Do insurance companies send paper checks to your practice? You may obtain insurance reimbursements for services done considerably sooner if you use EFT payments. However, you don't have time to follow up on pending claims, just to discover that the check has been issued or, worse, has been lost in the mail. If you have EOBs available for evaluating and re-checking, you can get your insurance reimbursement faster. There are some of the advantages of using EFT payments, and the simple actions to take!
EFT payments are electronic funds transfers. This is when funds are electronically transferred from the insurance carrier's bank account to the practice’s bank account. EFT payments typically include wire transfers, ACH transactions, and any other type of digital payment. Automated clearinghouses are also known as ACH. Because EFT payments are done online and electronically, the office does not receive physical checks. As a consequence, insurance companies will reimburse you considerably faster, and account reconciliation will be much faster. Is the EOB required for reference? EOBs are mailed to the office or made accessible for download from the insurance company's website. You should contact the insurance company to remedy a payment problem.
Waiting for paper checks to arrive at the office is a factor in resolving pending insurance claims in a timely way. Paper checks can be a lengthy process that's affected by many variables such as insurances having the correct address, holidays, and postal service hours.
Paper check payments are also more difficult to trace and necessitate follow-up with the insurance company to confirm they were received appropriately. EFT payments are straightforward, quick, and convenient.
Switching to EFT
Switching from checks to EFT payments is relatively easy to understand. CAQH allows you to securely opt into EFT payments with numerous carriers at the same time, or you may call the insurance carrier's provider relations department and tell them you want to use EFT as a payment option, as well as supply the bank information required to receive electronic payments.
Payments cannot be delayed or rejected by insurance carriers, or providers may not be charged excessive fees on EFT or ERA transactions. To opt-out of future EFT payments, repeat the process but request that a paper check be mailed to your office.
Many insurance firms have unintentionally placed payments in the incorrect account. They, like everyone else, can make human blunders because they are simply people. Nonetheless, if these errors are harming your practice's earnings or money owing for services rendered, they must be identified and remedied as quickly as feasible.