The Patient Protection and Affordable Care Act required rules be crafted and adopted for healthcare electronic funds transfers and electronic remittance advice transactions, and providers will need to be compliant by Jan. 1, 2014, according to Finextra.
The goal of the rules will be to reduce the administrative burden of interacting with health insurance plans for billing and insurance-related tasks. Final rules for EFTs were adopted in August.
Though EFTs will benefit providers through cost savings, fraud control and improved cash flow, many challenges remain for a full switch. Paper checks will still be the main source for healthcare payments.
It is estimated that in 2013, 70 percent of healthcare claims payments will be made in paper checks and 65 percent of remittance advice will be sent through the mail, according to the report.
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The goal of the rules will be to reduce the administrative burden of interacting with health insurance plans for billing and insurance-related tasks. Final rules for EFTs were adopted in August.
Though EFTs will benefit providers through cost savings, fraud control and improved cash flow, many challenges remain for a full switch. Paper checks will still be the main source for healthcare payments.
It is estimated that in 2013, 70 percent of healthcare claims payments will be made in paper checks and 65 percent of remittance advice will be sent through the mail, according to the report.
More Articles on Coding, Billing and Collections:
John Walsh to Serve as CareCloud Chief Technology Officer
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