An ERA (Electronic Remittance Advice) is a form of electronic communication that essentially eliminates the need of paper EOB (Explanation of Benefits).
ERAs contain information on whether a claim was paid or denied, final status and any adjustments the payer made to the billed amount.
Manually posting large amounts of EOBs or remittance paperwork is time consuming and therefore costly. In addition to inefficient processing and high administrative costs, rummaging through paper archives as a means to investigate and manage claims can result in payment posting errors and inaccurate accounts receivables.
At CollaborateMD, we offer unlimited ERA with Auto-Apply which allows you to receive your remittance advice electronically so you no longer have to wait for them to arrive in the mail. You are able to review them directly and post payments without any manual intervention. No need to manually enter, verify, and post payment checks. This reduces transaction time, compliance issues, and administrative costs.
ERA auto-posting drastically improves payment accuracy, office productivity, and the rate of payment collection. You can quickly sort between paid and unpaid ERAs for easier accounting, enhance your collection efforts, decrease denials, improve staff productivity and reduce labor and paper costs.
Electronic claims reduce adjudication error rate, and rejection rate. Any errors are sent back immediately so they can be corrected, instead of waiting 60-120 days for rejection notifications from the payer.
If you’re not using ERA with auto-posting, you are missing an opportunity to optimize your revenue cycle. By receiving electronic payments and automating the payment posting process, you can work less, and get paid fast.