Research firm Celent predicts savings of $11 billion can be achieved through automation of health-care payment processing. Much of medical payment processing is still paper based. Sorting, reconciling, verifying, posting, and handling paper payment processing payments costs about $22 billion a year and is a big reason for rising health care costs in the US.
One way to automate payment processing for paper checks is through “extended” lockbox functionality. These lockbox facilities provide a method to sort and image checks as well as explanation of benefits and other medical payment processing documents. Extended-lockbox technology can take data from EOBs and populate electronic remittance forms and other documents with data in a medical provider’s accounts-receivable system.
Government mandates for standardized electronic medical data-reporting formats include payment processing. But, the US government is still debating health care reforms. If passed, the reforms will take years to implement. A Senate proposed mandate for medical billing reporting by 2014 was recently pushed forward to 2016.
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