In this paper, the Health Insurance Portability and Accountability Act (HIPAA) final transaction and code-set standards require payers with annual revenues greater than $5 million to support electronic claims processing with standard transactions by October 2002. Healthcare financial managers should be taking advantage of the opportunities afforded by HIPAA by planning their strategies for converting from paper-based to electronic transactions. Of primary importance is having a plan for receipt of HIPAA-compliant electronic claims payments. Another major issue facing providers is how and where to receive electronic remittance information. Providers might ask payers to send electronic remittance advice with electronic funds transfer to their receiving bank, obtain the data from a clearinghouse, or obtain the data themselves.
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