16 The Self-Insurer | www.sipconline.net O rganizations are faced with a variety of choices when it comes to potential electronic payment solutions. Finding the right product for an organization is more than checking a capabilities list; it also needs to include evaluating service quality, implementation timelines and associated integration costs. This report will educate the user on important considerations when conducting a vendor review. Electronic Adoption – Is it Really Happening? Indeed, it is. The change is occurring, in part, due to the regulatory development of global operating rules related to the transmission of electronic funds transfer (EFT) and Electronic Remittance (ERA). 1 Effective on January 1, 2014, the proposed new operating rules in development by CORE/CAQH in response to Section 1104 of the Affordable Care Act (ACA) is the driver for the insurance industry to become compliant. This legislation compels healthcare payers to have the ability to transmit electronic payments to any provider that requests transmission of payment and remittance data in this manner. Under the proposed new rules, each health plan will be required to attest to their compliance with significant penalties as a deterrent. As these requirements and rules further develop, many health plans will rely Considerations When Evaluating Vendor Solutions for Electronic Adoption and Compliance Written by Jennifer Plake and Tom Davis
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Considerations When Evaluating Vendor Solutions for ... When Evaluating Vendor Solutions... · seek additional vendors to provide the needed EFT adoption. These suppliers seem attractive
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16 The Self-Insurer | www.sipconline.net
Organizations are faced with a variety of choices when it comes to
potential electronic payment solutions. Finding the right product
for an organization is more than checking a capabilities list; it also
needs to include evaluating service quality, implementation timelines
and associated integration costs. This report will educate the user on important
considerations when conducting a vendor review.
Electronic Adoption – Is it Really Happening?Indeed, it is. The change is occurring, in part, due to the regulatory development
of global operating rules related to the transmission of electronic funds transfer
(EFT) and Electronic Remittance (ERA). 1 Effective on January 1, 2014, the proposed
new operating rules in development by CORE/CAQH in response to Section
1104 of the Affordable Care Act (ACA) is the driver for the insurance industry to
become compliant. This legislation compels healthcare payers to have the ability to
transmit electronic payments to any provider that requests transmission of payment
and remittance data in this manner. Under the proposed new rules, each health plan
will be required to attest to their compliance with significant penalties as a deterrent.
As these requirements and rules further develop, many health plans will rely
Considerations When Evaluating Vendor Solutions for Electronic Adoption and Compliance