It is designed to streamline remittance processes to healthcare providers, with particular benefits for workers’ compensation insurers, but also extends capabilities across all property and casualty (P&C) insurance segments. The new solution is fully integrated into the company’s ClaimsPay platform.
The enhanced ERA functionality within ClaimsPay enables insurers to generate and distribute standardized 835 remittance files directly to numerous providers’ revenue cycle management systems. By providing detailed line-item data crucial for accurate claims payment reconciliation and matching remittance data directly with payments, the solution aims to enhance payment accuracy, accelerate reconciliation, and reduce administrative workloads.
Ian Drysdale, CEO of One Inc, stated in a press release that the company’s goal is to proactively solve insurers’ payment challenges. He added that integrating comprehensive ERA capabilities within ClaimsPay empowers workers’ compensation and other P&C insurers to meet regulatory demands while boosting efficiency.
Despite the clear advantages of standardized 835 ERA files, fewer than 20% of workers’ compensation claims use them. Research from the Council for Affordable Quality Healthcare indicates that broader adoption of 835 ERA files could yield annual savings of up to $695 million for the U.S. healthcare system through fewer errors, faster processing, and streamlined tasks.
One Inc’s solution addresses barriers to adoption by ensuring compliance with state requirements and automating the remittance process from data generation to delivery.
One Inc previously partnered with U.S. Bank to integrate the bank’s money movement and banking capabilities with One Inc’s solutions for P&C and life insurers. This collaboration aimed to accelerate the use of instant payments within the insurance industry by combining U.S. Bank’s instant payment capabilities, including involvement with the RTP Network and FedNow Service, with One Inc’s network.
According to Drysdale, the insurance market is highly complex and in need of digitization, particularly given the continued use of paper checks, and the goal of One Inc’s recent initiatives is to transform these legacy transactions into electronically reconciled payments while enhancing the user experience through a digital payments network.
