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A look at a new online tool that helps set up EFT enrollment in one process.
In 2014, payers must offer electronic funds transfer (EFT) under the requirements of the Affordable Care Act, and Medicare will reimburse providers only through EFT.
CAQH has released a universal EFT enrollment tool that aims to create efficiencies and cost savings by eliminating the need for providers to sign up for EFT capabilities separately for each plan in which they participate. It also can reduce paperwork and time spent on printing, mailing, and receiving checks; lower lockbox fees; and enable tighter security on transactions.
Participating payers, such as Aetna and Cigna, support the operations of the service through an annual participation fee, so use of the service comes at no cost to providers.
CAQH; 202-861-1492; www.solutions.caqh.org