Healthcare Moves to eFt payments new healthcare electronic funds transfer (EFT) standard went into effect at the beginning of 2014, and many healthcare professionals are reaping the benefits of the time and money savings it can provide. For example, Performance Pediatrics, a small provider practice in Plymouth, massachusetts, has increased its eFTs from 65 percent of payments 18 months ago to 90 percent today, thanks to the new standard.1 In the past, the lack of an eFT standard placed a heavy burden on providers. Providers interested in receiving eFT payments had to deal with a variety of enrollment procedures, and transactions were often delayed. There was also no standard for reassociation of data, making it difficult to match payments with claims payments. as part of the affordable Care act, the new healthcare eFT standard, NaCHa’s “aCH CCd+ addenda,” took effect in january 2014 to help remedy those burdens. For healthcare professionals, FEATURE sTOrY the new standard offers a faster, easier, and less expensive way to handle payments. For example, each eFT payment includes a reassociation number, which makes matching outstanding claims with payments quick and easy for accounting offices. The healthcare eFT standard is the only payment method with this feature. Healthcare eFTs via automated clearinghouse (aCH) are also faster than paper checks and card payments. Healthcare eFTs are received as quickly as funds deposited directly into your bank account, and the transferred funds are available up to seven days faster than paper checks. additionally, healthcare eFTs via aCH are more secure than checks – the dominant payment form targeted by fraudsters – and all transactions are compliant with HIPaa privacy standards. The most significant benefit, though, might be the cost savings afforded by using the healthcare eFT standard instead of other payment types. The cost of an eFT via aCH payment is, on average, 34 cents.2 Other eFT payment types, such as wire transfers and THe jOurNaL OF THe HeaLTHCare BILLINg aNd maNagemeNT assOCIaTION 23 QuICK TIP! THE 2014 STANDARD SAVES COSTS, GAINS ACCEPTANCE A By Priscilla Holland, AAP WHERE CAN I FILE A HIPAA COMPLAINT? Need to file a HIPaa complaint? use Cms’s administrative simplification enforcement Tool site: https://htct.hhs.gov/aset.
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