Remittance Outsourcing for Management Services Organizations (MSOs) to a Single Receiver With physician practice group consolidation, efficiently processing and posting remittances for multiple practice management (PM) systems, clearinghouses and bank lockboxes can become significantly complex. This is especially true if all the groups are reporting to a single Tax ID and the clearinghouse ERAs are
Tailored Solutions for Optimizing Reimbursement and Cash Flow Improving Financial Performance – Integrated with Existing EMR/PM Systems Healthcare organizations lose millions each year in net revenue due to complicated reimbursement methodologies, regulatory issues, increasing patient payment responsibility, and growth in self pay or uninsured patients. Reallocating resources to improve financial performance however, can be daunting
Converting EOBs to 835 Electronic Remittance Advice Optical Character Recognition (OCR) in its simplest form is the process whereby a paper document is scanned and the image is captured for processing data into a specific application, such as paper-based EOBs. The text is extracted from an image and converted into machine readable data (as 835
Correspondence Management and Workflow Efficiency For healthcare provider organizations, unstructured content exists in a wide variety of file types and sources of information. Being able to quickly retrieve lockbox correspondence, indexed to the patient, can play a critical role in how fast your claims get paid, delayed or denied due to missing or inaccurate data.
Augment Your Billing Staff with Outsourced Payment Processing For many physician groups, medical clinics and MSOs, staffing shortages in the business office have contributed to a variety of cash flow obstacles. A/R backlog continues to affect cash management as the volume of unpaid claims and denial rates remain a constant challenge. In a recent article
How to Keep Your Banking and Clearinghouse Relationships with a Practice Group Merger Banks provide several key services in the revenue cycle, starting with being the recipient of funds as well as EOBs and correspondence via lockbox services. Clearinghouses are are integral to healthcare providers in order for them to forward claim information and receiving
Utilizing Advanced OCR Technology for Converting Paper-Based EOBs One of the many technologies used by ReMedics to automate payment processing for our healthcare clients is Optical Character Recognition. Utilizing OCR technology, text is extracted from an image, such as paper-based EOBs, and converted into machine readable data. The problem with processing paper EOBs is they
