Electronic Fund Transfer | Medical Billing Services | MyPro Billing
Electronic Fund Transfer
The waiting room is overflowing with patients, but so is your overdue receivables. More than 30 percent of Americans don't have health insurance. Those that do still often pay 20 percent. Many doctors don't collect 50 percent of the monies owed them. Indeed, one doctor said 69 percent of his receivables were more than 90 days past due. Many doctors often carry tens of thousands of dollars on their books, knowing there's a good chance they'll never see this money. WE CAN HELP!
EFT is the transferring of funds from one bank savings or checking account to another account. This electronic transfer process is also know by the following names: Funds Sweep, Direct Debit, Direct Credit, and Direct Deposit, Automatic Checking, Automatic Payment, ACH Processing, etc.
This service allows for electronic transfer of funds from your patient's bank account directly into your account! EFT provides these benefits:
- EFT MEANS ON TIME PAYMENT - No waiting for patients to write a check. Patients account is debited on the due date. Funds are then deposited directly into the healthcare provider's bank account.
- EFT IMPROVES CASH FLOW - No more " check is in the mail" excuses - it's in the doctor's account.
- EFT MEANS LESS PAPERWORK - Electronic Fund Transfer reduces the need to stuff envelopes and mail invoices. EFT also means no opening of envelopes, running to the bank - the funds are deposited directly into doctor's account.
- EFT PROVIDES NSF CONTROL - Returned items are immediately identified and resubmitted electronically.
- EFT IS SAFE - Payments can only be made on specified dates and for specified amounts and are electronically tracked. Over 5.3 billion electronic transfers were made through the electronic banking system last year.
- EFT IS AUTOMATIC & CONVENIENT - Once information is setup in the software, collection of funds becomes automated. Our processing center does all the work and deposits the collected funds into your account.