iHCFA Company President, Dr. William J. DeGasperis, stated, “this law moves New Jersey into the 21st century and will result in lower costs, greater accountability, productivity and a better working relationship between the Provider and insurance payor.
Morristown, NJ (PRWEB) November 23, 2016
New Jersey's recently passed 2136 EDI law requires the electronic processing of Workers Compensation and Automobile bills. iHCFA, LLC a nationwide, industry leading clearinghouse, is uniquely positioned to help clients comply with this new law. By implementing new enhancements to their electronic billing and processing system, iHCFA has the ability to connect to any medical billing system and link to more than 1,000 insurance payors and third-party administrators.
The new law requires all Workers Compensation, Third Party Administrators and Employers who receive medical bills to accept the bills and their medical reports electronically. All healthcare Providers and Hospitals that submit over twenty-five (25) bills per month are also required to submit their bills and medical reports electronically. The Department of Banking and Insurance will utilize the national standard ASC X-12 electronic data exchange protocols found in all modern billing systems.
iHCFA specializes in the electronic processing of Workers Compensation and Automobile bills. Using iHCFA's electronic processing tools, healthcare providers benefit by managing their revenue cycles through e-billing, receiving faster payments, and increasing efficiency of direct point to point communication between the insurance carrier and the Provider billing system resulting in the elimination of lost bills. These efficiencies result in an overall reduction in administrative costs and a more effective, efficient process.
Providers currently submit over 95% of all Medicare, Medicaid and healthcare bills electronically yet submit only 10% of all Workers Compensation and Auto bills. Using iHCFA's electronic processing tools, payors receive faster notification of claims through the e-billing process, more accurate and complete first-time bills and medical documents, better communication and a significant reduction in paper and mail room processing. "Utilizing our electronic processing tools leads to decreased costs and eliminates reliance on antiquated manual processing," said CEO, William DeGasperis.
For more information about iHFCA's electronic processing capabilities, please call Bill DeGasperis at 973-451-8232 or visit http://www.ihcfa.com