Despite the efforts of the government to semi-mandate insurance companies, payers and providers to exclusively utilize EDI 835 electronic remittance advices (ERA) coupled with ACH payments, providers still receive billions of claim payments and remittances via PDF or paper-originated transactions. In fact, according to the latest CAQH Index, electronic transactions actually declined by 1% this year resulting in an increased reliance on EOBs.
To achieve 100% electronification of payments, RCM companies, healthcare providers and medical lockbox providers are turning toward AI and Deep Learning technologies to electronify paper/PDF remittances and correspondence letters, to achieve straight-through processing of healthcare payments. Additionally, the data extracted can be utilized by other systems to analyze payment trends through business intelligence systems and automate denied claims from EOBs.
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