In 2014, all payers were federally mandated to support electronic funds transfer (EFT) and electronic remittance advice (ERA) in accordance with the requirements specified in the CAQH CORE Operating Rules. Though the mandate went into effect in January 2014, the industry has been slow to adopt the electronic alternative to paper checks. Many organizations send a high dollar volume through ERA/EFT, but it’s the low percentage of transactions sent through ERA/EFT that keeps print and mail costs high. The costs and inefficiencies of paper payments negatively impact both payers and providers. CAQH now estimates that the healthcare industry overall can save $11.1 billion annually by eliminating manual paper processes and transitioning to electronic transactions.
InstaMed understands the negative impact of paper-based processes and as the first healthcare organization to achieve Phase III CAQH CORE Certification, we have demonstrated our commitment to transitioning to all electronic EFT and ERA transactions. Payers that use the InstaMed Claims Settlement solution to deliver all of their provider payments will be guaranteed an ERA/EFT transaction adoption rate of at least 80% within the first 12 months of go-live. This solution decreases print and mail costs to healthcare organizations, eliminates or significantly reduces staff time allocated to managing multiple systems and processes for claim payments, and meets provider demands for compliant ERA/EFT transactions that fit into their existing workflow.
We held a webinar that looked at five questions payers still have about the ERA/EFT mandate. View the recording to see how payers can eliminate paper and postage costs, avoid the risk of fraudulent payments and increase ERA/EFT adoption. Then, view the infographic below to see how the InstaMed Claims Settlement solution can increase ERA/EFT adoption at your organization.