Innovation
Empowering Dentistry with EFT & ERA Technology App Chris Haines
A
s my journey continues in Dentistry I’m excited to share all the new technology regarding EFT & ERA that has been developed and how some practices are embracing it more and learning how to improve their Practice insurance systems, how to simplify the setup, and completing the enrollment process with all partners using technology.
With all the new technology in dentistry becoming digitized, there is a need for efficiency, achieving fewer expenses, EFT & ERA technology system investment, and expert assistance for productivity and cost-effectiveness.
Dentistry is finally catching up to the Medical Industry when it comes to implementing digitalization for receiving payment from insurance carriers.
Data from Remits and EOB’S/EOP’S, create in real-time EDI 835 files that streamline the processing of Dental payments in a more efficient process. The underlying factor necessary in operating a dental office is cash flow.
Remote billing service providers for Dental practices have exploded in the last few years to help simplify administrative tasks when it comes to insurance processes. Back in 2009, when I was working in a Dental practice doing insurance, I had a letter come across my desk from MetLife insurance offering EFT payment. Back then, there were not a lot of Dental practices that had the knowledge of what EFT payment was all about.
Sending “clean claims” takes expertise, time, clinical knowledge, and hours to follow up.
The main trend in EFT & ERA is toward technology for providers and payers that is easy to use, cloud-based to be accessible from home offices, and customizable to each payer network’s needs. EFT without ERA is an administrative suicide. You need both to achieve administrative simplification. These needs will become even more varied for each provider.
By implementing this one carrier for EFT payment in the practice where I was working, it grew into a passion for how Dental practices could achieve this EFT & ERA technology system to access in one place and keep track of the set-up process for receiving electronic payment from Insurance carriers.
22 Fall 2023 Dental Entrepreneur
The dental profession faces a number of emerging Insurance changes and challenges, which forces practices to stay informed on how to implement these changes.
DentalEntrepreneur.com
