09/02/2015    

PRACTICE MANAGEMENT TIP OF OF THE DAY

4 Myths about Using Electronic Funds Transfer in Healthcare - Part 5

Myth 4. Not all health plans offer the Healthcare EFT Standard

 

Health plans have been required by law since January 2014 to offer the Healthcare EFT Standard via ACH to any provider who requests it. If a health plan refuses to offer the Healthcare EFT Standard via ACH, providers should speak with the company’s compliance officer and, if necessary, file a HIPAA violation.

 

Additionally, some health plans are offering virtual cards for claims payments instead of EFTs and believe that this complies with the standard. It does not. The healthcare EFT standard is the NACHA CCD+ and must flow through the ACH Network. Providers have the option to say no to virtual cards, and all health plans must offer the healthcare EFT standard via ACH if it is requested. 

 

Source: Health Data Management