Orlando, FL (PRWEB) June 17, 2013
Orbograph, a premier supplier of recognition solutions for the U.S. check processing market as well as paper and electronic payment solutions for healthcare revenue cycle management, announced today that its white paper, How to Reassociate EFT/ACH Payments to ERAs in 2014, is now available for download at http://www.orbograph.com/reassociate-EFT-ACH-ERS.htm. The white paper explains the challenges and problems which healthcare providers, billers, clearinghouses and financial institutions will need to addresses as The Patient Protection and Affordable Care Act (ACA) supports healthcare payment electronification by defining standards and regulations for ERA and EFT adoption.
Today’s lack of a true remittance standard has resulted in payers (insurance companies) using multiple EOB formats and multiple electronic remittance advice (ERA) remark codes. In many cases, the information that healthcare providers require to reassociate payments and remittances is incorrect, missing, or not provided on the payment or remittance in a way that is meaningful to the provider or its financial institution. As a result, providers are unable to automatically post payments, effectively manage denials and accurately and consistently reconcile their deposited funds.
Additionally, explanation of benefits (EOBs) continue to be utilized as paper-based remittance advices which explain part of the reason why 1.75 billion checks are issued each year for healthcare payments. Although there are now very efficient and cost effective alternatives to convert EOBs, a reconciliation problem still exists.
ACA tries to help resolve this challenge but is only the first step. Within the white paper is a well defined plan on how to realize the full bene
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