Transcription of Healthcare EFT Standard: A Quick Reference Guide
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The Healthcare EFT Standard also allows for other types of electronic payments in addition to ACH. These can include credit cards, virtual cards or wire transfers. These alternative payments add costs to the delivery of Healthcare and do not support automatic reconciliation and posting of payment and billing information but are not prohibited by regulation. Government estimates anticipate a savings of $3-$ billion for government agencies, commercial health plans and hospitals that use ACH EFT and ERA operating rules over 10 years Allowing credit card, virtual card transactions, wire transfers, or checks for claim payments adds significantly to the providers costs. Providers pay an average of 3 percent of the total value of the credit or virtual card payment as a merchant card processing fee.
Healthcare EFT Standard: A Quick Reference Guide The Patient Protection and Affordable Care Act (ACA) mandated the identification of a HIPAA standard for claims payments between the health plans and providers, and the development of rules to support
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