Medical billing and coding require extensive interactions with technology designed to facilitate communications between patients, practices, and insurance providers. Electronic remittance advice (ERA) is one such implemented form of communication.
What is an ERA in medical billing? PracticeForces, a medical billing company in Florida, helps you better understand ERAs below.
What Is ERA in Medical Billing?
Medical billing and coding play an essential function in most modern medical practices. When your practice sends data to a patient or insurance company, it uses various processes, such as ERA, to navigate complex HIPAA requirements and insurance allowances. ERAS in medical environments are virtual copies of explanations of benefits (EOBs) from the paying party.
Some people confuse ERA with EOB. While both contain similar information, they differ in format. An EOB typically arrives as a hard copy via your mail service. You receive an ERA digitally to keep in your computerized infrastructure.
How Does ERA Function?
You might easily lose or misplace a paper copy of any patient information. Even the strictest filing protocols have their flaws. Additionally, physical record-keeping is a space- and time-consuming task that eats into your practice resources.
On the other hand, you can organize an ERA within your practice’s digital network. Your staff members can access it directly from a device. They can also log into a secure cloud from a different device when necessary.
ERAs contain everything you need to know about a patient’s health plan and insurance company. An ERA in medical billing typically includes:
- Accessible benefits
- Copays and co-insurance information
- Insurance terms and agreements
You can find a patient’s benefit data at your fingertips.
How Your Practice Benefits From ERA
Implementing ERAs in your medical billing system comes with numerous advantages. Your practice saves resources because:
- ERAs don’t require physical storage space. Use the space for commodities that increase office comfort.
- Organizing ERAs takes less time. They eliminate manual filing, record-keeping, and research.
- They quicken claims approval processes and denial management. You can more easily search for and identify pertinent information.
- Your practice receives payments faster, improving your overall internal cash flow.
You, your staff, and your patients will enjoy transparent data, streamlined information access, and easy payment processes from ERA implementation.
Reaping the advantages of ERA requires a reliable, HIPAA-compliant medical billing system. You need solutions that keep all patient records secure yet accessible to authorized parties. However, many practices lack the resources to develop these solutions by themselves.
Medical billing and coding services provided by third parties offer scalable solutions that include ERA organization within their packages. They tailor their solutions to fit within strict HIPAA requirements, ensuring you can improve how your staff organizes data without worrying about security.
Explore Medical Billing Solutions From PracticeForces
Does ERA in medical billing pique your interest? Contact PracticeForces for comprehensive digital practice solutions. We also supply a steady stream of medical billing and coding tips to assist you further. Call 727-202-5429 for a free consultation with our team.