New EFT Standards in Effect as of Jan. 1
Many MSOC clients have had questions about how they will be affected by the Affordable Care Act’s operating rules for the health care electronic funds transfers (EFT) and remittance advice transactions. The new standards can be extremely complex, but once implemented should help practices reduce administrative hassles, cut paperwork burdens and free up time to spend with patients.
MSOC Health suggests these five key actions to streamline the process and ensure compliance:
- Identify the top 10 payors that make up your current paper check volume. Start there.
- Contact your clearinghouse. Do they have resources or online enrollment forms you can use?
- Verify that you can access the EOB information via an online portal, ERA (835) transaction, or paper once you are signed up for EFT.
- Enroll and verify. Do you see the ACH deposits in your bank account?
- Continue this process monthly or quarterly to ensure that you are receiving ACH deposits where applicable.
We are available to consult with physician practices to take advantage of the changes and simplify their administration. We will work with payors to ensure that EFTs are set up for each client. We ask our clients to use their daily deposit log email to review against your bank account and alert us if you see any discrepancies. MSOC will send out specific notifications once we confirm EFT setup for specific commercial payors.
In addition, we recommend these valuable resources that help explain and simplify billing and collections activities:
AMA Toolkit to assist practices in understanding the new requirements and help them navigate smoothly through the revenue cycle.
AMA Linkedin group to share and receive information and best practices