KR Billing Solutions offers medical billing services that enable healthcare companies to obtain optimum reimbursement so that they can focus on their patient care. KR Billing Solutions offers a variety of ways to accelerate your company’s revenue and streamline your billing processes.
An Electronic Remittance Advice (ERA) is an electronic version of a medical insurance payment explanation. Electronic remittance advice explains how the health claim has adjusted the claim charged based on different factors. These factors could be the benefit coverage, contract agreements, secondary payers, and expected copay and co-insurance.
The electronic remittance advice also provides details regarding the providers’ claims payments and contains the required explanations if the payment claims are denied by the provider. Electronic remittance advice is not mandatory but is usually a mark of courtesy from providers to sellers as it helps them to match the invoices with the payment.
Electronic Remittance advice is important because it serves as a notice of adjustments and payments to suppliers, billers, and providers. It also explains the reimbursement reasons or decisions of the payer. Electronic remittance advice streamlines the reconciliation process as the staff can accurately reconcile outstanding balances via the billing software. Electronic remittance advice also reduces paper and printing costs and means that less of your paycheck is deducted or contributed for administrative costs to the insurer or provider.
Other benefits include faster processing of secondary claims, lower storage and maintenance costs, quicker receipt of remittances, and being more environmentally friendly. Businesses can enjoy quicker receipt of remittances when they opt for electronic remittance advice as they can receive their remittances during the day of the claim finalization, as opposed to waiting for a letter in the mail a few days or weeks after the payment was made.
Billing Softwares are also compatible with electronic remittance advice and can store the electronic data for future references and to show the progression of billed claims, thereby allowing staff to quickly work on their outstanding claims.
Electronic remittance advice is useful for healthcare companies who are on an insurer’s panel. This is because they can receive their remittance advice electronically and directly from the clearinghouse. This prevents posting delays due to lost or missing mail and the companies no longer have to wait a longer period for hardcopy remittance advice.
KR Billing Solutions can work with your company to set up electronic remittance advice with your insurer. We understand the importance of receiving your remittance advice as soon as possible and without delay and are committed to doing so.
KR Billing Solutions is a leading provider of revenue cycle management solutions and is very experienced in the billing industry. We have a broad range of expertise in the healthcare field specialty and years of experience working alongside numerous healthcare companies.
If you have any questions about electronic remittance advice, you can call us at (855) 978-6499 or send us an email.