New rule to simplify electronic payment transactions
The Department of Health and Human Services has released a new rule meant to facilitate the ability of physician practices to receive claim payments electronically and reduce the burden and cost faced by practices in reconciling payments from their different payers.
The Department of Health and Human Services (HHS) has released a new rule meant to facilitate the ability of physician practices to receive claim payments electronically and reduce the burden and cost faced by practices in reconciling payments from their different payers.
Currently, electronic payment involves two separate sets of transactions: one to move the money to the bank account, and a separate transaction to send an explanation of the payment. It can be difficult for practices to match the two separate transactions to each other. The new rule establishes a set of standards that will allow practices to match automatically the two transactions with each other.
The new rule also establishes uniform guidelines across health plans regarding both the application process for practices to receive payments electronically and the format of “companion guides” explaining how practices can engage in these electronic payment transfers.
Most of the responsibility for the changes will be up to the health plans and practices can continue to receive these transactions on paper if they choose. The new rule is set to go into effect on Jan. 1, 2014. Additional information can be found on the HHS website.