Tallahassee, FL (PRWEB) April 21, 2013
Exchange EDI, LLC, a leader in healthcare cash flow transaction technology announced today the release of its patented “Healthcare Transaction Exchange” (HTX). The HTX platform is designed specifically to reduce payer’s operating costs and achieve compliancy with Health and Human Services (HHS) EFT/ERA operating rules mandated in the Affordable Care Act of 2010 and effective first quarter 2014.
The operating rules require the Electronic Funds Transfer (EFT) and Electronic Remittance Advice (ERA) balance and reconcile before delivery to providers. Further, the rules require that payers provide banks with a CCD+ formatted ACH transaction containing the corresponding ERA re-association number used to match the separate EFT and ERA transactions, delaying reconciliation and posting by days.
“HTX reduces operating cost for payers by reducing provider inquiry and support demand, eliminating EFT to ERA balancing and reconciliation processes plus providing payers automated confirmation of delivery,” said B. P. Fulmer, Managing Partner, Exchange EDI.
Mr. Fulmer added, “HTX is attractive to banks because it eliminates their exposure to Protected Health Information (PHI) and HIPAA covered entity status. What makes HTX so efficient and unique is the provider receives only one combined, HIPAA and HHS compliant, transaction containing fully reconciled ERA and EFT data ready for posting. HTX eliminates the need to match and re-associate two separate transactions that arrive at different times”.
Given the simplicity of the HTX solution and accompanying administrative cost savings, payers see HTX as an opportunity to achieve and maintain compliance with Medical Loss Ratio rules while providing a higher level of cost-saving service for the providers community.
About Exchange EDI:
Founded in 2009, Exchange EDI is focused on developing and delivering intelligent technology solutions to the healthcare provider market that integrate healthcare and financial transactions into a single process, delivering real-time information and settlement that accelerates the patient cash flow management process while reducing costs and securing accurate payment from payers.