CMS Finalizes Electronic Funds Transfer Standards

HHS and CMS have issued the final rule on new standards for electronic funds transfer and electronic healthcare claims attachments, which establish how healthcare providers can use electronic systems to determine a patient's eligibility for health coverage and check on a health claim status.

In January, the government posted an interim final rule on EFT standards as part of the Patient Protection and Affordable Care Act, and all of the policies in that interim rule will stand. "After careful review and consideration of over 50 comments we received during the 60-day public comment period, we have decided not to change any of the policies established in [January's rule]," according to CMS.

HHS estimates the new electronic billing standards should save hospitals, physicians and other healthcare providers $16 billion over 10 years due to lower postage and paperwork costs, fewer denied claims and less administrative interference. Physicians are also expected to see a decrease in time spent on paperwork.

Efficiency of payment initiation, transfer of healthcare funds, deposit notifications and remittance advice are all expected to improve, according to CMS.

To view the entire final rule on electronic funds transfer standards, click here (pdf).

More Articles on Healthcare Electronic Funds Transfer:

Healthcare Reform: Two Years Gone, Now What's on the Horizon?

Electronic Funds Standard to Save up to $4.5B in Administrative Costs

HHS Issues Electronic Standards for Healthcare Transactions

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