Chances are your clients are unaware of the time and money they could be saving related to their payment acceptance processes. Here are some recent developments and innovations around electronic funds transfer (EFT) developments in healthcare.
EFTs for healthcare providers have traditionally been a difficult area to navigate. If a provider were interested in receiving EFT payments, they were left to deal with varied enrollment procedures and delayed transactions. Data re-association between payments and claims was non-standardized, making matching difficult.
EFTs And The ACA
The Affordable Care Act made provisions around the issue with a new Healthcare EFT Standard that took effect in January of this year. The standard addresses enrollment, security, and re-association processes in an effort to make accepting payments easier, safer, and more efficient for providers. Benefits should be felt across the board though, making the lives of billers, coders, and IT personnel easier through simple changes including re-association numbers that match outstanding claims for all payments. The system also offers more security and a faster turnaround than paper checks.
Beyond The ACA
The changes don’t stop at the ACA. In collaboration with the National Committee on Vital and Health Statistics, the National Automatic Clearing House Association put together a group of 120 participants from health plans, provider associations, financial institutions, healthcare clearinghouses, standards organizations, pharmacies, dental associations, and NACHA itself to develop a core set of operating rules, designed specifically to address the most pressing difficulties around payments in healthcare.
Solution providers interested in keeping up with developments in payment processing in healthcare will do well to stay on top of ACH developments — it’s grown well beyond just payroll.
According to Bill Sullivan, Senior Director and Group Manager, Government and Industry Relations, NACHA, “The ACH Network is most known for the Direct Deposit of payroll and electronic bill payments, but there are a number of other facets to the Network. Since its inception, it has grown into a robust, flexible and versatile system that has facilitated the continued adoption and growth of electronic payments and information.”
If you’re interested in reading more from the National Automated Clearinghouse association on payments in healthcare, you can visit the industry-dedicated portion of their site.