Wednesday, November 25, 2020

The Key to Reducing EFT Administrative Waste

In the era of the corona virus pandemic, it’s more important than ever for revenue cycle management to operate at maximum efficiency. Many practices are facing economic uncertainty and cannot afford any additional fiscal leakage.

These are unprecedented times for Providers, which will require more efficient systems. Starting in November of 2019 is when insurance carriers started enforcing this EFT payment system more so than in the past and with many more carriers to roll EFT payment out in 2020. This will almost certainly be a driver that will require practices to modernize their systems and business processes regarding EFT payments.

The ADA agrees that there are advantages to electronic reimbursement as long as a dental practice is technologically ready for that. Many offices that were not set to receive EFT payment during the Pandemic, more than likely would find it taking longer to receive payment by check. Claims being submitted electronically and were set up to receive EFT payment would receive payments in a timely manner.

Dental providers are seeing the benefit of investing in this EFT technology, but are looking for staff that know how to apply it to their work flows and processes. Waste in the administrative system between providers and payers that’s generated from a lot of inefficiency, from inaccurate documentation and coding, a lack of transparency, and both sides not being aware of the appropriate steps a lot of times to achieve EFT systems.

To help Dental industry providers recognize and realize the benefits of automation using EFT standard and ERA, this technology has proved that practices of all sizes can achieve cost savings and benefits from converting their claims reimbursements payments from paper checks to EFT standard transaction and automating the reconciliation and posting process using the ERA.

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