How to enroll in electronic funds transfer for faster remittance
Like the payroll direct deposit service that most businesses offer their employees, electronic funds transfer (EFT) is a digital payment solution that uses the automated clearinghouse (ACH) network to transmit healthcare payments from a health plan to a healthcare provider’s bank account. Health plans can use a provider’s banking information only to deposit funds, not to withdraw funds.
Anthem Blue Cross and Blue Shield expects providers to accept payment via EFT in lieu of paper checks. Providers can register or manage account changes for EFT via the CAQH enrollment tool called EnrollHub™. This tool will help eliminate the need for paper registration, reduce administrative time and costs and allows physicians and facilities to register with multiple payers at one time. By eliminating paper checks, EFT payments are deposited directly into your account faster.
Read more about going digital with Anthem in the Provider Digital Engagement Supplement available online. Go to anthem.com, select Providers, under the Provider Resources heading select Forms and Guides. Pick your state if you haven’t done so already. From the Category drop down, select Digital Tools, then Provider Digital Engagement Supplement.
July 2021 Anthem Provider News - Virginia