New Standards Coming January 2014 Can Help Physicians Streamline Payment November 7, 2013 AMA, Physician Resource AMA, EFT, ERA, ACA, Affordable Care Act, American Medical Association, Toolkits 0 Effective January 1, 2014, the Affordable Care Act (ACA) will require health insurers to standardize business practices for electronic funds transfers (EFT) and electronic remittance advice (ERA); this new criterion will save physician practices time and money by allowing them to automate the tedious process of matching submitted medical claims with payments from insurers. The Centers for Medicare & Medicaid Services estimates that one-third of industry-wide claim payments are currently being transferred electronically, and expects insurers’ reliance on EFTs to increase under the new guidelines. Medicare regulations already insist that physicians who update their enrollment information or are new to the program be paid via EFT. The American Medical Association has developed free toolkits to update physicians on the changes in federal standards. Toolkits contain informative sections on getting started with electronic transactions, key questions to ask vendors, guidance about information technology solutions, and an outline of the rules and standards for electronic transactions. Click here to access the AMA website for updated information and resources that can help physicians generate savings using electronic transactions. Source: American Medical Association Comments are closed.
