For years, healthcare officials have worried out loud that privacy and security breaches could undermine public support for a federal program to accelerate the shift from paper to electronic health record (EHR) systems. But for just as long, healthcare spending on security has lagged behind security spending in other industries.Read More
GeBBS Healthcare Blog
The introduction several years ago of the ERA (Electronic Remittance Advice) created a quantum leap in the healthcare billing arena by providing an improvement to the traditional, paper-based EOBs. Astonishingly, many providers have not taken advantage of this revolutionary change. It has been estimated that even today only 46 percent of the claims are processed electronically, while the remaining 54% claims are processed in the traditional paper-based method. However, the Affordable Care Act (ACA) mandated that all healthcare plans adopt and support ERA operating rules before January 1, 2014.Read More
Why Switch to ERAs?
In addition to inefficient processing and high administrative costs, paper EOBs contribute to a provider’s
struggle with physical storage and document inaccessibility. Rummaging through paper archives as a means to investigate and manage secondary claims does not promote efficiency.
Even worse, your medical practice or hospital may miss out on the opportunity to harness the power of big data. In the absence of a readily accessible and centralized data warehouse, providers forfeit the opportunity to effectively analyze their payments and denials in hopes of making smarter business decisions.
How ERA Will Benefit Your Practice?
ERAs were created to handle increasing transaction volumes, complex compliance issues and high administrative costs. ERAs alleviate the tedious process of manually entering, checking and posting payments by automating processes and accelerating the revenue cycle.
Healthcare billing service companies provide vital services to the medical industry; both hospitals and physician groups need their critical services. However, these billing service companies often experience their own operational pains in the form of ever-changing governmental regulations that make medical billing confusing and complicated. Other reimbursement mandates and collection regulations exacerbate the problems medical billing companies face.
In our initial blog on big data, we posed the question: “Is big data a big boondoggle or a big solution?” Based upon our experience of helping literally thousands of healthcare providers use vast amounts of financial and clinical data to improve their revenue cycles and care delivery – we believe that big data can provide big answers. What exactly is big data? A report delivered to the U.S. Congress in August 2012 by the TechAmerica Foundation defines big data as: large volumes of high velocity, complex, and variable data that require advanced techniques and technologies to enable the capture, storage, distribution, management, and analysis of the information.
Big data is the hot buzz word right now in healthcare IT. The constant news barrage about the value of big data and business analytics/intelligence (BI) is forcing healthcare IT departments to take notice and determine what value big data really has for their facility. As this terminology has evolved in healthcare, big data has become the popular term to describe the exponential growth and availability of all kinds of data -- both structured and unstructured. What is the potential importance of big data to healthcare providers?