How often have you heard, “the check is in the mail” from insurance companies? Or, your billing staff just spent hours processing paper checks and they forgot to deposit the checks at the bank. Or worse, a check is lost or stolen and now you have to start a time-consuming search and rescue.
Fast, secure and efficient billing management tools
One of the best billing management tools at your fingertips is Electronic Funds Transfer (EFT). EFT is fast, easy, secure and efficient. It’s similar to direct deposit where insurance claims payments are automatically sent to your bank account. Which means, you get paid faster! And more payers are requiring that providers receive EFT payments to remain compliant with provider network criteria.
Our Fast Pay billers are well versed in EFT processes. We know the ins and outs of your payers best, including vision payers like VSP and EyeMed. Our billers review claims submitted through clearinghouses daily, research claim status through payer websites, and contact payers by phone to figure out what happened to those unpaid balances.
Advantages to enrolling in EFT
- Decrease administrative costs. HIMSS reports that providers can save more than $0.40 in processing costs for each paper check that is converted to EFT.
- Receive payments earlier and improve cash flow. Claims filed electronically with EFT payments via the Automatic Clearinghouse (ACH) are typically paid up to 15 days before a paper check.
- Increase cash flow by eliminating mail delays; access funds quicker.
- Save travel time hours and expenses each week by not taking paper checks to the bank.
- Eliminate bank fees for paper check deposits or a lockbox.
- Expedite claims filing to secondary insurance.
- Reduce the risk of lost or stolen checks.
- Eliminate paper check processing fees with payers; it’s typically $0 for EFT.
- Streamline accounts receivables for all insurance claims payments.
Start the EFT enrollment process now
Sign up with a few health plans each week, starting with the ones that represent the largest percentage of claims. Don’t delay enrolling in EFT another minute. Unless you like hearing those dreaded words, “the check is in the mail.”
About Fast Pay: At Fast Pay, our billers take care of the billing hassle to maintain consistent cash flow and improve the turn-around time on your claims. We work with each of our offices to provide a solid billing solution. No two practices are alike and we pride ourselves on maintaining open communication between every office and their Fast Pay biller to stay in sync. Contact us for a free practice analysis to see how we can help you.