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New Jersey Governor Chris Christie signed into law S-2136 which mandates Electronic Data Interface (EDI) for Workers Compensation bills.
The new law requires all Workers Compensation Carriers, Third Party Administrators, and Employers who receive medical bills to accept the bills and their medical reports electronically. All healthcare Providers and Hospitals that submit over twenty-five (25) bills per month are also required to submit their bills and medical reports electronically. The Department of Banking and Insurance will promulgate the national standard ASC X-12 electronic data exchange protocols found in all modern billing systems.
In addition to faster payment, the benefit for healthcare Providers managing their revenue cycles through e-billing is the increased efficiency of direct point-to-point communication between the insurance carrier and the Provider billing system. The elimination of lost bills and an overall reduction in administrative costs and burdens results in a more effective, efficient process.
The benefit for Payors is faster notification of claims through the EDI process, more accurate and complete first-time bills and medical documents, better communication, and a significant reduction in paper and mail room processing. These all lead to decreased costs and eliminate reliance on antiquated manual processing.
iHCFA, a New Jersey based clearinghouse, specializes in electronically processing Workers Compensation and Automobile bills with all supporting documents. iHCFA is uniquely positioned to help clients comply with this new law because of its ability to connect to any medical billing Provider or Payor. iHCFA currently links to more than 1,000 insurance Payors and third-party administrators nationally.