EFT payments for medical billing are delivered to you faster, more accurately, and more consistently than manual payment acceptance. You probably knew that already. So, what then has been stopping you from moving to EFT acceptance in your practice? Undoubtedly, it’s the abundant paperwork involved in setting up EFT payments with multiple healthcare plans and for each of your clinicians.
You are not alone. EFT currently accounts for only about 32% of all medical billing transactions according to an article in MGMA’s Connexion. However, you’re about to get some help in making this process a bit easier. The Affordable Care Act (ACA) of 2010 is requiring that all health plans implement operating rules for EFT and electronic remittance advice (ERA) by January 1, 2014.
In conjunction with the ACA’s requirement, MGMA is also lending a hand. According to Senior Policy Advisor, Robert Tennant, MGMA is currently pushing for a standardized enrollment process.
Using technology to streamline the medical billing process is a one of our biggest commitments at Outsource Receivables Inc. To learn more about how ORI and improve your ROI, contact Dan Smits at 763-398-5209. Outsource Receivables Inc. provides revenue cycle management expertise to surgical, family practice, specialty clinics, therapy offices, and mental health clinics throughout the Upper Midwest. Located in Minnesota, we have a special focus on clinics in Minneapolis, St. Paul, Madison, Milwaukee and Des Moines.