Electronic funds transfer (EFT) enables providers to receive claim reimbursement safely and securely by direct deposit to a designated bank account at the financial institute of the providers choice. Enrolling in EFT means you will receive payment days sooner than receiving payment by mail.
Once your EFT enrollment is approved, insurance companies will credit entries directly to your bank account. Contrary to popular belief, debit entries and adjustments are made only in the case of duplicate EFTs. In the event a debit is requested, you have the option to appeal the debit prior to the debit or adjustment transaction.
The combination of EFT and Electronic Remittance Advice allows your practice to maintain patient collections more effectivley. Our patient statements are sent weekly, and with ERA and EFT, patients receive statements within 30 days of service date.
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