Save time by automatically posting insurance payments
Electronic remittance advice helps you save time by automatically posting insurance payments based on electronic reports delivered to your practice. You can receive electronic remittance advice (ERA) reports, receive a receipt of an electronic funds transfer (EFT), and use electronic remittance advice reports to automatically post insurance payments and reconcile balances. By receiving electronic payments and automating the payment posting process, you can get paid faster and save time.
Introducing ERA Technology
Over the past few years, the healthcare industry has implemented a standard for electronic insurance payment and reconciliation. This standard goes by the technical label ANSI 835, but is commonly referred to as electronic remittance technology and is comprised of two components. First, Electronic Funds Transfer (EFT) enables insurance companies to deliver electronic payments to healthcare providers upon adjudication of valid and payable medical claims. Second, Electronic Remittance Advice (ERA) is an electronic report in a standard, computer-readable format sent by insurance companies to providers as an explanation of payment and adjudication of medical claims. These standards expedite the delivery of insurance payments and simplify the reconciliation of patient accounts.
You can enroll in electronic remittance advice reports for hundreds of government and commercial insurance companies including Medicare, Medicaid, Blue Cross and Blue Shield in nearly every state and every major commercial insurance company including Aetna, Cigna, Humana, United Healthcare, and many more. Most payers require an enrollment process to begin using electronic remittance advice services because you'll need to provide them your bank account information if you elect to use electronic funds transfer (EFT) to receive payment. In order to enroll, you simply download the enrollment forms directly from our website, complete and send the forms directly to the payer, and then you'll receive an approval on your enrollment directly from the payer within 15 to 30 days. Once your enrollment has been approved, you will begin receiving your electronic remittance advice and electronic funds transfer reports directly into your Kareo account where they can be used for viewing, payment posting, and printing.
When you enroll for electronic remittance advice services, you have the option to continue to receive payment for your insurance claims by check or to provide your bank account information to insurance companies so they can send your payments via electronic funds transfer. If you opt-in for electronic funds transfer, you will receive an electronic funds transfer as a confirmation of payment (with a banking transaction ID) along with your electronic remittance advice report.
You can unlock the full potential of electronic remittance technology with Kareo's web-based medical billing software by automatically posting insurance payments using electronic remittance reports. Kareo's automatic payment posting engine properly handles even the most advanced electronic remittance scenarios, including denials, underpayments, overpayments, multiple adjustments, automatic cross-over, secondary remittance, reversals, and more. You can review detailed adjustment reason and remark codes and save payments once processed. You can view and print all of your remittance reports in a standardized format. You can also save electronic remittance reports to your computer in ANSI-835 format and export your ERA reports for use with other programs, such as Medicare's Remit Easy Print software.