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New ACA Rule To Save $4.5B In Administrative Costs Over 10 Years
The Department of Health and Human Services (HHS) has announced that a new Affordable Care Act (ACA) rule requiring electronic funds transfers will reduce administrative costs for doctors and hospitals, private health plans, states and other government health plans by $4.5 billion over the next 10 years.
The Adoption of Standards for Health Care Electronic Funds Transfers and Remittance Advice adopts streamlined standards for the format and data content of the transmission a health plan sends to its bank when it wants to pay a claim to a provider electronically (through an electronic funds transfer) and to issue a Remittance Advice notice. Remittance Advice is a notice of payment sent to providers that may or may not accompany the payment the provider receives.
The new rule builds upon previously published regulations that set industry-wide standards for how health providers use electronic systems to quickly and easily determine a patient’s eligibility for health coverage and check on the status of a health claim, said HHS in a press release.
Read more at: http://tinyurl.com/7yqsjjw
Source: Healthcare Finance News
Despite Record ACA Enrollment, Report Reveals Underinsured Americans Are in Crisis
November 21st 2024Despite significant progress in expanding health insurance coverage since the Affordable Care Act (ACA) was enacted, millions of Americans still face critical gaps in access to and affordability of health care.
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Sustaining Compassionate Trauma Care Across Communities
September 30th 2024September is National Recovery Month, and we are bringing you another limited-edition month-long podcast series with our Strategic Alliance Partner, UPMC Health Plan. In our final episode, we speak with Lyndra Bills, MD, and Shari Hutchison, MS.
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