HERAE’s Financial Healthcare NetworkTM Has Been Selected By Availity® as a Branded Solution to Manage Electronic Remittances and Electronic Funds Transfers (EFTs) From Participating Payers – Saving Them Time and Improving Cash Flow Management
JACKSONVILLE, Fla. & SAN DIEGO--(BUSINESS WIRE)-- A solution to improve physician office cash flow management through the Availity Health Information Network will be a valuable advantage for health care providers, who have long struggled with time-consuming and tedious remittance and payment reconciliation tasks.
Availity, LLC, the industry’s premier health information network, selected HERAE, LLC, one of the nation’s largest health care electronic payment service providers, following an extensive review process. Availity is private-labeling HERAE’s leading financial technology as Availity Remit ManagerSM. The companies are now working together to launch the branded solution with a select group of physician practices.
Customers who use Availity Remit ManagerSM, enabled by HERAE’s patent-pending technology that automates Electronic Remittance Advice (ERA) and Electronic Funds Transfer (EFT) management, will benefit from online access to human readable remittance information, as well as search, view, print and download capabilities. The solution also offers a single place for providers to register for EFTs with multiple health plans, and provides the ability to automatically re-associate electronic remittance information to corresponding electronic payments. Health plan customers will also benefit with improved abilities to consolidate multiple payments into a single bulk transaction to providers, reducing the costs required to print and mail remittances and paper checks.
“Collaborating with HERAE supports our mission to deliver innovative solutions that help physicians, payers and technology partners manage their businesses and improve health care outcomes. Comprehensive solutions like this demonstrate our commitment to helping in every aspect of care management, from compliance efforts to achieving best practices,” said Availity President Russ Thomas. “We selected the HERAE solution for its deep understanding of the health care payment system; integrating HERAE’s solution with ours creates tremendous strategic advantage for Availity customers.”
Availity provider customers can expect to experience measurable savings beginning with their first paperless payment transaction, because manual billing and payment-matching practices have historically been very time-consuming administrative tasks.
“Paper-based payment processes are so time-consuming and costly they can undermine the growth of health care practices. At the same time, payers are looking for ways to improve services, lower costs and decrease fraud,” said Jim Ribelin, CEO, HERAE. “We applaud Availity for its foresight to provide a secure and efficient method to match electronic remittance files and facilitate EFTs saving providers time and money, while laying the groundwork for the next important phase of the electronic payment solution – eliminating fraud and waste from the health care payment system.”
About Availity, LLC – Patients. Not Paperwork.®
Availity optimizes information exchange between multiple health care stakeholders through a single, secure network. The Availity Health Information Network encompasses administrative, financial, and clinical services, supporting both real-time and batch electronic data interchange (EDI) via the web and business-to-business (B2B) integration. For more information, including an online demonstration, please visit www.availity.com.
About HERAE, LLC
HERAE is one of the nation’s largest healthcare payment service providers. HERAE is establishing the nation’s electronic Financial Healthcare NetworkTM by seamlessly and securely connecting payers, healthcare providers and PBMs, pharmacies, and financial institutions with standardized electronic financial healthcare transactions to significantly reduce administrative costs and prevent fraud and waste. HERAE’s Remit FraudStopTM is the only multi-payer, post-adjudication, pre-payment fraud and waste network for the detection and prevention of billions in healthcare fraud annually. On the Net: www.herae.com or call 888-41-HERAE (888-414-3723).
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