The tool allows providers to apply for EFT enrollment and select which payors should receive their information, eliminating the need to apply for each payor separately. The tool is funded by participating payors, including Aetna and Cigna.
By 2014, all payors must offer EFT, and Medicare will only make payments to providers via EFT.
More Articles on Electronic Funds Transfer:
AHA Supports CMS’ Proposed Rule on Electronic Fund Transfers
HHS Issues Interim Final Rule on Simplifying Administrative Tasks
CFO Gary Weiss: A Banking Perspective at NorthShore University HealthSystem
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