Explanation of Benefits

Cut costs of processing healthcare payments

Creditron EOB — Help for Healthcare Workflow

The American healthcare industry is in trouble. Despite years of talk about healthcare payments "going electronic," only 5 percent of U.S. healthcare remittances are settled electronically. Each year, the U.S. healthcare industry generates more than 600 million checks and EOBs, representing billions of pieces of paper. One reason for this slow migration to electronic processing has been the lack of industry standards for EOB formats and codes. But government regulations, in the form of mandated HIPAA policies, and rising cost pressures, are creating an urgent need to digitize this material.

The issues driving this are considerable. From the payee side, this mass of paper has created its own set of problems. Manual payments are slow and inefficient. The possibility of loss or theft is always present. Equally bad, the time from receipt to deposit can be extremely long. From the standpoint of the payer, things are no any better. Each payer has their own process, with their own forms and workflow. Processing can take considerable amount of time and effort. Any disruption to the process adds time and expense. The net result is that healthcare costs are going through the roof.

Creditron and HERAE LLC. believe there is a better way. Working in conjunction with Creditron's ItemAge Express remittance platform, Creditron EOB will provide financial institutions with an automated service for converting EOB forms to electronic data, for faster processing and more cost-effective management. Creditron EOB is based on HERAE's HIPAA compliant thin client, ASP-based technology implemented throughout the U.S.

Creditron EOB will provide financial institutions and their healthcare clients with significant benefits, including improved collections, reduced processing costs, accelerated payment posting and deposit cycles, improved financial reports, and streamlined data archive and retrieval. EOB processing also offers banks the ability to increase fee revenue from existing healthcare customers, and to increase market share in the $1.3 trillion healthcare industry.

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