WHAT ARE ELECTRONIC PAYMENT SOLUTIONS?
EDI, ERA, & EFT
Enrollment of EDI, ERA, and EFT in medical billing improves efficiency, accuracy, and financial processes, resulting in cost savings, faster reimbursements, and streamlined administrative tasks for healthcare providers.
Many instances of reimbursement delays and claim denials stem from incorrect enrollment. At Majestic Medical Billing, when we onboard your practice, we prioritize setting up your three E's – Electronic Data Interchange (EDI), Electronic Remittance Advice (ERA), and Electronic Funds Transfer (EFT) – with utmost accuracy and attention to detail. By ensuring the proper setup of these crucial components, we minimize the risk of payment delays and claim denials, providing you with a smoother and more efficient billing process.
EDI - Electronic Data Interchange
The Majestic Medical Billing team understands the importance of a seamless journey for your medical claims to the payer's system. Our Electronic Data Interchange (EDI) system ensures accurate setup with each contracted payer, guaranteeing that your claims are efficiently processed without delays.
Our enrollment department excels in this area. We meticulously study your entire payer mix and prioritize EDI enrollment to ensure a smooth flow of revenue. With our expertise, you can rest assured that your claims will be submitted correctly and reimbursements will be expedited.
ERA- Electronic Remittance Advice
At MMB, we understand the criticality of accurate setup for Electronic Remittance Advice (ERA) in your medical practice. Failure to set up ERAs correctly can result in delayed payments, increased workload, and the need to manually process paper checks and Explanation of Benefits (EOBs).
Our dedicated enrollment team is trained specifically for enrollment tasks, and we prioritize this aspect as an integral part of our onboarding process. When a new practice partners with us, we ensure that their entire payer mix enrollments are diligently established and functioning optimally. With our expertise, you can trust that your ERAs will be set up accurately, leading to timely payments and streamlined administrative processes.
EFT - Electronic Funds Transfer
Our goal is to minimize paper usage and make your medical practice as paperless as possible. By doing so, we ensure seamless setup for electronic fund transfers, eliminating the need to deal with paper checks and Explanation of Benefits (EOBs). With our efficient system, medical providers receive payments for their services directly in their designated accounts, significantly faster than conventional methods.
Not only does this mean you get your money promptly, but it also creates an accounting heaven for your billing service provider. The streamlined electronic process simplifies financial tracking and management, enhancing efficiency and accuracy for your billing operations.