The healthcare electronic funds transfers (EFT) standard became effective January 1, 2014, which required all health plans to deliver claims reimbursement payments via the ACH Network if requested by the provider. In 2014, more than 149 million healthcare EFT standard transactions were processed through the ACH Network saving the healthcare industry an estimated $740 million. Under HIPAA, providers are also able to receive electronic remittance advices (ERAs) if they request it from their health plan. In 2013, almost 50 percent of remittance advices were conducted using the HIPAA standard. It is estimated that more than $1.5 billion could be saved annually in the healthcare industry by full conversion to ERA.
Also See: How to Identify Who Sent Your Healthcare EFT Payment
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