HHS: New electronic claims regulation could save providers time, money
CMS Administrator and Secretary of the Medicare Trustees Marilyn Tavenner
The regulation, known as the Adoption of Standards for Health Care Electronic Funds Transfers and Remittance Advice, simplifies the format and data content of the transmission a health plan sends to its bank when it's paying a claim to a provider electronically (through an electronic funds transfer) and to issue a Remittance Advice notice.
Centers for Medicare & Medicaid Services CMS Acting Administrator Marilyn Tavenner said the rule ensures that healthcare providers will spend much less time on paperwork.
The regulation took effect Sunday. All health plans covered under HIPAA must comply by January 1, 2014. Click here to view the interim final regulation with comment period.