Hospitals and payers are gradually moving toward electronic claims payments due to federal legislation that spurs the switch, according to a Bank of America Merrill Lynch whitepaper.
"Mass adoption of electronic payments in healthcare is coming," said Kenneth Merrill, director of healthcare product solutions at Bank of America Merrill Lynch. "Exactly when will depend on how fast all parties get down to business."
However, there are some barriers to adoption. The whitepaper outlined four of those obstacles.
1. Electronic remittance advices don't provide all the information they are accustomed to receiving from their traditional paper advices.
2. Smaller providers don't have the same level of IT resources as larger providers, making it difficult for them to accept and work with electronic files.
3. Reassociation is more complex with electronic payments.
4. Providers aren't always comfortable giving their bank account information to government and commercial payers as part of the enrollment process.
More Articles on Electronic Healthcare Payments:
Electronic Billing & Payment – 3 Key Regulatory Issues to Consider as Part of Your Electronic Payments Strategy
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5 Benefits of Shifting to Electronic Healthcare Payments