Streamlining Insurance Collections With Hipaa Electronic Transactions
Reducing the time to collect payment is the primary means of increasing revenue and cash flow. Using HIPAA electronic transactions can significantly streamline the insurance collection process.
Electronic Submission (837 Professional and Institutional) versus US Mail
Although sending claims electronically is now common, it is important to point out how electronic claims have improved the process of collecting payments efficiently.
In the past, claims were mailed to the payer. The claim waited for the mail to be picked up and sent through the postal service and finally delivered to the payer where the claims were sorted and distributed to employees charged with evaluating the claim and approving payment. All paper claims were reviewed manually for errors and incomplete information. The time elapsed could take up to several weeks.
