Automated EOB, remittance, and claims processing is the answer to a prominent obstacle for healthcare organizations’ profitability. In healthcare, 24 cents of every dollar is spent on administrative and billing costs, illustrating the need for a more efficient way to collect and process payments from patients, insurers, and providers alike.
With Paperless Productivity’s® Remittance Processing solution, healthcare providers get the tools to improve cash flow and receive payment in an accurate and efficient manner. This remittance processing platformprovides same-day recognition and depositing and grants our clients the ability to:
- Reduce costs associated with balancing, reconciling and posting electronic remittances and paper EOBs
- Streamline balancing of transactions and claims
- Increase payment accuracy through automatic validation of ICD, CPT, and other critical codes
- Save time and money by automatically exported captured data
- Improve timeliness of posting receivables
- Improve information availability and reporting with Real-Time visibility to all claims
Paperless helps providers meet the challenge inherent in healthcare billing with a comprehensive Revenue Cycle Management solution developed specifically for the health care industry–one based on our 30 years of best practices experience that delivers more efficient, timely and completely automated processing of remittances.
The end result is an extraordinarily lower cost per document&mash;often just a third of the original cost! And not only does reducing human involving minimize errors, but it also means headcount can stay the same or even fall as productivity skyrockets.
Remittance & EOB Processing Automation: How It Works
Behind the scenes, our EOB / remittance processing solution integrates all aspects of the remittance process into one, centralized workflow. This facilitates precise data extraction from any number of claims- and payment-related documents, including key forms such as HCFA/CMS-1500 and UB-04/CMS-1450.
- Mail Processing: Each day, our drivers will pick up your mail from a variety of post offices across the county and bring it to our mail processing center. Once there, your email undergoes a process to make sure all deposits are timely, accurate and tailored to your specifications. credit card payment processing is PCI-certified and takes place in a separate, locked-down department while your cash is consolidated and secured before deposit.
- Data Capture / Imaging: We leverage data capture technology, tailored to your organization’s needs. The capture process incorporates high-speed scanning equipment and manual data entry to address any necessary changes or corrections. Each of your received documents are imaged and archived for easy search and viewing via a secure, cloud-based portal. Our imaging and archiving processes lends a level of oversight necessary to address problem transactions and costs associated with storage of paper-based documents.
- Exception Services: Our approach provides the level of service required to address the demands of non-standard and comment email. Our Exception services team will handle any database look-ups, direct keying and constituent correspondence responses, freeing your employees from time-consuming and tedious tasks.
EOB Processing Workflow Improvement
We understand that the remittance process is not a static one. As your company works through these various steps of administration, we take a consultative approach and offer our clients suggestions that could improve current workflows. We will work hand in hand with your organization to build a workflow that not only is customer tailored to your own organization, but will also help cut costs and improve customer service.
The continuity of your remittance process is paramount to ensure steady cash flow. We understand this and have taken steps to guarantee that the remittance process will remain uninterrupted. Our business continuity plan includes:
- Redundant network options
- Off-site data storage
- Disaster recovery facility
- Hardware protection
Centralized, Automated EOB and Remittance Processing
Your health care payment automation solution achieves maximal ROI and usability through careful customization to your business needs. As certified and highly experienced OCR solutions architects, we will work with your business, technical, and clinical teams to create a flexible and robust workflow.
Through the centralization of your EOB and remittance processing workflow, you can rest easy knowing that all remittance processing rules are being observed with consistency and excellence. The solution caters to your organization’s distinct needs and is ultimately your own, as you can amend any pat of the remittance process that you see fit. Your dedicated account manager will ensure that any changes to your processes and rules are made right away to ensure continuity.