Electronic funds transactions and electronic remittance advice notices can help providers operate more efficiently as pressure mounts to cut costs while improving performance. Here are five key benefits of moving to electronic payment transactions, according to the report.
1. Faster payments and better cash flow. Electronic payments can lead to lower accounts receivable days outstanding and faster accounts receivable updates. Automatic deposits also speed up cash availability and lead to better cash flow.
2. Better risk management. Electronic transactions eliminate the risk of paper checks getting lost or stolen.
3. Improved processing efficiency. Automated data entry and reporting can lead to increased accuracy and lower processing costs.
4. Claims administration improvement. Electronic transaction systems provide tools to help providers manage claims denials and speed up secondary insurance filings.
5. Enhanced company service. Providers have more time to spend with patients because the electronic payment system results in less time spent on back-office tasks.
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