PayStream Advisors, a technology research and consulting firm, released its latest payer report: “Electronic Claims Reimbursement – EFT/ERA trends from the payer’s perspective.” This report features the InstaMed payer offering, including the innovative Integrated ERA/EFT® transactions.
While the use of electronic remittance advice (ERA) and electronic funds transfer (EFT) has been around for years, it has only recently gained serious traction for healthcare payers. Payers are faced with the significant operational and administrative costs to deliver paper remittance and checks to healthcare providers. This is coupled with industry regulations, such as the Patient Protection and Affordable Care Act (PPACA), that have accelerated the need for improved healthcare payment efficiency. While payers can realize billions of dollars of savings through the adoption of ERA/EFT, eliminating paper will also result in faster, more accurate healthcare transactions and provide greater visibility into the revenue cycle. However, despite the substantial payer benefits, the use of electronic payment and remittances remains low because the industry lacks a network to support ERA/EFT. Today, payers are seeking out electronic payment solutions to enable them to easily deliver ERA/EFT to their provider networks and drive down administrative costs.
Download InstaMed’s Solution Profile as featured in the PayStream report: