Payment and Remittance Challenges Solved!
Bottle Necks are Costly. Here are some examples of Administrative costs to provider:
✓ Remittance (ERA or EOB) and correlating payment (EFT or Check) can arrive at different times, essentially creating a costly “matching” administrative function
✓ Reconciling the remittance to the payment is an important business office process prior to remittance and payment posting to ensure deposit accuracy and reducing the chance of FRAUD
✓ Manual paper EOB and correspondence handling within the business office requires manual posting and reconciliation
✓ Patient payment handling is difficult to reconcile when paid by credit card and costly by paper check
✓ Correspondence documents are increasingly in demand but the manual process creates errors and mishandling of urgent documents requiring immediate attention
Claim Payment Management
• Improves cash flow via expedited payment and remittance reconciliation through the receipt of electronic payments and remittances
• Eliminates the need for manual re-keying of reconciliations of EFTs and ERAs by requiring a trace number that links the two transactions so payments can be associated with service
• Increases ability to conduct targeted payment issue follow-ups through uniform and maintained ERA codes (CARCs, RARCs, and CAGCs) to give the market consistent approach to reporting and interpreting the claim denials/adjustments
• Standardizes enrollment for EFT/ERA so providers can sign up for both EFT and ERA electronically with all health plans using a consistent set of data elements
• Automates re-association of EFT and ERA leading to efficiencies and reduced errors for payment posting, avoiding FRAUD and leading to fewer A/R days
• Saves providers money by reconciling their payments and reducing their AR days allowing them to get paid earlier and have more money in their bank accounts much sooner.
Market Readiness
Monitoring Services: Available Immediately
Lead time
4-6 weeks for goods
Patient Outreach: Available Immediately
Lead time
4-6 weeks for goods
VitalPay 360: Available Immediately
Lead time
4-6 weeks for goods