EFT is a method of instructing financial institutions to transfer money electronically from one bank account to another, eliminating the use of paper checks.
The EFT program is free and easy to set up. Providers are paid faster, securely, and more efficiently because funds are deposited directly into your bank. End to end encryption of all information is used, helping to ensure safety and confidentiality.
According to industry standards, dental practices could save an average of $11.50 and 30 minutes of staff time per claim by using electronic transactions including EFT. Dental practices can take advantage of the many benefits while signing up for EFT claims payments through Scion Dental.
EFT can be the first step to overall savings through Scion Dental, which supports multiple electronic data interchange transactions such as Claim Submission, Eligibility & Benefit Verification, Claim Status Inquiry, Remittance Advice, and Claim Payment.
EFT Features and Benefits:
• EFT ensures secure and timely claim payments
• Providers are paid faster, funds are deposited directly into your specific account
• EFT decreases the chance of deposit mismanagement
• Access to on-line copies of checks, match payments to remits
• Streamline office management by increasing on-line transactions, protecting PHI, and promoting HIPAA compliance
Save time and money - no need to process and manually deposit checks
Get paid quickly - no need to wait for snail mail
Get paid securely - no more lost checks
Spend less time on administrative tasks
Streamline payments with ADA resources on electronic funds transfers
Electronic Funds Transfer (EFT) Payments Webinar: Exploding the Myth
Electronic Funds Transfer Payments Implementation Checklist