Navigation Links
Orbograph Announces Educational Healthcare Payments White Paper on Reassociating EFT/ACH Payments to ERA’s in 2014
Date:6/17/2013

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 benefits of electronification when utilizing either an EOB or ERA which is electronically generated (referred to as EDI 835). The paper addresses many of the issues healthcare providers are facing including:

  •     Reduced clerical burden of manual reconciliation so employees can be redeployed on value-add tasks
  •     Limited reporting of outstanding accounts receivables
  •     Increased electronic transaction adoption and compliance with standards
  •     Standardized operating rules for eligibility, claims status, claims payment and remittance, and enrollment and referral authorization

“Unless a healthcare provider or their financial institution can automatically extract and match the TRN data from ACH payment to the remittance information contained within the EDI 835, the process of deposit reconciliation will be manual and cumbersome, and even nearly impossible, as in the case where a provider receives 10 remittances for $100 and eight payments for $100,” stated Barry Cohen, Co-President of Orbograph. “I believe this issue will be a major industry roadblock to EFT/ERA acceptance. As a company that comes from financial transaction processing, Orbograph is ideally positioned to provide a solution that straddles both the financial settlement and healthcare remittance sectors.”

About Orbograph
Orbograph (http://www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition services and software for check processing in the financial industry and end-to-end electronic solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,500 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post and Orbograph E2Post utilize innovative EOB conversion technologies to automate posting of receivables into practice management systems. Orbograph enables clients to envision more for their organization by reducing costs and managing risk while ensuring that achieving more is a reality.

# # #

NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at http://www.orbograph.com.

Read the full story at http://www.prweb.com/releases/2013/6/prweb10837024.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Orbograph Announces New Business Partnership with Healthcare Revenue Strategies (HRS)
2. hCGTreatments / Diet Doc hCG Diets & Weight Loss Plans Announces New Prescription Diet Plans Capable of Trimming the Waist and Reducing Cholesterol Levels
3. Radiology Business Management Association Announces Board of Directors and Officers for 2013-2014
4. SoViva Naturals Announces New Garcinia Cambogia Product Launch
5. Actors, Models and Talent for Christ Announces Philadelphia Auditions for Up and Coming Talent of All Ages on Saturday, June 22th
6. Optix on Downer Announces Renovation and Grand Opening Specials
7. TrustedConsumerReview Announces Top Maryland Property Management Company
8. Famous Rim Fitments Expert, SizeItUp, Announces the Integration of the 2012 Mitsubishi I in Its Fitments Database
9. VegasHotelEscapes.com Announces 30-50% Off Las Vegas Hotels For Fathers Day Weekend
10. US Sports Camps Announces New Nike Ultimate Camp in Connecticut Directed by Connecticut Constitution Founder
11. Certain Health Insurance Plans Will Not Cancel at the End of this Year Announces America’s Health Insurance
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/7/2016)... ... December 07, 2016 , ... ... Campaign Winner in the Folio: Marketing Awards competition. Live From won in the ... in pioneering, inventive, and ultimately successful projects undertaken by the media industry’s most ...
(Date:12/7/2016)... ... 2016 , ... "ProBrand Flip allows FCPX editors to create unique logo reveals ... of Pixel Film Studios. , ProBrand Flip includes 30 flip book reveal animations. Easily ... from a variety of flip book animations. In Addition, users can modify each preset ...
(Date:12/7/2016)... ... December 07, 2016 , ... Bioelectronic ... Plus for consumers and healthcare professionals to manage chronic and acute pain. ... treatment modalities available in a single device. The announcement is part of ...
(Date:12/7/2016)... ... 2016 , ... “The Road To Restoration”: an informative and enlightening book ... a week showing of hands. “The Road To Restoration” is the creation of published ... with the brass ring that you could reach out for, and grab, on the ...
(Date:12/7/2016)... ... December 07, 2016 , ... “Walking With God: Inspirational Lessons ... will inspire the reader to be aware of God's direction in their lives. “Walking ... Sanford Smith, retired teacher and active church leader. , Sanford says, “I ...
Breaking Medicine News(10 mins):
(Date:12/6/2016)... With opioids commonly used for pain management for workplace ... that has led to nationwide fatalities. The synthetic opioid ... than heroin or morphine, resulting in likelihood of addiction, abuse or ... , , ... operations, Behavioral Health for HMC HealthWorks, explained the opioid drug is ...
(Date:12/6/2016)... Dec. 6, 2016  Viking Therapeutics, Inc. ("Viking") ... company focused on the development of novel therapies ... the U.S. Food and Drug Administration (FDA) has ... treatment of X-linked adrenoleukodystrophy (X-ALD).  VK0214 is a ... that selectively regulates the expression of genes believed ...
(Date:12/6/2016)... Mass. , Dec. 6, 2016  Blueprint Medicines ... discovering and developing targeted kinase medicines for patients with ... an underwritten public offering of $125,000,000 million in shares ... to grant the underwriters a 30-day option to purchase ... of its common stock in connection with the public ...
Breaking Medicine Technology: