What is the purpose of the Transactions and Code Sets Rule?
The Transactions and Code Sets Rule is intended to streamline the data that is currently shared between providers and payors in the health care industry. It will require that all covered entities begin using standardized formats for transactions, and that all pieces of data be conveyed using consistent code sets. This will dramatically reduce the difficulties in filing claims. For example, there are currently over 400 different formats in which transactions are filed. The Transactions and Code Sets Rule reduces that number to eleven. What does this mean for your organization? You can expect fewer mistakes on both the sending and receiving ends, fewer kickbacks from the payor, quicker turnaround times on payment, and less headache for your billing staff.
