Lake Elmo Bank

 

Attn: Healthcare Providers 
Starting September 20, 2013, ACH payments have new payment detail requirements. Contact Kris at 651.773.4703 for more information.

The movement of healthcare payments from check to electronic fund transfer (EFT) or ACH payments is a key component of Administrative Simplification outlined in the Patient Protection and Affordable Care Act (PPACA), more commonly referred to as Healthcare Reform. However, a major barrier to healthcare Providers accepting ACH payments from Health Plans is the difficulty of matching the ACH payment to the appropriate remittance advice.

The Electronic Remittance Advice (ERA) contains the information on claims reimbursement amounts for specific patient treatment(s) and allows the Providers to update their patient accounts receivable and file for any secondary insurance. The Reassociation Trace Number is number carried in the ERA and the ACH CCD+ addenda record and is used by the Provider to match the payment to the remittance advice.  

PPACA includes a mandate of Medicare to move all Provider reimbursements to ACH by January 1, 2014. Medicare processed over 43 million claims payments in 2010, 70 percent of which flow through the ACH Network. This requires that the remaining 13+ million reimbursements switch from paper to EFT transaction no later than January 1, 2014.

Today, Lake Elmo Bank post to your account transactions with an addenda record attached in the format it was received.  This information as received is not in a very readable format but is available to you on your bank statements or through Online Banking at no charge.  Starting immediately we are offering our business customers a service that would allow you to receive a secure email with transactions that include addenda records in a “friendly” readable format for $10.00 per month.  This will make reconciling payment information a lot easier when you can quickly see the information broken out for you. If you are interested in learning more about this service or signing up please contact Kris Young at 651-773-4703. 

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