EMR Savings - Impact of EDI on Cash Flow
Improved Cash Flow With EDI
The graph below depicts the cash flow differrence between paper submission of claims and electronic submission of claims through an "Electronic Data Interchange", or "EDI". With EDI, claims are submitted and processed faster, and with electronic remittance, you get paid sooner. EDI claims have an 80% reimbursement rate within the first 30 days, while paper claims reimburse at a rate of only 30% in the first 30 days, 40% in 30-60 days, and 30% in over 60 days, delaying "dollars in the door".
Don't Allow Your Payers to "Ride the Float"
When you submit claims in paper format, you allow your payers to hold the dollars to which you are entitled for a longer period of time. Put the time value of money to work for you. Start using EDI!
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