Jim Ribelin, CEO of HERAE (www.herae.com), one of the nation’s largest healthcare payment services providers, will discuss how paperless healthcare payment processing and an industry-wide electronic funds transfer (EFT) standard could save the U.S. healthcare system $35 billion annually. Ribelin has been invited to present on a panel – Emerging Trends in Healthcare Payment Automation at The Association for Work Progress Improvement (TAWPI) Healthcare Payments Automation Summit in Chicago on September 14.

Ribelin will also present a case study with Ohio State University Physicians CFO Richard Sobieray on September 15. HERAE will be exhibiting and demonstrating its patent-pending solution, DirectERA, on the show floor.

According to HERAE (pronounced “hurray”) healthcare payments represent the newest frontier in electronic payments.  By eliminating hundreds of millions of paper remittances and checks, and moving all healthcare payments electronically, much like the banking and credit card industry, the healthcare industry could save billions. The healthcare industry already processes close to $3.6 billion in electronic medical payments per day and that’s just the beginning of what Ribelin calls a tsunami-sized wave in electronic payments for healthcare. 

According to the HFMA Executive Roundtable “Provider Tips for Moving to Electronic Payment Receipt and Reconciliation,” electronic payment systems could save the healthcare industry about $35 billion and 2.5 billion pieces of paper annually. And according to an article on PhillyBurbs.com “Bill Seeks to Reduce Healthcare Fraud,” $60 billion in fraud and waste could be saved by using only electronic payments and EFTs.

“We hear so much about electronic medical records as a solution to rising healthcare costs, when the real hidden gem is automated healthcare payments and EFT. Consumers pay about $200 billion dollars

in medical payments every year and insurance companies pay $3.6 billion per day in mostly paper-based payments to healthcare providers and pharmacies,” said HERAE CEO Jim Ribelin.

“With an electronic payment system that eliminates the paper, speeds up deposits and better detects fraud, healthcare providers, consumers and payers save, banks and billing services profit – the entire healthcare ecosystem wins. That’s real reform.”

About HERAE, LLC

A privately owned limited liability company based in San Diego, California, HERAE is one of the nation’s largest healthcare payment services providers and offers Direct Deposit for Healthcare. HERAE’s paperless process has been implemented by medical practices, financial institutions and valued added resellers (VARs) throughout the United States since 2005. Through its unique focus on healthcare billing challenges, electronic remittance advice and solutions for the financial industry, HERAE has developed a paperless process that provides the payment channel between healthcare providers, payers and banks. On the Net: www.herae.com or call 888-41-HERAE (888-414-3723).

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