For several years it has been understood that there are significant benefits to be gained by modernizing the payment process, particularly in our initial target market of the insurance industry. In 1993 the Workgroup on Electronic Data Interchange (WEDI), a well respected healthcare industry consortium, published a study showing the cost saving of using EDI technologies to process healthcare claims. In payment processing this meant the transition from paper check to electronic fund transfer (EFT) and from paper remittance advice to electronic remittance advice (X12 based for healthcare).
Starting in 1996 with the passage of the Health Insurance Portability and Accountability Act (HIPAA), the healthcare industry was required to comply with regulations intended to revolutionize the claim payment process. Amongst other requirements, the new regulations specify the electronic delivery of the remittance advice.
Despite the potential for cost savings and the federal regulations, the healthcare insurance industry has been slow to adopt technology or applications to provide these services. The migration from a paper-based process to an electronic system is considered too much work and expense for the return and two mandated HIPAA implementation dates have come and gone, yet the need still exists.
Jopari's comprehensive outsourcing service (Jopari Pay™) focuses on aspects of the payment process that can provide the cost savings and regulatory compliance needed to effectively compete in today's economic environment. Jopari Pay™ provides an easy to implement and cost effective service which enables a significant reduction in both the operational costs and in the drain on valuable resources that can be redirected towards core competencies and strategic goals in this highly competitive market.
The Gap In The Marketplace
… there are significant benefits to be gained by modernizing the payment process...
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Industry Insight: The Payment Process
… there is one industry that exists primarily to make payments, the insurance industry...
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A Quick Look At The Jopari Solution
… lowers transaction costs by reducing payment data processing and related administrative expense.
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