Electronic Fund Transfer (EFT)
Improve Patient Billing with EFT!
The waiting room is overflowing with patients, but so is your overdue receivables. More than 30 percent of Americans don't have health insurance. Those that do still often pay 20 percent. Many doctors don't collect 50 percent of the monies owed them. Indeed, one doctor said 69 percent of his receivables were more than 90 days past due. Many doctors often carry tens of thousands of dollars on their books, knowing there's a good chance they'll never see this money.
EFT allows for electronic transfer of funds from your patient's bank account directly into your account! This electronic transfer process is also known by the following names: Funds Sweep, Direct Debit, Direct Credit, and Direct Deposit, Automatic Checking, Automatic Payment, ACH Processing, etc.
EFT means ON TIME payment - No waiting for patients to write a check. The patient's account is debited on the due date. Funds are then deposited directly into the clinic's bank account. No more check is in the mail and excuses.
EFT means LESS paperwork - EFT reduces the need to stuff envelopes and mail invoices. EFT also means no opening of envelopes and running to the bank to make deposits.
EFT provides NSF control - Returned items are immediately identified and resubmitted electronically.
EFT is SAFE - Payments can be made on specified dates and for specified amounts and are electronically tracked.
EFT is AUTOMATIC and CONVENIENT - Once information is setup in the software, collection of funds becomes automated. Our processing center does all the work and deposits the collected funds automatically into your bank account.