The Department of Health and Human Services (HHS) has announced that a new Affordable Care Act (ACA) rule requiring electronic funds transfers will reduce administrative costs for doctors and hospitals, private health plans, states and other government health plans by $4.5 billion over the next 10 years.
The Adoption of Standards for Health Care Electronic Funds Transfers and Remittance Advice adopts streamlined standards for the format and data content of the transmission a health plan sends to its bank when it wants to pay a claim to a provider electronically (through an electronic funds transfer) and to issue a Remittance Advice notice. Remittance Advice is a notice of payment sent to providers that may or may not accompany the payment the provider receives.
The new rule builds upon previously published regulations that set industry-wide standards for how health providers use electronic systems to quickly and easily determine a patient’s eligibility for health coverage and check on the status of a health claim, said HHS in a press release.
Read more at: http://tinyurl.com/7yqsjjw
Source: Healthcare Finance News