VersaForm can prepare claims to be sent on paper or to be transmitted electronically.
Paper claims can be printed on either the CMS1500 form or the UB04. As of mid-2007, the CMS1500 form has undergone a version change, from CMS1500 (12-90) to CMS1500 (08-05). VersaForm supports both versions, so you can send each insurance payer the version that they need.
The UB04 format is most often used for inpatient claims, and less frequently for outpatient claims. VersaForm supports its use only for outpatient claims.
Electronic claims processing takes all the paper and most of the work out of insurance claims. By filing your claims electronically, you eliminate the data entry and follow-up steps required by paper claims. Claims are submitted more efficiently and with fewer errors and omissions. That means faster turn around time and fewer returned or denied claims because of manual data entry mistakes.
- Decreases time spent preparing claims
- Reduces errors and omissions
- Speeds submission and processing of claims
- Expedites reimbursement
- Eliminates postage, supplies, and mailing tasks
- Reduces rejected claims
- Increases productivity and efficiency
- Improves cash flow
VersaForm prepares claims in the HIPAA-mandated electronic format (known as ASC X12N 837). These claims may be sent to payers (Medicare, Medicaid, Blues, or Commercial) either directly or through a clearinghouse. By sending claims directly and choosing your clearinghouse carefully, most claims can be sent free of charge.
Most payers also can send EOBs electronically to you (these are called Electronic Remittance Advice, or ERAs). Processing ERAs electronically can save your practice much time and effort.