Electronic Funds Transfer (EFT) & Patient Billing
In an era where over 30% of Americans are uninsured and many high-deductible plans require patients to pay 20% or more out of pocket, traditional billing methods are failing. Many doctors carry tens of thousands of dollars in overdue receivables, with some reporting that 69% of their debt is more than 90 days past due. FMN Healthcare’s Electronic Funds Transfer (EFT) service is the solution to these “check is in the mail” excuses.
The Benefits of Automated Payments
EFT allows for the seamless electronic transfer of funds from a patient’s bank account directly into yours. Often called Direct Debit or ACH Processing, this system ensures on-time payment by debiting the patient’s account on a specified due date.
Enhanced Security: Payments are tracked electronically and made for specific amounts on specified dates, providing a secure audit trail for your practice.
Reduction in Paperwork: Eliminate the need to stuff envelopes, mail invoices, and manually process paper checks.
NSF Control: Our system identifies returned items (Non-Sufficient Funds) immediately and resubmits them electronically, saving you the headache of manual reconciliation.
Improving the Patient Experience
Patients today appreciate the convenience of automated payments. By setting up an EFT schedule, you provide them with a “set it and forget it” option that ensures their accounts stay current without the stress of monthly manual billing.
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Don’t Guess Where You’re Losing Money – Know For Sure.
