The Department of Health and Human Services this week announced a new rule designed to cut red tape and save money. In conjunction with another regulation issued earlier this year, the rule is expected to save up to $9 billion over the next decade.
The operating rules for Electronic Funds Transfers (EFTs) and Electronic Remittance Advices (ERAs), together with the previously-issued EFT standards adopted by HHS in January, are projected to reduce administrative costs over ten years by cutting the amount of time spent on billing- and insurance-related tasks. By replacing the inefficient processing of paper checks and manual posting of payments with electronic transactions, the rules will allow healthcare providers to spend more time on patient care and less on processing paperwork.
Medical billing software like Medisoft, Lytec, or Allscripts MyWay can process ERA files, check insurance eligibility, and otherwise increase a practice’s efficiency. Microwize Technology can help.