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Payment Processing Adapting to Obamacare
The fast evolving healthcare payments industry is impacting the way both payers and providers do business.
By: Printech Gllobal
The Administrative Simplification provision under Section 1104 of the Patient Protection and Affordable Care Act (the Act) intends to improve the standards for electronic transactions mandated by the Health Insurance Portability and Accountability Act (HIPAA). According to provision, companies should see reduction of administrative costs through using specialized software to process secure payment.
Healthcare industry has virtually no standards for processing information and the workflows are simply confusing and costly for medium and smaller practices without technical resources.
Printech Global provides secure payment solution to companies in the Healthcare Sector. CheckPlusCFO assists organizations in processing multiple payments efficiently. Organizations can now generate secure, high quality, signed checks using blank security check stock and MICR laser printers, as well as ACH payments to increase efficiency, reduce costs and errors.
Medical facilities can significantly reduce time and cost associated with payment processing and devote more time to assist communities. The majority of organizations with multiple locations will benefit from ChekPlusCFO remote printing function. Blank check stock can also be supplied by Printech Global. Check signing software allows the opportunity to easily and securely apply signatures with specified business rules to secure payments (checks) or any document. Signatures are stored in an encrypted format and protected with password security that significantly reduces check fraud. CheckPlusCFO has capability to process ACH and EFT files that saves time and cost of printing. It can be utilized to process any payments depending on customer needs.
Customization of CheckPlusCFO allows easy utilization of automated Explanation of Benefits (EOB). Companies that were not processing EOBs before will now have to change the policies and implement posting and reconciliation. With exemption report prepared by CheckPlusCFO Software with you will be able to respond to claims quickly while avoiding costly errors.
The fast evolving healthcare payments industry is impacting the way both payers and providers do business. On the receiving side Printech offers SafeBox Solution for Accounts Receivable that integrates into your operations and allows to minimize time and cost of processing incoming payments utilizing web- and image-enabled technologies. The software loads payment, matches them with the customer files, captures and validates information on images of checks, coupons, EOBs. After that information on payments is transmitted to the financial institutions. Records are archived securely and easily searchable. Special rights and rules set by administration allow multi-user access to all functions. Workflow of Safebox Plus eliminates key entry errors and improves accuracy.
With many changes effecting healthcare payment processing. you can maximize your facility’s capabilities and gear up with CheckPlusCFO and Safebox Plus software to shorten your revenue cycles.