Four Reasons eClinicalWorks® Providers Should Be Using EFT
In the past, many providers opted to not accept payment via an electronic funds transfer (EFT) because the lack of guidelines governing the process often led to delayed transactions and more administration time to match payments and claims. However, under the Affordable Care Act new standards for EFT transactions began to be enforced in January 2014, turning EFT into the preferred payment method for many providers. Are you reaping the benefits of EFT?
- Decrease administrative time. EFT payments are quick and easy to match with outstanding claims. Each payment has a reassociation number that easily identifies it for accounting purposes, a feature unique to EFT transactions.
- Get paid faster. The new standards have eliminated delays in EFT transactions, making this method faster than paper checks and credit card payments. The funds are available as quickly as making a deposit into your banking account.
- Get greater security. Checks and credit card numbers are often the targets of fraud. EFT transactions are secure, and the legislation requires compliance with HIPAA privacy standards.
- Save money. EFT transactions are significantly cheaper than other forms of payment, costing only an average of 34 cents per transaction. According to the US Healthcare Efficiency Index Report, providers will save around $1.50 per transaction by choosing EFT over checks and $10 or more per transaction for using EFT over wire transfers or credit cards. The Department of Health and Human Services estimates practices and hospitals could save up to $4.5 billion over the next decade by using EFT.
Any office manager knows the problems that are created when reassociation and reconciliation management issues occur. EFT is just one strategy providers are using to manage the billing process more efficiently. eClinicalWorks® providers have the benefit of a comprehensive practice management system. Manage your workflow from patient check-in to the claims and billing process through one platform. Let EMR Billing Solutions help you get the most out of eClinicalWorks®.