Have you asked the health insurers you work with to pay claims via electronic funds transfer (EFT)? Insurers are required to offer this regulatory standard payment method using the Automated Clearing House (ACH) network if you request it. Know how to make ACH EFT work for your practice with updated, free resources from the AMA.
The ACH EFT payment method, similar to direct deposit of paychecks, is a model in which payer-to-physician payment is processed through the ACH network and directly credited to a physician’s bank account. In comparison to paper checks and virtual credit cards, the ACH EFT standard can save you money and reduce your administrative burden.
A new AMA resource (PDF) can help you understand what to expect under the new mandatory ACH EFT payment option; it details your rights as a physician and the health insurer’s responsibilities established in the new EFT standard. The resource also offers advice for avoiding the percentage-based fees and auto-debit programs some payment solution vendors may attempt to impose.
More comprehensive information about the EFT payment method is available in the AMA’s EFT toolkit, including tips for getting started with EFT and information about virtual credit cards.