Remittance Processing Services
An electronic remittance advice, or ERA, is an explanation from a health plan to a provider about a claim payment.
Remittance is the process of sending a sum of money back to a person or organization electronically. In Healthcare claims, remittance usually refers to the process of insurance providers sending back payment to a hospital. Remittance is an integral part of the revenue cycle, but it can lead to problems if the EFT (electronic funds transfer) is deposited in the wrong account by the payers, leading to imbalanced books that take hundreds of work hours a week to untangle.
Receiving files electronically does not equal automation. These files still require staff to manage the actual remittance and reconciliation process. RMS provides true automation that reduces errors and increases efficiency.
Lockbox Services:
Medquik Solutions promptly captures and processes all envelopes, records payments, and electronic bill payments from your customers and initiates deposits into your accounts. Our value-added wholesale, retail, and electronic lockbox services provide a single, dedicated location where all your check payments can be received. And, it relieves your staff of the time-consuming tasks of opening received mail, preparing deposits, and delivering them to the bank.
