EFT Helpful Hints

Electronic funds transfer (EFT) enables you to receive claims payments electronically, up to 7 days faster than with paper checks. EFT deposits allow fast, confidential, secure claims payments into one or multiple designated bank accounts. By electing to use EFT, you can:

*  Reduce paperwork by receiving your funds electronically,
*  Improve your financial management by shortening your number of days outstanding, and
* Automate manual processes.

Once you are enrolled

* There is a 10-day pre-note period for EFTs to verify bank account information, and allow a smooth transition from paper checks to EFT. You will not receive funds electronically for approximately 10 days after the effective date. However, if your bank account was previously pre-noted by Aetna, EFT will begin immediately.

*  Upon successful EFT enrollment, you will no longer receive paper checks.
* You are responsible for working directly with your banking institution to reconcile EFTs and to ensure that all the necessary information posts to your patient accounts.
*To ensure your payments continue uninterrupted, please notify us promptly if you change your bank account.

A new ERA/EFT enrollment form will need to be completed and submitted for all banking changes. There will be a new 10-day pre-note period for new accounts. Health care professionals are encouraged to update Aetna with new bank account information at least 10 days in advance of closing any previous account that receives EFTs.

1 comment:

Ajay said...

Thanks for the information. This will be helpful for me.

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