New Optum Electronic Funds Transfer Solution Makes Health Care Payments Faster and Cheaper for Payers and Care Providers
- OptumInsight EFT/ERA solution combines electronic remittance notification and banking functions into one application
OptumInsight (formerly Ingenix) today launched a new service that simplifies and accelerates claims submission and payment processes for the benefit of payers and health care providers by integrating electronic funds transfer (EFT) and electronic remittance advice (ERA) processes.
Optum’s cash transfer solution, called OptumInsight EFT/ERA, combines OptumInsight’s electronic remittance notification and OptumHealth’s banking functions into one application, enabling payers to send claims data and issue payments to health care providers using a single file. This is important because it will help health plans, hospitals and physician practices streamline operations and reduce paper, postage, check processing and other administrative costs. It also enables health plans to comply with the Accountable Care Act mandate to use electronic remittance advice and funds transfer by Jan 1, 2014.
Benefits for payers can include:
- Savings of up to 20 to 50 percent in administrative expenses over paper-based transactions
- Access to a proprietary financial network comprised of more than 625,000 enrolled health care providers already receiving electronic payment
Benefits for health care providers can include:
- Savings of up to 50 to 80 cents per claim in claim-settlement expenses
- Self-service reporting and researching tools, with historic data available online for up to 13 months
“The OptumInsight EFT/ERA solution gives health plans the tools they need to sustain their competitive advantage and comply with the minimum loss ratio (MLR) rules that put greater urgency on cost reduction. It enables payers to respond to changes faster and foster stronger, more collaborative relationships with care providers and enhance their business,” said Nick Howell, senior vice president, operational and administrative efficiency at OptumInsight.
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Optum is a leading information and technology-enabled health services business dedicated to making the health system work better for everyone. Optum is comprised of three companies – OptumHealth, OptumInsight and OptumRx – representing over 30,000 employees worldwide who collaborate to deliver integrated, intelligent solutions that work to modernize the health system, improve overall population health and build Sustainable Health Communities. Visit www.optum.com for more information.