In our new weekly blog series, "Dashboard Driven Decisions," we'll be examining how addiction recovery, substance abuse and behavioral health organizations can greatly benefit from monitoring patient claims electronically, specifically via the use of a claims dashboard. Electronic claims management is faster, more organized and less error-prone than traditional methods, allowing your back office to work more effectively and you, in turn, to focus on growing your business.
In our fourth installment, we examine how electronic insurance payments provide the means for you to receive revenue faster and more efficiently than by traditional methods.
Electronic Remittance and Funds Transfers
Electronic Remittance Advice (ERA) or Electronic Fund Transfer (EFT) make it easier and faster than ever to have explanations of benefits and insurance reimbursements sent directly to you. ERAs and EFTs help you avoid the need to wade through mountains of paperwork and manage labor intensive tasks like matching and posting payments to claims. Sleep easier knowing there are other options available.
Consolidate Your Payments
Keep all payments and payment explanations in one place at one time to avoid revenue (and other important information) slipping through the cracks. You no longer need to rely on overworked employees to track these payments. Get all your information through one channel where it’s easy to locate and apply; and if you need to appeal anything, you have all the information needed to do so in one place.
Most payers now accept EFTs. Simply set the account to which you’d like payments disbursed and wait for revenue to come in. No more time spent waiting for the mail, or worrying about misplaced or lost checks: just straightforward direct deposits for your insurance billing purposes.
Check out our "7 Things Your Back Office Should Be Doing" webinar video and slide deck for greater insight into how dashboard-driven decisions can help you get the returns you deserve.