Wednesday, Aug. 22, 2012
This Week's News
New standard aims to cut expense, time spent on claims payments
Physicians are in a position to benefit from a new standard for the electronic payment of health care claims that is estimated to save as much as $9 billion over the next decade.
The standard, announced recently by the U.S. Department of Health and Human Services (HHS), adopts a set of operating rules for electronic funds transfers and electronic remittance advice and should save physicians considerable time and money while increasing patient satisfaction. Rather than waiting for days or weeks to learn a patient's financial responsibility for medical services, physicians will be able to determine the amount at the moment care is provided and settle payment before the patient leaves the office.
"These new rules will cut red tape, save money and ensure doctors spend more time seeing patients and less time filling out forms," HHS Secretary Kathleen Sebelius said in a news release.
The operating rules for this new standard were created by the Council for Affordable Quality Healthcare's Committee on Operating Rules for Information Exchange, which adopted a number of AMA recommendations.
While health insurers will bear the bulk of the expense to implement the new standard, physician practices will see the most benefits. The date to comply with the new standard is Jan. 1, 2014.
Physicians can access resources from the AMA Practice Management Center to help them make accommodations to collect patient payment at the time of service. By doing so, physicians can improve cash flow, reduce costs associated with the claims revenue cycle and eliminate patients' frustration with the uncertainty of health care costs.
Additional resources on this topic will be available in the fall.
To post a comment, you must first accept the AMA's Terms of Use.
To post your comment you will need to first accept the AMA's terms and conditions
Your access and use of this Web site is subject to your abiding with the following conditions [and with the additional
Terms of Use
including the AMA's privacy policy, incorporated by reference which must be reviewed before clicking on the "Accept" button below].
You represent:
- will only provide information which you are authorized or have the right to provide and such information will be accurate, complete and current; you will comply with all laws: specifically; your information will not be libelous or defamatory and will not contain indecent or pornographic content;
- you will be respectful and your posting will not be intemperate or designed to harm or ridicule any other person; you will not post with such frequency or repetitiveness that others may be discouraged from posting comments;
- you understand the AMA may employ an abuse reporting mechanism and may block the posting of comments;
- you will present your own views (and not those views of an undisclosed or fictitious third party);
and will not be posted with such frequency or repetitiveness that
others may be discouraged from posting comments.
Your access and use must comply with all applicable governmental regulations and may not interfere with the operation or enjoyment of this Web site by others or with the AMA's operation of this Web site. Continued access and use may be discontinued without notice at any time.
You acknowledge: there can be no expectation of privacy or security of information provided or accessed by you on this Web site; the Web site is made available to you without any warranty of any nature; and your access or use will not create the basis for any claim by you [or by any other person claiming through you] against the AMA related to your use or access or the AMA's operation of the Web site. You understand you may be identified as an AMA member, physician or medical student.
If you do not agree to the foregoing [and the additional
Terms of Use
including privacy policy, incorporated by reference], you must immediately terminate use of the AMA Web site. If you do agree, click on the "Accept" button below to proceed.
By declining the AMA's Term of Use, you will not be allowed to post your comment.
Return to Terms of Use
I Decline the Terms of Use
