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
Geisinger Health Plan (GHP) needed a change when it came to their provider payments. The old process to send electronic payments was time-consuming and expensive – yet, two-thirds of their provider network still received paper checks.
GHP chose to partner with InstaMed to bring about some much needed change. With InstaMed, GHP now delivers 85% of provider payment transactions via ERA/EFT and increased annual revenue by $642k. How did they do it? View the infographic below, then read the case study