Advantages of Electronic Remittance Advice Transactions and Electronic Funds Transfer
XIFIN’s Payor Support Team actively reviews your payor mix to identify instances where Electronic Remittance Advice* (ERA) and Electronic Funds Transfer (EFT) are available but for which you are not enrolled. XIFIN’s Payor Support Team reviews ERAs offered by both clearinghouse and direct connect providers and EFTs offered by payors. Our Team generates the necessary registration paperwork for ERAs and provides EFT enrollment documentation, when available. When you receive the paperwork, completing the necessary signatures and returning it to our office in a timely manner, ensures you maximize the many advantages of claim payment processing via ERA.
The advantages of processing provider payments using ERA versus posting payments via paper EOBs include:
- Reduction of manual effort in claim payment posting
- Reduced turn around time in the cycle of claim submission, posting provider responses to accounts and reconciling patient account balances due
- Ability to submit an electronic secondary or tertiary claim
XIFIN logic expedites electronic secondary and tertiary payor claim submission using data available in ERA transactions. In many cases, rapid processing of secondary and tertiary payor claim submission represents an opportunity for revenue pick up.
The EFT provides the advantages of receiving the cash directly and electronically into your bank account and also simplifies the process of balancing ERAs to your bank deposits.
*Electronic Remittance Advice (ERA) is an electronic version of the Standard Paper Remittance (SPR), or Explanation of Benefits (EOBs). ERA allows a healthcare provider / supplier (provider) to receive all of the information contained on an SPR, in an easy to read and store electronic format.