In today’s digital healthcare landscape, it can be difficult to track when and where claim payments are being processed and delivered. Providers having better insight into historical processing can give trends that inform when the organization will receive payments, as well as the payment amounts. This enables organizations to plan other financial activities with confidence.
Electronic Remittance Advice
Electronic remittance advice (ERA) processing can help organizations see their upcoming and delivered payments electronically. ERAs replace manual paper billing processes and typically have fewer errors. Healthcare organizations using a revenue cycle management (RCM) solution can use the electronic data to inform organizational budgeting and process improvements.
The Axxess RCM solution includes processing ERAs from any payer an organization is enrolled with. The solution shows all the important details in an easy-to-read format on the dashboard. Cumulative reports will show payments from Medicare or a commercial payer, like Aetna or United Healthcare, over a specified time period. RCM users can also upload any ERA Axxess did not process into the solution. This ERA will then be incorporated into the financial reporting and tracking with all of the other processed files.
Future enhancements will enable advanced functionality to automatically import claim payments, adjustments and remarks from a processed ERA into a new coordination of benefits claim to be sent to a secondary or higher payer for payment.
ERA Reports for Financial Planning
Home health organizations are now making performance improvement plans for better patient outcomes because 2023 data will inform the first payment through Home Health Value-Based Purchasing (HHVBP). Financial planning will be critical for organizations to ensure economic stability in the upcoming years with this new payment model. ERAs can help financial managers see breakdowns of current reimbursement rates, common claim errors from documentation inconsistencies and timeliness or eligibility issues. ERA reports also enable financial leaders to easily review the current mix of payers and ensure diverse referral sources to reduce organizational risk of losses.
Axxess RCM helps clients get paid more and get paid faster with real-time, automated claims processing.
Looking to further develop your leadership skills and grow your business? The Axxess Growth, Innovation and Leadership Experience, also known as AGILE, will bring together the brightest thought leaders, policymakers, technology innovators and care teams to envision a shared future of healthcare at home. It’s more than just a user conference. Save your spot today.
