MediStreams News
How To Cut Costs On Paper Remittance Processing? Automation!
There is strong anecdotal evidence that although paper remittances are only about 30% of a healthcare provider’s remittances, paper requires up to 80% of the provider’s remittance processing resources.
This is due to the fact that electronic transactions post in an automated fashion into the provider’s practice management system. However, paper remittances and payments are handled manually. Manual processes consist of mail handling, scanning, data entry, etc. None of these processes exist in the world of automated electronic remittance processing.
The chart shows a comparison of two similar healthcare provider sites:
Using a very efficient manual process, the site shown on the chart has payment posters who average posting 13,683 payments per month. That comes out to approximately 88 payments posted per hour.
Using an automated posting process, the payment posters on the right post over 500 payments per hour.
Many banks have this process in place, yet many providers do not avail themselves of the automated process. In fact, some banks do not even require that the provider have a depository account in order to utilize this service.
Would it be effective for your practice to reduce your processing costs significantly?
Contact us today for a demo of our solutions.
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