Direct deposit for reimbursements.If you are filing claims electronically, you should arrange to be reimbursed electronically, as well (figure). In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , common forms of electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. (EFT eft: see newt. (Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH. EFT - electronic funds transfer ) are ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to (automatic cleating house) and wire transactions. There are several advantages to EFT: * EFT of paid claims allows you to track payments more efficiently. * Such a service provides real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. information on your balance. Also, explanation-of-benefits images become available as soon as the transfer is complete. * It allows for immediate access to the transferred funds, thereby enhancing cash flow. * Historical data can be stored and retrieved, reducing paperwork. * Direct deposit obviates the problems associated with lost or stolen checks, and it might reduce the chance of embezzlement embezzlement, wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larceny at common law because larceny was committed only when property was acquired by a "felonious taking," i. . Most insurance carriers will be happy to set up an EFT program for your payments. Consider it one more way to make your financial information more accessible to you without relying on standard mail and paperwork.
Figure. Having online access to your practices bank account and
up-to-the-minute information on your account activity should help
you run your business more smoothly.
As of 01/12/2007
Balance Summary
Final Select Detail
Presentment Total LockBox for Incoming Total ACH Total ACH
Total Credits Wire Detail Credits Debits
4,315.52 0.00
Combined Report
Debits
Date Type Number Amount Detail
Total Debits: 0.00
Combined Report
Credits
Date Type Number Amount Detail
01/12/2007 ACH Credit
Received 2,311.64
01/12/2007 ACH Credit
Received NAL CHECK 2,003.88
NUMBER =
Total Credits: 4,315.52
Steven F. Isenberg, MD Dr. Isenberg is an otolaryngologist in private practice in Indianapolis; sisenberg@good4docs Short for documents or documentation. .com |
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