Superior Vision, a leader in managed vision care benefits, has partnered with InstaMed, the leading Healthcare Payments Network, to offer Electronic Funds Transfer (EFT) and Electronic Remittance Advice (ERA) to its eye care providers through InstaMed's Claims Settlement solution with Integrated ERA/EFT™ transactions. This fully electronic healthcare payments solution allows Superior Vision's eye care providers to reduce the time to reconcile and receive timely healthcare payments.
"We are always looking to give our eye care providers an edge and are thrilled we can offer this exceptional program to our providers at no cost," said Rick Corbett, President and CEO, Superior Vision. "This secure program simplifies the adoption of electronic payments, and we have had a high percentage of providers sign up in the first six months alone."
Vanessa Jackson, Insurance Specialist with Eye Care Associates, a Superior Vision provider, states, "Superior Vision utilizes InstaMed's solution to send payments directly to our bank account through its electronic funds transfer capabilities. This is a much quicker and efficient process than the 'old' process of waiting for paper checks to arrive through the mail and depositing them. InstaMed's web-based solution is easy and convenient to use. It allows us to see what payments have been processed and when they will post to our bank account, helping us manage our corporate cash flow."
"The medical loss ratio (MLR) requirement in the Affordable Care Act is accelerating the push to lower administrative costs for healthcare payers. Increasing provider adoption of electronic payments has immediate benefits and can be realized quickly through InstaMed with minimal payer resource involvement," said Bill Marvin, President and CEO of InstaMed. "Our mission is to simplify the healthcare payment process across the industry, and we are excited to deliver cost savings to Superior Vision and its provider network."
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