Electronic Fund Transfer

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Improve Patient Billing with EFT

The waiting room is overflowing with patients, but so is your overdue receivables. Millions of Americans don’t have health insurance. Those that do still often pay 20 percent. Many doctors don’t collect 50 percent of the monies owed them. Indeed, one doctor said 69 percent of his receivables were more than 90 days past due. Many doctors often carry tens of thousands of dollars on their books, knowing there’s a good chance they’ll never see this money.
We Can Help!

EFT allows for electronic transfer of funds from your patient’s bank account directly into your account! This electronic transfer process is also known by the following names: Funds Sweep, Direct Debit, Direct Credit, and Direct Deposit, Automatic Checking, Automatic Payment, ACH Processing, etc.
EFT MEANS ON TIME PAYMENT

No waiting for patients to write a check. The patient’s account is debited on the due date. Funds are then deposited directly into the clinic’s bank account. No more “check is in the mail” excuses.
EFT MEANS LESS PAPERWORK
EFT reduces the need to stuff envelopes and mail invoices. EFT also means no opening of envelopes and running to the bank to make deposits.
Returned items are immediately identified and resubmitted electronically.
Payments can be made on specified dates and for specified amounts and are electronically tracked.
Once information is setup in the software, collection of funds becomes automated. Our processing center does all the work and deposits the collected funds automatically into your bank account.
Electronic Funds Transfer (EFT) is a secure method used to deposit insurance claim payments directly into a healthcare provider’s bank account, eliminating the need for paper checks and speeding up reimbursement.
EFT simplifies payment processing, reduces administrative overhead, and ensures faster access to funds. Providers can track payments more easily and avoid the delays and errors often associated with paper checks.
Yes, EFT is highly secure. It uses encrypted banking channels and requires authorized access, reducing the risks of lost or stolen checks and ensuring HIPAA-compliant financial transactions.
To enroll, submit an EFT enrollment form through your insurance payers or clearinghouse, along with your banking details. Doctor’s Advantage can assist you with setup to ensure a smooth transition.
EFT handles the transfer of funds, while ERA provides a detailed explanation of how claims were paid or denied. Together, they streamline revenue cycle management for your practice.
Contact the payer directly to confirm the transaction status. Doctor’s Advantage can also help investigate delays and ensure your billing system is properly linked to your bank account.
EFT ensures quicker access to payments, reduces lag time from mail delivery, and allows for predictable revenue, helping practices manage expenses and maintain financial stability more efficiently.
Yes, many systems allow routing payments to multiple accounts by payer or provider. We can help configure your EFT setup based on your operational and accounting needs.

Doctor’s Advantage is a practice management consulting company specializing in medical and dental billing services with the primary objective of maximizing efficiency and optimizing revenue for all healthcare providers.

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