Why Switch to ERAs?
In addition to inefficient processing and high administrative costs, paper EOBs contribute to a provider’s struggle with physical storage and document inaccessibility. Rummaging through paper archives as a means to investigate and manage secondary claims does not promote efficiency.
Even worse, your medical practice or hospital may miss out on the opportunity to harness the power of big data. In the absence of a readily accessible and centralized data warehouse, providers forfeit the opportunity to effectively analyze their payments and denials in hopes of making smarter business decisions.
How ERA Will Benefit Your Practice?
ERAs were created to handle increasing transaction volumes, complex compliance issues and high administrative costs. ERAs alleviate the tedious process of manually entering, checking and posting payments by automating processes and accelerating the revenue cycle.
The American Medical Association (AMA) estimates that the average provider can save almost $9,500 annually by switching to ERAs. Just imagine your office staff not having to collect mail, file paper documents, manually post payments and speak with payers. Transitioning to ERAs means less administrative waste and more effective patient care.
Adopting a system with the capacity to accept ERAs, post denials and run real-time analytics will allow your practice to track, analyze and manage the revenue cycle seamlessly.
If you cannot accept ERAs today, your practice, hospital or provider group can implement a full-service outsourced payment posting solution that will allow you to immediately convert your paper EOBs to ERAs. Your outsourcing partner will use a technology solution that will import 837 claim data and convert your paper EOB’s into ANSI 835/ERAs. The data will easily integrate with your lockbox or document management system. By outsourcing this work, you can immediately treat every remittance as an ERA.