ERA/EFT (Electronic Fund Transfer)
Medical healthcare providers can save both time and money by switching to automated processes in billing servicing from manual systems. This is true especially for remittance advice and claim submission and payment processing. Any healthcare provider spends a huge amount of time on management and filing paperwork for transactions, opening and scrutinizing mail, delivering paperwork to the bank, and manually cross-checking payments. By adopting electronic transactions, medical practices can save plenty of time for the patients and their proper care.
Electronic Remittance Advice (ERA):
Electronic Remittance Advice is the digital alternative of a traditional paper EOB. Similar to a paper EOB, an ERA contains details such as: the amount billed, the amount being paid by the health insurance company, and appropriate clarification of any discrepancies between the charged and paid amounts. ERA offers medical practices the following benefits:
Quicker payment and communications
Automatic payment posting and adjustments
Reduced manual tasks and human induced error
Upgraded and standardized repudiation management system
Electronic Funds Transfer (EFT):
Electronic Funds Transfer refers to an automatic transfer of funds that sends and receives payments electronically instead of paper checks. EFT transfers funds by electronic means between the health coverage providers and physicians or between patients and physicians. Here are some common benefits that EFT offers physician practices:
Faster and convenient transactions
No extra charges or reduction associated with other payment systems
Lesser risk of fraud and false claims
Easy and secure payment adjustments
Why you should consider Maxremind Inc.?
Maxremind Inc. is one of the largest electronic healthcare system providers in the U.S. and offers trusted and secure ERA/EFT services to its clients. Below are some of the reasons you should consider getting our services.
1. Payments posting using EDI standards
Our system provides fast payments posting in compliance with the EDI standards. All of your business data is transmitted electronically to or from your partner’s system instantly, without any errors due to manual data procurement. With our system, there is no need of any post editing of any inaccurately recorded data. Your business processes and transactions are sped up which in turn speeds up your company’s cash flow, for a risk-free revenue management cycle.
2. EFT setup services
We also offer services to providers in getting a secure, automatic and convenient EFT setup for their organization, so that they can easily post secure payments without getting into hectic paperwork. Going paperless in your transactions saves your organization’s time and money from lengthy mail delivery procedures, incorrect manual data entry or even editing incorrected data afterwards.
3. Appointment Reminder Calls
One of our system’s best features are our Appointment Reminder Calls. With Maxremind Inc. physician practices can send automatic phone calls or text messages to your members, so that your staff don’t miss any appointments or EFT schedule. This way if any of the staff member does not confirm his/her appointment you can set up an immediate replacement, allowing efficient staffing for your organization.