We all know that the sluggish paper-to-mail system can mean serious holdups in payment processing times. While you patiently wait for the mail to deliver checks, EOBs, and statements, your AR slowly creeps upward.
Lucky for us, there are some simple and effective electronic tools you and your medical billing team can utilize to get paid faster and operate more efficiently.
ERA (Electronic Remittance Advice) replaces the paper EOB (Explanation of Benefits) that is traditionally sent via snailmail. To find out more about ERAs, visit your insurance company’s website or one of many healthcare portals, like Availity and Navinet. The use of ERAs saves trees, of course, and cuts down on misfilings. The .pdf formats of ERAs are stored electronically and easily searchable.
EFTs, or Electronic Funds Transfers, replaces paper checks from insurance companies. Payments are deposited directly into your business checking account, meaning you get your money faster.
Have more questions about ERAs or EFTs? Contact the Medical Billing team here at Vantage and we’ll be happy to explain the processes to you!