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Electronic Remittance
Most clinics receive a Explanation Of Benefits (EOB) in paper format. The billing staff posts the payments into their practice management system and reconciles the charges manually. Typically a third of your billing staff's time goes into keying that infomation manually, a large cost to a medical practice. In addition paper EOBs are often missed, missorted, keyed in wrong or follow-up activity missed. Finally paper EOBs are mailed by post and takes anywhere from 3-5 days to receive.

alloFactor does away with paper EOB through Electronic Remittance Advice (ERA). So what is an ERA? It is really an electronic version of your paper EOB in a structured format. This allows an integrated practice management software like alloFactor to automatically parse the data upon receipt and then post it automatically against the charges. After posting payment, the claim status is automatically updated to the next required action.

So what are the advantages of alloFactor ERA? First and foremost, you could easily save upto 30% of billing staff time leaving them more time for follow-up activities, thus increasing your revenue. Second you can avoid manual data entry errors. Thirdly, your accounts are reconciled faster improving your collection speed. And finally, it is directly linked to alloFactor making this an automatic background process. And while alloFactor adds more clearinghouses in the background, you benefit from the best coverage in the industry.

How easy is it switch? If you are new to alloFactor, download and setup alloFactor billing software. Next login to admin login and select the electronic remittance feature. We do the paperwork and send you the paperwork that you need to sign and send to your payer.

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