How can embracing medical billing outsourcing technology get you paid faster? Electronic Funds Transfers (EFT) payments are delivered to your outsourcing company faster, more accurately, and more consistently than manual payment acceptance. Processing these payments on a daily basis means increased cash flow. You probably knew that already. So, what then has been stopping your billing company from moving to EFT acceptance in your practice? Undoubtedly, it’s the abundant paperwork involved in setting up EFT payments with multiple healthcare plans and for each of your clinicians.
You are not alone. EFT currently accounts for only about 32% of all transactions according to a recent article in MGMA’s Connexion. However, your medical billing outsourcing company is about to get some help in making this process a bit easier. The Affordable Care Act (ACA) of 2010 is requiring that all health plans implement operating rules for EFT and electronic remittance advice (ERA) by January 1, 2014.
In conjunction with the ACA’s requirement, MGMA is also lending a hand. According to Senior Policy Advisor, Robert Tennant, MGMA is currently pushing for a standardized enrollment process.
Using technology to streamline the medical billing outsourcing process is a one of our biggest commitments at Outsource Receivables Inc. Having EFT makes working across distances and with multiple practices, with multiple sites, and so many variables much easier, and faster! We have expertise with EFT setup as well as many other paperless strategies that ORI has helped clinics across the Midwest in Minnesota, Iowa, Wisconsin and other states. And this all equates to savings and cash flow. To learn more about how ORI and improve your ROI, contact Dan Smits at 763-398-5209.