A decade-long increase in medical and dental professionals receiving claim payments by EFT continued in 2023.
The nearly 488 million EFT healthcare payments reflect a rise of 7.7% over 2022. And when you look back to 2013, when there were just 19.2 million such payments, the jump in that time is a staggering 2,442%. (See chart below)
“Healthcare practitioners and their hardworking office staffs know the value of getting EFT payments from insurance companies,” said Brad Smith, Nacha Senior Director, Industry Engagement and Advocacy. “Nacha has heard time and again that having claim payments Direct Deposited by EFT to a practice’s bank account is not only easy, but it’s faster and safer than waiting for a check in the mail.”
While pleased with the 2023 increase, Smith added a note of caution.
“Some insurers are attempting to force doctors and dentists to accept virtual credit cards (VCCs) as payment, which come with fees. No practice, large or small, is required to take a VCC,” said Smith. In fact, Smith noted that HIPAA requires insurance plans to make EFT payments at a provider’s request.
Dental and medical practices can learn more about the benefits of EFT claim payments, and read success stories, on the Nacha website.