Frequently Asked Questions from Providers
Who is OptumHealth Financial Services?
Why would we want to switch from paper payments and remittance advice to OptumHealthSM Electronic Payments and Statements?
What distinguishes OptumHealth Electronic Payments and Statements?
Can we maintain our existing banking relationships?
How do we enroll?
How much does OptumHealth Electronic Payments and Statements cost providers?
Will we need to modify anything in our practice management system?
How long will our records be stored?
Not all of our payers are utilizing OptumHealth Electronic Payments and Statements. What can we do?
Is OptumHealth Electronic Payments and Statements compliant with the 835 standard?
Am I required to have electronic data interchange (EDI) capability?
Who is OptumHealth Financial Services?
OptumHealth Financial Services is a leading provider of financial services to the health care industry.
We offer:
- Payment solutions — helping health plans and heath care providers reduce costs and operate more efficiently
- Tax-favored accounts — allowing individuals to reduce their taxable income and pay for medical expenses today as well as build health savings for the future
- Benefits administration — helping employers provide meaningful benefits to their employees while managing their costs
OptumHealth Financial Services includes OptumHealth BankSM, Member FDIC, one of the largest health savings account (HSA) administrators in the country, and Administration Resources Corporation, specializing in third-party benefits administration for employers. For more information, visit OptumHealthFinancial.com
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Why would we want to switch from paper payments and remittance advice to OptumHealthSM Electronic Payments and Statements?
Removing paper from the claim settlement process with Electronic Payments and Statements allows you, as a provider, to improve cash flow, reduce settlement expenses, and gain increased access to payment and remittance information.
Electronic payments post faster and eliminate time-consuming tasks such as: endorsing checks, delivering them to the bank, and waiting for them to clear. It also eliminates the corresponding expenses.
Electronic remittance advice allows for easier reconciling and eliminates the need to re-key data into a practice management system.
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What distinguishes OptumHealth Electronic Payments and Statements?
OptumHealth Electronic Payments and Statements is the only fully integrated system that combines banking functions, claim payments and claim remittance. It even integrates with traditional paper processes.
This system was designed specifically for the health care industry, with both payer and provider in mind.
And, it has been tested and proven with the second-largest health care payer in the nation.
The Web site is easy to use and enables providers to use the information in the method that best suits their office needs. Payment and remittance information can easily be viewed, printed, downloaded and searched. And reconciliation is easier than ever. A unique Payment ID number cross-references every electronic remittance advice (ERA) back to its corresponding electronic funds transfer (EFT) payment, making it fast and easy to tie transactions together.
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Can we maintain our existing banking relationships?
Yes, OptumHealth Electronic Payments and Statements is designed to work with any financial institution.
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How do we enroll?
You will be notified as your payers come into the OptumHealth Electronic Payments and Statements system.
If you are an existing Electronic Payments and Payments user enrolled into our multi-payer program, you do not need to enroll again. EFT and ERA will begin coming to you when the payers become active.
If you have not yet enrolled in Electronic Payments and Statements or are not part of our multi-payer program, you will be given options for enrollment, including online. Enrollment is easy, just supply your contact and banking information and you will be paper-free in no time.
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How much does OptumHealth Electronic Payments and Statements cost providers?
The service is free to providers.
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Will we need to modify anything in our practice management system?
OptumHealth Electronic Payments and Statements is designed to accommodate most providers’ practice management or health information systems.
When you enroll in Electronic Payments and Statements, you will be able to receive HIPAA 835 files that can be imported directly into practice management or health information systems with little or no modification.
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How long will our records be stored?
The standard online storage period is 13 months. During this time you can elect to download and archive records if a longer retention period is required.
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Not all of our payers are utilizing OptumHealth Electronic Payments and Statements. What can we do?
Tell your payers about OptumHealth Electronic Payments and Statements and E-mail the name of the payer organization and contact information to eps@OptumHealthFinancial.com. We will follow up to introduce them to Electronic Payments and Statements.
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Is OptumHealth Electronic Payments and Statements compliant with the 835 standard?
Yes, Electronic Payment and Statements is fully compliant with the HIPAA 835 standard.
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Am I required to have electronic data interchange (EDI) capability?
No, EDI capability is not needed to access your payment and remittance information. OptumHealth Electronic Payments and Statements only requires online connectivity to access your information.
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