Posted by: RedaChouffani
EHR, EHR compliance, Electronic claims submission, Interim Final Rule, Meaningful use, MU, Revenue cycle
The Interim Final Rule for the adoption of standards and operating rules for electronic funds transfer and operation rules for remittance advice was published in the Federal Register on Tuesday, Jan. 10, 2012.
The rules released in July of 2011 stated standards with which some health plans had to comply by Jan. 1, 2012 that will now not go in effect until 2014 (i.e., transmitting claim payments to providers electronically). In addition, the document defines the standards for the data content of the EFT.
These mandates provide a significant value to providers and hospitals. Currently many of the organizations receive the EFT or payments after the in electronic remit is received and posted. This means that there are several stops to ensure the appropriate payment was sent and posting is done in time with them.
The published document is available for public viewing and comments. The comments must be received within 60 days of the document’s publication, by mid-March 2012.