Health care industry stakeholder advocacy group CAQH has introduced a “universal electronic funds transfer enrollment tool” to enable one-stop shopping for providers to enroll in EFT with health insurers.
The Affordable Care Act mandates that payers offer EFT in 2014. According to the Department of Health and Human Services, only one-third of claims were paid electronically in 2010, in part because providers needed to separately enroll with each of their payers.
The new tool is free to providers, with insurers supporting the service via an annual fee. National insurers Aetna and Cigna Health Plans, each with more than 800,000 providers in their networks, are the first to participate.
“The CAQH EFT enrollment tool allows providers to enter their EFT enrollment information into a single, secure online utility and select the payers to which their information should be sent,” according to a CAQH explanation. “Payers receive the enrollment information electronically from CAQH, enabling providers to complete the process once. In addition, providers can go into the tool at any time, make changes and easily distribute those changes to the applicable payers if needed.”
The tool and additional information is available at https://solutions.caqh.org.
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