What best describes the purpose of the remittance advice?

The purpose of remittance advice is to communicate payment details to providers. This document provides essential information regarding the claim's status, including the payment amount, adjustments made, and any denials related to the claim. Providers rely on remittance advice to understand how much they will receive from the insurance company for specific services rendered, allowing them to update their records and reconcile accounts accurately.

This document details the payments made for services provided and any reasons for deductions, making it a critical tool for managing revenue cycles within healthcare practices. It ensures transparency between insurers and healthcare providers and supports accurate billing practices.

In contrast, other choices such as informing the patient about their diagnosis, summarizing patient treatments, or verifying claim submission do not align with the primary function of remittance advice. These elements are typically found in different types of documents or communications within the healthcare billing and coding environment.