Overall, the cost reductions and improved efficiencies afforded by the new healthcare EFT standards could save physician practices and hospitals up to $4.5 billion over the next 10 years. credit cards, can cost an average of $10.73 or more per transaction.3 (These costs are paid for by the provider.) and when compared to checks, providers can save $1.53 per payment by using eFTs via aCH instead of checks, according to the 2013 us Healthcare efficiency Index report.4 Overall, the cost reductions and improved efficiencies afforded by the new healthcare eFT standards could save physician practices and hospitals up to $4.5 billion over the next 10 years, according to preliminary estimates from the department of Health and Human services. Like Performance Pediatrics, other healthcare practices can easily begin realizing the benefits of the new healthcare eFT BeNeFITs OF THe NeW eFT sTaNdard 24 HBma BILLINg • jaNuarY.FeBruarY.2015 standard. To get started, providers must contact their health plans, choose the healthcare eFT standard, and provide the health plans with their payment information. all health plans, as well as third-party administrators (TPas) that represent health plans, must be able to deliver the eFT standard if requested by a provider. Health plans are not allowed to delay or reject an eFT or era transaction. The Centers for medicare & medicaid services (Cms) in FaQ 9778 states that a health plan may not charge excessive fees or otherwise give providers incentives to use a payment method other than the aCH Network. If a health plan is unable or refuses to comply with a provider’s request for eFT payment via aCH, the provider should file a HIPaa rules violation on the health plan. If a TPa is noncompliant, the provider should first report the TPa to the health plan’s compliance provider. If the situation is still not resolved, the provider should then file a HIPaa rules violation on the health plan, which is responsible for ensuring its third-party representatives comply with all regulations. For more information on the new healthcare eFT standard, visit healthcare.nacha.org. Priscilla Holland, AAP, is senior director of healthcare payments at NACHA – The Electronic Payments Association. Resources 1 NaCHa Case study, small Provider Practice, https://healthcare. nacha.org/sites/healthcare.nacha.org/files/files/003_Csg_Nacha_P ediatrics_Casestudy_OuT.pdf. 2 The Blue Book of Bank Prices, Phoenix-Hecht, 2012-13. 3 2013 us Healthcare efficiency Index, last revised may 5, 2014, www.caqh.org/pdf/2013Index.pdf. 4 Federal register, august 10, 2012, Vol. 77, No. 155, http://www.gpo.gov/fdsys/pkg/Fr-2012-08-10/pdf/2012-19557.pdf. Faster than paper checks and card payments more secure than checks all transactions are compliant with HIPaa privacy standards Less expensive than other payment types -- the cost is, on average, 34 cents
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