Don't underestimate the potential cost savings of electronic transactions.
Linda Perryclear, Director of Field Services, RCM Client Experience, Availity (Jacksonville, Fla.): Use an EOB-to-ERA conversion tool to convert any paper explanation of payments to an electronic file that can be automatically posted in your host system. Partner with your revenue cycle management vendor to find the solution that works best for your type of business. Cost savings for this are significant as outlined in the 2014 CAQH Index, which showed the provider cost of a manual remittance to be $5.36 versus $1.19 for an electronic transaction — a savings of $4.17 per transaction.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.