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Practice Management Alert

Payer Updates:

Look Forward to New EFT Standards, Thanks to Interim Final Rule

Published on Thu Jan 19, 2012

Plus, you'll also benefit from claims/payment tracking numbers.You can look forward to an easier to follow setup for any payers that send you electronic payments.The interim final rule, which was published in the Federal Register Jan. 10 of this year, requires that payers must use standardized electronic funds transfers (EFT) to send information to their banks to pay claims electronically and also provide remittance advice. The Department of Health & Human Services (HHS) estimates these new regulations will save billions of dollars over the next 10 years, despite the initial costs to payers due to software and training requirements. "Streamlining electronic funds transfers in health care will bring total savings to more than $16 billion over 10 years," HHS said in a press release.According to the HHS press release, "the Adoption of Standards for Health Care Electronic Funds Transfers and Remittance Advice ... adopts streamlined standards for the format and [...]
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