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The process of reconciliation payment is complex, yet extremely important that health care is the only party with access to both the payment and bank account. A discrepancy between the data could be symptoms of lag between the various events, faulty delivery process, or fraud.
multitude of steps that take place on different dates complicate the reconciliation process, as they affect how and when the money is received, deposited a bank account and registered payment
Office
- Cash is collected in the office
- Explanation of Benefits (EOBs) received at the office of
Billing system records
- Payments records
- EOBs (may have different check date of the EOB date to the payment date or bank deposit)
- Electronic Delivery advice (eras) (can have different check date and ERA date of payment or EFT date)
bank statement
- Cash collected in the office is deposited in the bank
- Checks received from the insurance company are deposited in the bank
- electronic transfers Fund are deposited in the bank
For example, you can get an explanation of the benefits and examination of February 28 Say you fax them both for payment on March 1 Although check dated February 28, it will not make the payment until March 1 at the earliest, causing the check to meet the March account.
However, the delay between ERA date and actual date of the bank may take a week or longer. Payment can ERA notice of payment from the insurance company on May 27, the payment would not appear in your bank account to June 2, causing a similar discrepancy between collections and account in May and June.
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