ELECTRONIC FUND TRANSFER (EFT)
From Your Patient's Account Directly to Yours
The waiting room is overflowing with patients, but so are your overdue receivables. More than 30% of Americans have no health insurance and those who do still often pay 20%. Many doctors don't collect 50% of the monies owed them. Indeed, one doctor stated that 69% of his receivables were more than 90 days past due. Doctors often carry tens of thousands of dollars on their books, knowing there's a good chance they'll never see this money.
Electronic Fund Transfer (EFT) allows for the transfer of funds from your patient’s bank account directly to yours! This 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 provides:
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" excuses.
Paperwork reduction: EFT reduces the need to mail invoices or make regular trips to the bank to make deposits.
NSF (Non-Sufficient Funds) control: Returned items are immediately identified and resubmitted electronically.
Safety: Payments can be made on specified dates, for specified amounts and are traceable.
Convenience: Once information is set up, our processing center automatically deposits the collected funds into your bank account.