Electronic Fund Transfers are a seemingly basic function in today’s world, however some insurance payers are still not offering this efficiency. EFT payments for medical billing are delivered to you faster, more accurately, and more consistently than manual payment acceptance so what’s the downside? Moreover, payers have been mandated as of January 1st 2014 and required to offer EFT payments and use national standard and operating rules mandated in the Affordable Care Act.
The Medical Group Management Association (MGMA) is not sitting by idly. A call is out to the Centers for Medicare & Medicaid Services (CMS) Administrator to address the concerns of MGMA members.
The goal of the mandate is to reduce paper checks and paper work associated with transferring funds the old fashioned way. Ultimately, less paper means less costs and more efficiency. However, some payers are using strategies that incur additional fees. Some payers are reportedly charging a fee for EFTs while others are using a virtual credit card. Both of these strategies cost physicians and administrators money for EFT transfers. These questionable practices are being brought to light by the MGMA in an effort to clarify the standards and operating rules.
The abundant paperwork involved in setting up EFT payments with multiple healthcare plans and for each of your clinicians is one more significant barrier. ORI ensures that payers are setup for EFTs from the start through the onboarding process. The efficiencies add up to increased cash flow and decreased headaches. Contact us to learn more about getting your practice efficiency up to par with a medical billing assessment.