US-based company One Inc unveils ERA Solution within domestic market

In the realm of healthcare and insurance, innovation is the name of the game. Several significant developments have been announced recently, transforming the way payments are processed and insurance services are delivered.

One Inc, a leading provider in the insurance technology sector, has launched an advanced 835 Electronic Remittance Advice (ERA) solution integrated into their ClaimsPay platform. This groundbreaking solution is set to streamline remittance processes for healthcare providers, particularly benefiting workers' compensation insurers. The enhanced ERA functionality within ClaimsPay enables insurers to easily generate and distribute standardized 835 remittance files to providers' Revenue Cycle Management (RCM) systems. This move significantly enhances payment accuracy, accelerates reconciliation, and reduces administrative workloads.

Ian Drysdale, CEO of One Inc, stated that the integration of comprehensive ERA capabilities within ClaimsPay empowers insurers to meet regulatory demands and boost operational efficiency. Research from the Council for Affordable Quality Healthcare suggests that the broader adoption of 835 ERA files could yield annual cost savings of $695M for the U.S. healthcare system. However, the clear advantages of standardized 835 ERA files are not fully utilized, as fewer than 20% of workers' compensation claims currently use them.

Meanwhile, in the international insurance sector, partnerships are forging new paths. The UAE-born insurtech startup, Democrance, has partnered with AXA to launch a personal accident insurance scheme for customers of the international money transfer service Hello Paisa. This partnership, primarily focused on UAE residents remitting money to their home countries, is a testament to the growing intersection between insurance and remittance services.

The new product from Axa, PartnerRe, and RemitRadar is another collaboration aimed at migrant workers sending money overseas. This innovative offering is designed to meet the unique needs of this demographic, promising to simplify insurance processes and provide greater financial security.

In another development, Visa Direct, a real-time push payments platform, has partnered with SafeCharge to power faster payouts for insurance-as-a-service company Setoo. This collaboration will help in faster processing of Visa card/claims payments for Setoo, marking a significant step towards enhancing the speed and efficiency of insurance payouts.

These advancements underscore the ongoing drive towards digitalization and automation in the insurance and healthcare sectors. As these solutions become more widely adopted, we can expect to see improved efficiency, reduced costs, and enhanced user experiences across both industries.