BC Advantage - 2015 Issue 3
Solving the Healthcare EFT Standard Enrollment Challenge for Providers
The HIPAA healthcare electronic funds transfer (EFT) standard for claims reimbursement is EFT via ACH (NACHA CCD+Addenda), which works similarly to Direct Deposit. Money is sent electronically from a health plan directly to the provider's bank account and is required to carry the TRN Reassociation Trace Number that allows for automated reconciliation of the EFT via ACH payment with the Electronic Remittance Advice (ERA). Providers will save an estimated $1.53 per EFT via ACH payment compared to check payments, according to the 2013 U.S. Efficiency Index Report. Other benefits include significant savings in staff time...
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