission and reconciliation. According to the American Medical Association (AMA), tools like the electronic remittance advice (ERA) are saving medical practices approximately $10,000/year for each physician in the group.
The ERA (commonly referred to as the ANSI 835 file) is the electronic equivalent of a paper Explanation of Benefits (EOB). It indicates how much the insurer paid on the claim and identifies reasons for any denial of benefits. Prior to the ERA, staff would have to spend hours reviewing each claim, posting payments, and reconciling any errors. Now that entire process can be automated with the 835 ERA module from BillingTracker. This feature saves office staff from having to collect mail, file paper documents, manually post payments, and adjudicate claims with payors. Another advantage is that insurers pay electronic submissions faster, which improves your cash flow.
Maximize Your Time
Because working with paper remittance reports has always been a painstaking chore, agencies have been jumping at the opportunity to automate. According to studies on the benefits of using ERA, you will recoup your investment in just a few months, at most. In addition to the inevitable boost in operational efficiency, you will also eliminate errors, reduce staff time devoted to adjudicating claims, and improve cash flow.