Provider enrollment with health plans for EFT is currently inefficient and time-consuming due to non-standard processes that require providers to enroll for EFT separately with each health plan. Providers often receive multiple payments against the same ERA, making it difficult to match payments to the appropriate ERA.
Providers often require that EFTs and ERAs be organized so that separate EFTs and ERAs are received for each provider subpart (components of the larger organization) defined by the internal financial accounting structure of the organization. Often times,
With this lack of standards, EFT adoption rates in the US are less than 10%. That means that realizing a significant reduction to your print and mail costs can’t be made via EFT.
EFT available for over 15 years
Very low adoption rates
- Providers deal with hundreds of Payers
- Requires enrollment process (an opt-in service)
- Payment separate from remittance advice (835 and EFT)