The NY Workers’ Compensation Board (the Board) is making the XML submission of CMS 1500 claims mandatory from July 1, 2021. Moreover, many Insurance carriers also favor electronic claim submissions (837 file format) over manual submission of paper claims.
So, the obvious question to ask here is, should you switch to electronic and why? Are there any clear benefits of submitting claims electronically? Without further ado, let’s find out.
Benefits of NY Workers’ Compensation Electronic Claim Submissions for Providers
NY Workers Comp claims need to be submitted to the Board in XML and to the Insurance carriers in 837.
Every practice wants to be reimbursed promptly. And submitting claims electronically speeds up the whole process to a very large extent. Not just that, there are many other benefits as well.
Accuracy and Fewer Rejections
Paper claims often end up being rejected due to errors in filing or legibility errors. However, when you submit electronically, there are no legibility issues and the data entry is often more accurate. Furthermore, if you hire a medical billing or claims submission partner, they can check the accuracy of the claims before submitting them. Hence, electronic submissions are more accurate and result in very few rejections.
Submitting claims manually delays things by 7 to 10 days at the least. With the right technology, electronic submissions happen with just a few clicks, saving a lot of time for the providers as well as their staff.
The biggest benefit of NY Workers’ Compensation electronic submissions for the Healthcare Providers is that they get paid faster. Submitting claims electronically happens within 24 hours and leads to fewer rejections; thus, speeding up the whole process.
Filing and keeping track of paper claims is tiring. And their storage and safe-keeping is yet another headache. However, electronic claim submissions eliminate this headache altogether. Everything is stored on the cloud or your computer. Moreover, you receive an electronic acknowledgement instantly after submitting the claims electronically.
All this boils down to one simple question, should healthcare providers and practices opt for submitting their workers’ compensation claims electronically as soon as possible? And the answer is: Yes, they should, because it’s going to be mandatory and electronic submissions are faster, more accurate.
Tranquilmoney offers services for CMS 1500 XML submissions to the Board as well as 837 submission to Insurance carriers. We have the technology to manage Workers Comp claim submission and billing. Download this resource for details of our service.
Approved by the Board for XML submissions