New service offering converts paper ‘Explanation of Benefits’ forms to a standard digital format for easier, more accurate payment reconciliation
JACKSONVILLE, Fla. – Availity announces a new service offering from MediStreams which will automate one more process in the medical billing workflow, saving health care businesses time and giving them improved ability to search through information. The MediStreams service complements Availity’s core product lines, all of which automate administrative processes and help medical professionals run healthier businesses.
Many physician practices still receive paper remittances, and handling them often accounts for a disproportionate amount of the manual work to reconcile payments. The new service converts paper Explanations of Benefits (EOBs) to electronic remittance advice (ERAs), so they can be easily consumed by workflow systems that automatically post and reconcile medical claims. Physician offices, hospitals and billing companies can expect to improve speed, accuracy and the ability to search remittances.
Both the original paper document and the electronic document are retained and managed in a secure HIPAA-compliant online system that offers complete transparency and real-time access for the business. All processing is done domestically by MediStreams.
One specific advantage of MediStream’s EOB to ERA conversion service is the advanced recognition and extraction of detailed patient information from the EOB and patient-paid checks or coupons. This information is paired with the remittance advice, so patient-level reconciliation is possible by account number or name as well as by payment type, check/EFT number, payer name, and deposit date. Patient-level information also helps speed secondary billing, which means health care providers can be fully reimbursed in the most timely manner possible.
“Our new EOB to ERA conversion service offering will help medical billing operations reduce delays in the revenue cycle, enabling them to focus on running a healthy business,” said Sean Kilpatrick, director of the provider portfolio for Availity. “With all the automation advantages we offer, our clients continually discover new ways to save time and reduce workflow burden while they improve cash flow.”
Aaron Grandison, president of MediStreams said, “The MediStreams solution offers a customized ANSI 835 format for all paper EOBs, which are archived for ten years and are searchable via web interface. Availity selected MediStreams because of our mutually strong commitment to offering providers the best in revenue cycle solutions that further automate processes and reduce costs.”